Investment manager

British Steel’s New Regime Appoints Investment Manager – DB & Derisking

Ready to go: The new £9.9bn British Steel Pension Scheme has agreed in principle to appoint Legal & General Investment Management to manage all of its scheme assets.

The newly selected investment manager will replace the previous internal team, with a number of staff transferring to LGIM to support the transition, which is expected to begin in the last quarter of 2022, the program said.

The scheme was already using LGIM to manage several of its sub-portfolios and obtained a series of buyout policies from the Legal & General Assurance Society.

Keith Greenfield, chairman and independent trustee of BSPS, noted that the company already manages and insures just under 40% of the plan’s assets.

“Leveraging the scale and expertise of LGIM will address a number of cost and operational risk issues and support our strategy to secure full liability with one or more insurers,” he said. note.

Elsewhere, the program intends to have sold its allocation of listed infrastructure stocks globally by January 2025, its latest statement of investment principles has revealed. The portfolio currently has a strategic target of 5.5%.

Proceeds from the sale are expected to be used to expand global sub-credit and private credit allocations.

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