ndapt, the sole trustee to Citrus, worked with Hymans Robertson over a twelve month period to explore the most appropriate options for Citrus’s employers and members. The review included supporting increased operational and risk management, enhancing outcomes for members and employers, and delivering a structure fit for the future.
This meant working with a partner to deliver a framework which supported risks and opportunities such as climate change, integrating ESG into the day-to-day delivery, as well as ensuring each employer could tailor their strategy to meet their future plans in a cost efficient and outcome-focused manner.
Russell Investments will partner with Citrus, its sole trustee ndapt and Hymans Robertson to deliver a comprehensive investment strategy across the £300 million investment portfolio of its more than 35 underlying pension schemes, which form individual Sections of the Plan.
Leveraging its proprietary open-architecture capabilities, Russell Investments will provide Citrus with tailored access to best-in-class investment managers, alongside an enhanced governance and operational framework, to implement a bespoke strategy for each Section.
Each Section’s portfolio will be constructed and dynamically managed through allocations to a selection of growth vehicles, cashflow-generating funds and a bespoke liability matching strategy, with ESG embedded into the process, enabling Citrus to support each Section’s journey, whatever this may be.
Commenting on the appointment, Marcus Hurd, ndapt, Chair of Trustee at Citrus Pension Plan, said: “After a competitive tender process, we are pleased to appoint Russell Investments as our implementation partner. The firm has a long record of providing innovative investment solutions and services, which will benefit the members and employers of the Citrus Master Trust. We look forward to leveraging their expertise and scale to further develop the Master Trust solution for members and employers.”
Simon Partridge, Head of UK Fiduciary Management at Russell Investments, added: “This appointment by Citrus Pension Plan reflects our deep expertise in providing implementation solutions at a time of growing demand for such capabilities in the UK and across Europe. This makes us well placed to meet all the Plan’s investment needs, with our ability to develop sustainable strategies in particular, greatly complementing Citrus’ credentials as a not-for-profit responsible pension provider.”
André Ranchin, Hymans Robertson, added: “We’re delighted to see Citrus taking the next step on their strategic journey to providing best outcomes for members by partnering with Russell Investments on asset implementation. We look forward to working with Russell Investments alongside the Trustee to help deliver effective, responsible strategies for the diverse sections of Citrus.”
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