The People’s Pension, the UK’s largest commercial master trust, has appointed asset management firms Amundi and Invesco to oversee £28 billion ($35.5 billion) in investment mandates, reinforcing its commitment to responsible investment and sustainability-focused strategies.
Amundi, Europe’s largest asset manager, will handle £20 billion in passive developed market equities, integrating climate-focused indices aligned with The People’s Pension’s ESG policies.
Invesco will manage £8 billion in fixed-income assets across key global markets, incorporating net-zero alignment and active engagement with issuers to drive sustainable business practices.
The appointments are part of The People’s Pension’s broader transition toward a more strategic, sustainable investment framework.
The master trust recently moved £28 billion of assets into segregated mandates under custodian Northern Trust, enhancing transparency, flexibility, and control over its portfolio.
Strengthening Long-Term Value Creation
“This marks a significant evolution in our investment strategy,” said Dan Mikulskis, chief investment officer at People’s Partnership, which provides The People’s Pension. “As a growing asset owner, we are committed to delivering strong, sustainable returns for our members through responsible investment practices.”
Amundi’s passive equity portfolio will include five regional sleeves covering major developed markets, selected based on a balanced scorecard evaluation of portfolio construction, risk management, and responsible investment capabilities.
Invesco’s fixed income mandate incorporates defined maturity buckets, optimizing risk and liquidity management while leveraging its global expertise.
Commitment to Responsible Investment
The move bolsters The People’s Pension’s ambition to align financial performance with ESG stewardship. “Partnering with world-class managers like Amundi and Invesco reflects our ongoing commitment to sustainability and long-term value creation for our near seven million members,” said Mark Condron, chair of trustees for The People’s Pension.
Both asset managers welcomed the partnership, emphasizing their dedication to responsible investment. Amundi CEO Valérie Baudson said the appointment highlights the firm’s growing role in the UK’s evolving pension landscape.
Invesco’s Senior Managing Director Tony Wong noted that the collaboration would leverage the firm’s global fixed income expertise to drive positive outcomes for pension members.
The appointments represent a key milestone as The People’s Pension continues to expand its influence in the UK’s pension sector, balancing strong financial returns with its commitment to sustainability and responsible asset ownership.
