The group trustee of the E.ON UK Group of the Electricity Supply Pension Scheme has appointed Schroders Solutions as the principal investment manager under a full outsourced chief investment officer (OCIO) mandate.

The appointment follows a strategic review of the scheme’s long-term investment needs by the group trustee, which focused on achieving value for money.

Under the agreement, Schroders Solutions will have overall control of the scheme’s investments, through both direct asset management and via the appointment of external investment managers.

Schroders Solutions will also have discretion over asset realisation timings to meet cashflow needs and will be committed to the group trustee’s Statement of Investment Principles.

The appointment comes following previous mandate awards for Schroders Solutions, including fiduciary management mandates from the Aga Rangemaster Group Pension Scheme and the Royal National Institute of Blind People's Retirement Benefits Pension Scheme.

Commenting on the appointment, E.ON UK Group of the Electricity Supply Pension Scheme group trustee chair, Martine Trouard-Riolle, said: “We are delighted to appoint Schroders Solutions as principal investment manager following a highly competitive selection process.

“The proposition and the team put forward by Schroders demonstrated a strong balance of proven investment components and value for money.”

Schroders Solutions lead OCIO strategist, Ross Leach, added: “We are proud to be appointed by the E.ON UK Group Trustee under a OCIO mandate for the E.ON UK Group of the Electricity Supply Pension Scheme.

“We are grateful for the trust placed in us and look forward to working closely with and delivering for the group trustee."

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