The Environment Agency has announced that Scottish Widows Investment Partnership will join its group of pension fund managers.
As a result of the deal, Scottish Widows Investment Partnership will manage around £50 million of the Environment Agency's active pension fund assets - a figure that constitutes around four per cent of the total value of its pension funds.
The Environment Agency hopes that an environmentally-friendly investment strategy will also allow it to maintain the best 'risk/reward ratio'.
Commenting on the deal, Howard Pearce, head of environmental finance and pension fund management at the agency, explained that the fund is the 20th largest in the local government pension scheme and has a total market value of £1.3 billion.
Mr Pearce adds that Scottish Widows Investment Partnership was appointed following a "very rigorous selection process".
Other pension fund managers responsible for the Environment Agency's pension fund include Hermes, Standard Life Investments, European Credit Management, Robeco and Morley Fund Management.
Part of Lloyds TSB, Scottish Widows Investment Partnership states that it is one of the largest asset management companies in the UK and is responsible for funds totalling £100.4 billion.
SWIP to manage Environment Agency's pension funds
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SWIP to manage Environment Agency's pension funds
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