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Nest hits £10bn AUM milestone

The Nest pension scheme has now reached £10bn assets under management (AUM) invested on behalf of its more than 8.6 million members.

The scheme announced the appointment of two new members to its investment committee, Jennie Austin and Jaap Van Dam, who are expected to “enhance” the skillset and expertise of the body that oversees its AUM.

The firms subsidiary, Nest Invest, was also approved as an occupational pension scheme by the Financial Conduct Authority earlier this month, which will increase Nest’s capability to manage more complex investment decisions and tasks in-house.

The new FCA-regulated subsidiary will be able to provide the scheme’s board with regulated advice regarding new investment opportunities, as well as enabling Nest to make active decisions on co-investment opportunities in private markets.

Nest chief investment officer, Mark Fawcett, commented: “We started investing for Nest members in 2011 and the first contribution was just £19.

"Reaching £10bn AUM shows Nest is set to become one of the largest players in the UK pension’s market and the scheme is now receiving £400m new contributions every month".

This also follows a recent pledge from the scheme to boost efforts to tackle the risks posed by climate change, with over £1bn already invested through a Climate Aware Fund (CAF) that increases investment into companies seeking to limit global warming to 1.5°c.

Fawcett added: “We take this responsibility very seriously and every decision we take is in the best interests of our members.

"This includes making sure our investment strategy evolves as contributions grow, including by continuing to build on our market leading approach to ESG investment.”

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