LONDON (Reuters) - The 15 billion pound ($24 billion) defined-benefit pension scheme of UK banking group Barclays Plc is poised to make a foray into clean energy investments, its chief investment officer said.
Tony Broccardo said the pension scheme was considering alternative energy investments, including via private equity firms which finance green energy projects.
“Clean technology is an area that could be a big allocation for us in the future,” Broccardo told Reuters.
Broccardo, appointed last year as the fund’s first chief investment officer, said the fund will seek exposure to alternative energy as part of its “opportunistic” investment program.
Last year, the strategy prompted allocations to corporate credit in the United States and Europe, which increased its overall risk profile but netted 20 percent returns.
Broccardo said the fund had about 500 million pounds annually to investing opportunistically. Combined with emerging markets and technology, he said the pension scheme could allocate over 10 percent in clean technology.
The scheme is also poised to increase its investments in active management. “We have had good experience with hedge funds and more active management. Skilled managers will do quite well,” he said.
(Reporting by Cecilia Valente, Editing by David Holmes)