TfLPF moves £3.8bn assets to Blackrock
Transport for London Pension Fund has moved management of £1.6bn of its liability-driven investment and £2.2bn passive equity portfolios assets to BlackRock from Legal & General Investment Management (LGIM) – a total of £3.8bn.
The LDI mandate aims to offset market uncertainties, including inflation as well as interest rate and equity volatility, whilst having measured exposure to risk to achieve excess positive returns. The passive equity exposure will include investments across a range of index funds.
Last March, the scheme made a £100m commitment to BlackRock Renewable Income UK Fund, which invests in onshore and offshore wind and solar projects, as part of a strategy to introduce new asset classes into its alternatives portfolio. Towers Watson acts as the fund’s investment adviser and actuary.
Transport for London Pension Fund has £7.3bn ($11.3bn) assets under management.
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