With-profits investments funds worth £338m have been assigned to a new multi-asset climate solution that will be managed by Robeco, Phoenix Group has been announced.

Phoenix Group detailed that net-zero 2050 climate equities and climate global bonds will be allocated the greatest percentage of the fund, each receiving 20 per cent, whilst smart energy equities will be allocated 15 per cent.

Sustainable property equities, smart materials equities, global green bonds, and SDG high yield bonds will all be allocated 10 per cent whilst smart mobility equities will be allocated 5 per cent.

This new solution forms part of Phoenix Life and Standard Life’s wider with-profits strategic asset allocation and aims to add another diversified source of return that aims to meet long-term investment objectives, Phoenix Group detailed.

Robeco was selected to manage the multi-asset climate solution after a “competitive” search process.

Phoenix Group head of strategic partnerships and research, James Mitchell, commented: “We are delighted to be working with Robeco on this new multi-asset climate solution as part of our ongoing commitment to help tackle the climate challenge.

“At Phoenix, we are continuing to find ways to create a sustainable future for all, including renewed investment into social housing, infrastructure and cutting-edge green technologies.

“Our partnership with Robeco drives forward this commitment across different asset classes as we aim to be net zero throughout our investment portfolio by 2050.”

Robeco global head of client solutions, Ed Collinge, added: “It is exciting to be partnering with a like-minded investor such as Phoenix Group, who is looking to achieve strong investment returns for their policyholders whilst also embracing and integrating climate goals to enable a more sustainable future for all.

“Sustainable objectives are becoming a cornerstone of many investors’ portfolios and we were delighted to jointly create an innovative solution that seeks to both benefit from and enable the climate transition.”

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