Nest has transferred its entire £3.5 billion ($4.6 billion) emerging-market equities portfolio to Wellington Management, ending more than a decade of passive investing. The £68 billion workplace pension scheme, which automatically enrolls more than 14 million workers, said a concentrated portfolio of about 100-150 stocks should give it greater influence over companies’ governance and sustainability practices. The new mandate will track the MSCI Emerging Market index and target 100 basis points of additional performance. The move follows an internal review that began in 2024; Nest said the previous passive strategy had met its return objectives. Wellington, which manages $1.3 trillion, including $44 billion in emerging-market equities, won the mandate as emerging markets have outperformed developed markets in 2025. Nest said its assets could approach £100 billion by 2030, when half of Britain’s workforce is expected to be enrolled.