Trustee members of the National Employment Savings Trust (Nest) Corporation have agreed to offer a fund focussed on investing in a socially responsible manner (SRI).
An advert to be published this week in the Official Journal of the European Union (OJEU) invites global equity SRI fund managers to tender for an initial contract.
Nest is seeking to procure an actively managed global equity fund with themes of social responsibility and ethical investment.
Mercer will be assisting Nest’s investment and procurement teams to select a shortlist of suitable fund managers. The investment committee will approve the award of the contract.
Nest members opting for the SRI fund will have their pots “lifestyled” so they have appropriate exposure to investment risk at the appropriate stages of their careers.
The SRI fund will not use a target date fund approach because the numbers expected in the SRI fund will be relatively low.
Managers for the SRI fund will be announced in February or March 2011.
Further fund choices will be announced in the new year when Nest publishes its first statement of investment principles.
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