The Sterling 20 – a new investor-led partnership between 20 of the UK’s largest pension funds and insurers – will be formally established at the Regional Investment Summit in Birmingham on Tuesday to help drive growth in the country.
In a statement on Monday (20 October), the partnership said it will work with the government and City of London Corporation to channel the nation’s savings into key infrastructure and fast-growing businesses in key modern industrial strategy sectors like AI and fintech.
Legal & General (L&G) have kicked off this investment drive with a £2 billion commitment by 2030, delivering around 10,000 more affordable homes for hardworking families and supporting the creation of 24,000 jobs nationwide.
Nest, who represent a third of the UK workforce, will also provide Schroders Capital with £500 million – of which £100 million is expected to be channelled into UK investments in the coming years.
In addition, Nest will invest £40 million to deliver gigabit-capable fibre broadcast to remote areas in Scotland and Norther England – delivering high-speed reliable broadband to rural homes and businesses in hard-to-reach communities.
“This is about getting Britain building again – bringing our savings, our investors and our regions together to deliver the homes, infrastructure and industries that will drive growth and create good jobs in every corner of the country,” said Chancellor Rachel Reeves.
“Our country’s pension funds are some of the biggest in the world. When they invest in Britain, everyone benefits – from the construction worker on site, to the small business on the high street, to the saver seeing their pension grow. Sterling 20 shows what can be achieved when we all pull in the same direction to build a stronger economy that works for, and rewards, working people.”
The Regional Investment Summit will also see the AustralianSuper, Australia’s largest pension fund and 17th largest in the world, increase its investment into the UK housing market.
The fund will meet with the Chancellor at the Regional Investment Summit, as the Government seeks to reinforce the UK as an attractive investment destination for the billions of pounds it will deploy outside of Australia in the coming years.
Ahead of this, AustralianSuper has announced a new UK living investment platform dedicated to investment in rental homes as part of its ambition to invest £8 billion of new capital into the UK over the next five years.
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