UK pension master trust the People’s Pension has awarded two mandates totaling GBP28 billion ($47.57 billion) to Amundi and Invesco, citing their sustainability and responsible investment credentials. 

The People’s Pension has awarded GBP20 billion of assets to Amundi to passively invest in developed market equities, while Invesco will take over GBP8 billion in active fixed income investments, according to a statement Thursday.

The mandates were previously overseen by State Street, which is among several Wall Street giants that have quit the Climate Action 100+ coalition that pushes companies to reduce carbon emissions.  

State Street will continue to manage the remaining sum in the People’s Pension portfolio, according to the statement. The pension has about GBP32 billion in total.  

“These appointments highlight the People’s Pension’s broader mission to balance strong financial performance with responsible investment principles,” chair of trustees Mark Condron said. “By selecting Amundi and Invesco, we have chosen to prioritise sustainability, active stewardship and long-term value creation for our near seven million members.”

See also: Fatigue, anxiety behind shifting jargon in sustainable investing

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A backlash against asset managers pursuing environmental, societal and governance initiatives in the US has prompted several major firms to downplay their commitments.

But the criticism, embraced by the new Trump administration, has opened a split with European investors who continue to pursue ESG goals.