Brunel vows to ditch asset managers failing on climate change

Industry 'not fit for purpose'

The £30bn Brunel Pension Partnership has called on asset managers to become more climate-aware or face removal from its portfolios.

The Local Government Pension Scheme (LGPS) pool has warned the "not fit for purpose" asset management industry that it will oppose reappointment of board members or remove managers from portfolios if action is not taken. A five-point plan has been agreed following the procurement of asset managers for Brunel's ten LGPS clients, and managers will face greater challenge to demonstrate how they have reduced their exposure to climate risk while engaging with corporates to reduce their carbon emissions to align with a two degrees Celsius target. Chief investment officer Mark Mansley said: ...