The National Employment Savings Trust, the U.K.’s largest workplace pension scheme with 60 billion pounds ($81 billion) in assets, is seeking a manager to oversee the equity portion of its ethical fund, a 260-million-pound mandate.
“Nest has today begun a procurement for an ethical equity mandate, inviting managers with proven investment discipline, integration of ethical criteria, and rigorous active ownership credentials to propose diversified global solutions,” the organization stated Monday.
The Nest Ethical Fund, which has 470 million pounds in assets, excludes companies due to specific moral value and ethical concerns, such as weapons manufacturing, cosmetics testing on animals, or controversial mining practices, according to the Nest website.
“Our members told us they want their ethical option to invest in companies that can prove their positive contribution to society and the environment, while maintaining clear boundaries on what’s not acceptable,” said Anders Lundgren, Nest’s head of public markets, in a statement. “This market invitation is about finding a partner to deliver this approach at scale while, reflecting our commitment to always review our investment arrangements and act in the best interests of our members.”
Interested investment managers can participate in the tender process by applying on Nest’s website. The application will be open until March 13.