Phoenix Group, the UK’s largest long-term savings and retirement business, has assigned £338 million of profits with investment funds to a new multi-asset climate solution which will be managed by Robeco.
The new solution forms part of Phoenix Life and Standard Life’s wider with-profits strategic asset allocation and will add another diversified source of return.
It aims to meet the long-term investment objectives for customers through a balanced portfolio of equity and credit, that invests in climate change leaders of today and the future, and companies pursuing a net zero decarbonisation strategy.
A competitive search process selected Robeco, which is known for sustainable investing, having launched its first sustainable equity fund in 1995 and integrated environmental, social and governance (ESG) criteria across all of its investment processes since 2010.
Robeco also holds an A+ PRI score, was one of the founding signatories to Net Zero, and has been awarded the “leader” ranking in ESG commitment level by Morningstar.
James Mitchell, head of strategic partnerships and research, Phoenix Group, said: “We are delighted to be working with Robeco on this new multi-asset climate solution as part of our ongoing commitment to help tackle the climate challenge.
“We are continuing to find ways to create a sustainable future for all, including renewed investment into social housing, infrastructure and cutting-edge green technologies.”