Friday 24 May 2024
14.1 C
Nottingham

Council pension fund announces bid to sell off its Russian assets

The Nottinghamshire Pension Fund has set out its ambition to sell the small amount of Russian assets it holds after the unprovoked and aggressive attack by Putin’s regime in Ukraine.

Investment managers have spent the last few days reviewing the £6.6bn pension fund for Russian links and have found the fund holds less than 0.1% of Russian assets.

Following discussions with LGPS Central (the pension fund’s pool company), the pension fund has asked its investment managers to sell its Russian assets as soon as it is legally and ethically possible.

The pension fund has also asked its investment managers to suspend further purchases of Russian assets in response to the invasion of Ukraine.

The Nottinghamshire Pension Fund Committee Chairman, Councillor Eric Kerry, will explain the pension fund’s position to the Nottinghamshire Pension Fund Committee on Thursday (10 March 2022).

- Advertisement -

Nottinghamshire Pension Fund Committee Chairman, Councillor Eric Kerry, said: “Our pension fund unequivocally condemns the unprovoked and abhorrent attack on Ukraine and its citizens by President Putin’s armed forces.

“Following discussions with our investment managers and pool company, we have asked managers to dispose of the small amount of Russian assets we hold.

“These assets are only a tiny fraction of our £6.6bn pension fund and make up less than 0.1% of our total fund and come mainly from our investments in emerging markets.

“We have also asked our fund managers to suspend any further purchases of Russian assets in response to the destruction being inflicted on Ukraine by Putin’s forces.

“We just hope our actions can contribute in some way to showing the Ukrainian people that we support them here in Nottinghamshire – our hearts go out to the country and its brave citizens.”

Follow The Wire on TikTok, Facebook, X, Instagram. Send your story to newsdesk@westbridgfordwire.com or via WhatsApp on 0115 772 0418

Categories:
 

Latest