As the Ukrainian conflict carries on, the rising cost of living has only been made worse by the surge in fuel prices.
03.03.2022 - 19:17 / manchestereveningnews.co.uk
The UK’s largest local government pension fund is to freeze all investments linked to Russian-based companies amid the invasion of Ukraine.
The Greater Manchester Pension Fund has written to its 375,000 members to state what action it is taking within its investment portfolio in light of worldwide sanctions being imposed on Russia.
The GMPF, which is the eleventh largest ‘defined benefit’ pension fund in the UK, is run by Tameside council and based out of Guardsman Tony Downes House in Droylsden. It manages a fund of nearly £30 billion, which is invested across a broad spread of assets including public equity, bonds, property and alternative assets.
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The fund states it has no direct Russian holdings due to ‘significant’ environmental, social and governance risks of investing in the country’s companies.
However around 0.2.pc of the GMPF’s portfolio is connected to Russian holdings.
Following the invasion of Ukraine which began on February 24, the fund’s investment managers have frozen all existing indirect holdings in Russian-domiciled investments.
They say they recognise the ‘current lack of market for selling these assets and the fiduciary duty to act in the best interests of the fund’s members and the taxpayer’.
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It comes after the Local Government Pension Scheme Advisory Board advised local government pension funds to consider the implication of sanctions targeting Russia on their portfolios.
Oldham Liberal Democrat opposition group leader Councillor Howard Sykes had called on the pension fund to ‘divest without delay’ from Russia.
“In common with
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