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Capita Pension & Life Assurance Scheme appoints Russell Investments for fiduciary management mandate

Date Published

29/09/2021

Capita plc is delighted to confirm on behalf of the Trustee that Russell Investments has been appointed as fiduciary manager to the Capita Pension & Life Assurance Scheme, after a competitive tender process.

It follows the Trustee’s decision to move to an improved investment governance model, enabling the Trustee to focus on the direction of the Scheme’s investment strategy whilst delegating the majority of day-to-day decisions to Russell Investments. Fiduciary management is expected to give the Scheme access to a wide range of investments, typically with lower fees, but with less complexity and time commitment for the Trustee.

Russell Investments will take responsibility for the Scheme’s £1.5 billion of assets, providing strategic advice to meet the Scheme’s self-sufficiency goals and developing and implementing a holistic investment framework which progressively increases the security of members’ benefits as the Scheme’s membership matures.

The firm will also provide continuous oversight of portfolio strategy and implementation, dynamically managing the Scheme’s assets to generate return, manage risk and maintain diversification.

Particular emphasis will be placed on the inclusion of ESG considerations within the new investment arrangements. Russell Investments has set a goal for its global business operations to be carbon neutral by 2030, and to reach net zero carbon emissions by 2050 or sooner across all its investments. This aligns with Capita’s commitment to be carbon net zero across all parts of its business, including its supply chain, by 2035.

A global investment solutions provider, Russell Investments has over 40 years of experience providing fiduciary management solutions and services. The firm currently manages over £83 billion in fiduciary mandates globally with a 70-person strong fiduciary management team based in London.

Andy Wadley, Trustee Chair for the Capita Pension & Life Assurance Scheme, said:

“We believe Russell Investments’ experience and proven pedigree in strategic advice, portfolio implementation and ESG will be highly beneficial in helping us meet our investment objectives. We were particularly impressed with their understanding and knowledge of our requirements and current positioning. We look forward to working with them for the long-term benefit of our members.”

Jim Leggate, Managing Director, UK Institutional & Middle East at Russell Investments, added:

“We are delighted to partner with the Capita Pension & Life Assurance Scheme and believe our insights, strategic advice, and investment and implementation expertise, will deliver a highly effective solution to meet the Scheme’s long-term goal of reaching self-sufficiency by 2026.”

Media enquiries

Capita external communications; Tel: 0207 654 2399; Email: media@capita.co.uk
Russell Investments: Stephanie Ramos, EMEA Media Relations; Tel: +44 (0)20 7024 6446; Email: sramos@russellinvestments.com

About Capita

Capita is a consulting, transformation and digital services business. Every day our 55,000 colleagues help millions of people, by delivering innovative solutions to transform and simplify the connections between government and citizens, businesses and customers. We partner with our clients and provide the insight and cutting-edge technologies that give time back, allowing them to focus on what they do best, and making people’s lives easier and simpler. We operate across three divisions – Capita Public Service, Capita Experience and Capita Portfolio – in the UK, Europe, India and South Africa. Capita is quoted on the London Stock Exchange (CPI.L).

Further information can be found at: http://www.capita.com

About Capita Pension & Life Assurance Scheme

The Capita Pension & Life Assurance Scheme is Capita’s Defined Benefit scheme and is closed to new entrants. It has assets of c.£1.5bn and a total membership of c.17k.

About Russell Investments

Russell Investments is a leading global investment solutions firm with £240 billion in assets under management (as of 30/06/2021) for clients in 32 countries. The firm provides a wide range of investment capabilities to institutional investors, financial intermediaries, and individual investors around the world. Building on an 85-year legacy of continuous innovation to deliver exceptional value to clients, Russell Investments works every day to improve people’s financial security. Headquartered in Seattle, Russell Investments has offices in 19 cities around the world, including in London, New York, Tokyo and Shanghai.