LONDON (Reuters) - Trustees of the 17 billion pound ($26.4 billion) National Grid UK Pension Scheme said on Tuesday they would outsource the management of the scheme’s assets through a sale of its Aerion Fund Management arm.
As well as selling Aerion, which manages around 75 percent of the scheme’s assets, the trustees said in a statement they would create a small executive team to help manage the assets, monitor liabilities and investment risk.
The trustees of the defined benefit pension scheme, which is closed to new members, said Fenchurch would advise on the transition.
($1 = 0.6436 pounds)
Reporting by Simon Jessop; Editing by Nishant Kumar