Schroders has been appointed fiduciary manager of environmental services specialist Veolia’s UK defined benefit (DB) schemes.
The investment manager is now responsible for providing investment advice and implementation to the pension fund’s trustees.
The agreement will see Schroders advise on schemes that have £880m of assets collectively.
Veolia UK Pension Trustees chairman Robert Hunt said Schroders has been chosen to help the schemes reduce risk and cut deficits.
“The professionalism demonstrated by the Schroders team has been a source of great encouragement for the trustees,” Hunt added.
Schroders’ chief executive, Peter Harrison, said the firm is delighted to have been chosen to manage the scheme’s investment strategies.
“The trustees have adopted a new governance framework that enables swifter decision-making with a specific focus on managing pension fund deficit risk.
“Fiduciary management is an important and growing business for Schroders that reflects our emphasis on developing tailored solutions to meet clients’ investment needs,” he added.
