London Stock Exchange Group welcomes Brunel Pension Partnership Climate Fund

Brunel transitions £3bn+ of passive funds to new FTSE Russell Paris-aligned benchmarks

Brunel Pension Partnership, the LGPS pension pool, has transitioned more than £3 billion to the new FTSE Paris-aligned benchmark series that it developed in coordination with FTSE Russell, the index, data and analytics provider.

Five client members of the Brunel Pension Partnership took the decision to switch passive fund allocations to the new series of FTSE benchmarks, which harness data across a range of climate factors to provide a climate-linked tilt exposure – and achieve Paris alignment. The six client pension funds are

  • Wiltshire Pension Fund
  • Oxfordshire Pension Fund
  • Devon Pension Fund
  • Environment Agency Pension Fund
  • Avon Pension Fund

The benchmarks form a core element of the partnership’s collective commitment and journey to Net Zero. Legal & General Investment Management manages the Brunel passive equity funds now adopting the new benchmarks; the Brunel transition is the largest passive fund launch (by AUM) in LGIM history.

FTSE Russell’s Paris-aligned benchmark series not only meets the minimum requirements of the EU’s Paris-aligned benchmark criteria by achieving a 50% reduction in carbon emissions over a ten-year period, but go a step further by integrating forward-looking metrics and governance protections from the Transition Pathway Initiative. TPI provides assessments of how the world’s largest and most carbon-exposed companies are managing the climate transition

Quick facts

Market: OTHERS
Instrument market cap (£m)
Listing/Admission to trading
05 Jun 2014

David Cox, Head of Listed Markets, Brunel Pension Partnership, said:

“We’re delighted that our clients share the urgency of needing new climate solutions in passive funds – and have moved so quickly to adopt the new benchmarks. Asset owners and asset managers need to show the same ambition and urgency in harnessing the new benchmarks to put them on the path to Net Zero.”

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