Trustees of the Wellcome Trust Pension Plan and the Genome Research Limited Pension Plan have selected L&G Asset Management as their fiduciary manager.

The mandate will oversee £800m of assets on behalf of more than 3,500 members.

The Wellcome Trust is one of the world’s largest health research charities, while Genome Research Limited is a charity within the Wellcome group linked to the Wellcome Sanger Institute.

Both schemes are closed, defined benefit pension plans for former employees.

Wellcome Trust Pension Plan and Genome Research Limited Pension Plan chair of trustees, Michele Hirons-Wood, said: “Adopting a fiduciary management model enables us to strengthen our investment governance and focus even more sharply on member outcomes.”

Under the fiduciary management mandate, L&G will provide investment advice, manage the portfolios and oversee risk.

The strategy will combine growth investments, climate-focused credit and liability hedging.

Hirons-Wood continued: “L&G stood out in a highly competitive selection process, demonstrating a deep understanding of our objectives and a strong alignment with our values.

"Their leadership in responsible investment and extensive expertise in DB pension strategy made them the clear choice to support our members.”

L&G head of delegated solutions, Tim Dougall, added: “More schemes are looking for a flexible partner who can help them manage risk effectively – whether they intend to run-on or move toward buyout.

"We look forward to bringing the full breadth of L&G’s investment, risk, and operational capabilities to deliver strong outcomes for the trustees and their members.”

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