Greater Manchester Pension Fund to freeze Russian linked investment holdings after Ukraine invasion
manchestereveningnews.co.ukThe 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. READ MORE: Ukraine-Russia LIVE updates as dozens of civilians killed and Putin warns ‘worse is to come’ The fund states it has no direct Russian holdings due to ‘significant’ environmental, social and governance risks of investing in the country’s companies.
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