Centrica, the company behind British Gas, has appointed City asset managing giant Schroders Solutions to oversee investments for its £10bn pension schemes.
Centrica’s trustees chair Allan Whalley said Schroders Solutions was chosen after a “thorough selection process” and will help “deliver security” for Centrica’s pension scheme members.
Acting as outsourced chief investment officer (OCIO), Schroders Solutions will help trustees develop each scheme’s investment strategy.
The City firm will also build the overall portfolio for the energy services heavyweight, as well as oversee any third party managers.
The move will see seven of Centrica’s investment specialists joins Schroders Solutions, including chief investor officer Chetan Ghosh.
Head of UK distribution at Schroders, James Rainbow said: “We are really pleased to have the opportunity to partner with Centrica and grateful for the trust that has been placed in us under the schemes’ new outsourced approach.”