The Trustees had already agreed to place a £25 million investment within the Wellington Global Impact fund. As the paperwork was being processed, Wellington Management had informed Mercer that Eric Rice, portfolio manager of the Global Impact strategy, would be leaving Wellington Management in October 2019 and that Tara Stilwell would assume the lead portfolio management responsibilities.
Following Mercer’s review of these changes Wellington Management had retained a B+ rating and ESG1 rating on this strategy, as Mercer had gained enough comfort from their findings. The Investment Committee had discussed the matter at their last meeting and felt that the Trustees could gain assurance from a call with Tara Stilwell and the wider Wellington Management team.
A call took place during the November Trustee Board meeting whereby the Trustees questioned Wellington around:
-Investment style and research approach
-Any near-term portfolio changes