If there’s a shock headline for the investment community it’s the news from Mary McDougall in today’s FT.

More later in the day but as the sub-line says, this will be a shake up for American investment managers wanting to please Europe while their ESG mandates are very American (BP style ESG).

I’m pleased to see People’s having the courage to do this. I am not able to comment on the aptitude of Invesco and Amundi

The People’s Pension decided to hand a £20bn developed market equity mandate to Amundi and £8bn of fixed-income assets to Invesco. The scheme, one of the UK’s largest multiemployer defined contribution schemes, said the two companies would run the funds “with a focus on responsible investment”. It retained just £5bn with State Street, which had previously managed all of its assets.

Ft breaks this on the day that Starmer is in America. I wonder if it will be on Trump’s agenda.