News in brief - 25 August 2023

The Northumbrian Water Pension Scheme has appointed Cardano to act as its outsourced chief investment officer.

The trustee appointed Cardano to design the scheme’s strategic asset allocation (SAA) after a competitive tended process, while WTW will continue to act as the trustee’s investment consultant. The SAA is expected to evolve over time, although it will initially be implemented using ‘flexible building blocks’, including sustainable equities, investment grade corporate bonds, and specialist active managers. Sustainability will also feature across the strategy, with the corporate bond portfolio to include sustainable and ‘green’ bonds, for instance.

UK FinTech Growth Partners has announced the launch of the FinTech Growth Fund.

Backing for the growth stage fund has been secured from a number of organisations, including Barclays, NatWest, Mastercard, London Stock Exchange Group and Peel Hunt. The FinTech Growth Fund will invest in UK FinTechs, predominantly between Series B and pre-IPO, with the first deployment of capital into businesses scheduled for Q4 2023. Looking ahead the fund is expected to undertake, on average, four to eight investments per year, with investments between £10m-£100m. Alongside investment capital, the FinTech Growth Fund will aim to provide strategic support to its portfolio companies to help them achieve their corporate ambitions.

The Leonardo Helicopters Pension Scheme has appointed Isio as actuarial adviser.

Under the appointment, Isio will act as actuarial adviser to the trustee with Isio Partner, Robert Watkin acting as scheme actuary. Commenting on the appointment, Leonardo Helicopters Pension Scheme chair of trustees, Martin Flavell, stated: “As trustees we endeavour to provide excellent outcomes for our members. A key part of this is partnering with advisers who seek to promote innovative and effective solutions in a cost-efficient way. Following a detailed market review and competitive tendering process we are delighted to be partnering with Isio, with the team being led by Robert Watkin”.

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