LGIM wins £13bn National Grid pension mandate

Acquisition of in-house asset manager

Legal & General Investment Management has acquired Aerion Fund Management, which manages three quarters of the £17bn National Grid UK Pension Scheme.

The assets in the corporate defined benefit scheme total £17bn, of which £13bn was managed by the in-house manager Aerion. LGIM will take over mandates in fixed income, liability-driven investment and equity asset classes for the scheme, and will acquire the in-house manager in the process. LGIM appoints Rakvin as global head of index funds Nigel Stapleton, chairman of the scheme's trustee board, said the decision was made based on the scheme's evolution and increasing maturity. He said the new arrangement under LGIM provides an effective and robust model for members. The mov...