Lecturer’s pension fund linked to Mcquarie GIB takeover

Sky News has reported that the Universities Superannuation Scheme (USS) is about to join what has so far been a politically contentious bid by Mcquarie for the environmental investor.

The inclusion of the fund in the deal may be an attempt to smooth the way to gaining the backing of MPs for the £2 billion takeover after the House of Commons and Holyrood recently heard objections amid fears that the successful GIB, which employs 125 people at its offices in Edinburgh and London, could be a victim of asset stripping following any takeover.

Chaired by Lord Smith of Kelvin, the GIB was set up in 2012 by then business minister Sir Vince Cable with £3.8 billion of UK Government money and became the first investment bank in the world dedicated to “greening the economy”.

While the Scottish Government has sought repeated assurances that the future of the GIB will be protected as part of any deal, Caroline Lucas, the co-leader of the Green Party, told MPs during a Commons debate last month that Mcquarie, had a “very, very worrying and dubious track record”.

She said: “This preferred bidder, Macquarie, not only has a dismal and terrible environmental record, it also has an appalling track record of asset-stripping. So why has the government given preferred bidder status to this company?”

While Macquarie has not commented on the Commons exchanges, UK Energy Minister Nick Hurd said: “We are asking potential investors to confirm their commitment to Green Investment Bank’s green values and investment principles and how they propose to protect them, as part of their bids.”