# Whyte & Mackay Pensions

Whyte & Mackay Pensions is a Pension Fund based in Glasgow, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Glasgow, United Kingdom
- **Region:** Europe
- **Address:** Glasgow, Scotland, United Kingdom
- **Assets under management:** $300M – $400M (Altss estimate)
- **Website:** wmpensions.co.uk

## Regulatory record

- **Reports private funds:** No

## About

The Whyte & Mackay Pension Scheme functions as a single-employer private pension fund for the employees of the Glasgow-based Scotch whisky distiller Whyte and Mackay Limited, a subsidiary of Philippine conglomerate Emperador Inc. The fund was established to provide retirement benefits tied to the company's UK operations. The scheme's investment portfolio combines a diversified growth fund with commodities exposure and layered interest-rate and inflation-hedging instruments. Its directly-held property assets include a mixed-use institutional portfolio managed by CBRE Global Investors within the United Kingdom. The fund's asset-class mix aims to match long-dated liabilities rather than maximize absolute returns. V McMurtrie chairs the trustee board overseeing the fund's governance and investment strategy. The scheme's operations are tightly coupled to its principal employer, reflecting a legacy relationship that originated when Whyte and Mackay sat within United Spirits Limited, a Diageo-controlled entity. No disclosed headcount for the in-house investment team or trustee body is available. The scheme's architecture differs from pooled or multi-employer UK local-government schemes in that it remains firmly embedded in a single corporate family, with the Philippine-listed Emperador Inc now serving as the ultimate sponsor. This structure centralizes liability management inside the parent company's balance-sheet oversight.

## Sectors

- Real Estate
- Commodities
- Fixed Income

## People

- V McMurtrie — Chair of the Trustees

## Questions

### How is the scheme's asset allocation structured?

The fund invests across a diversified growth fund with commodities exposure, UK mixed-use real estate managed by CBRE Global Investors, and interest-rate and inflation-hedging instruments. This mix points to a liability-driven investment strategy designed to protect the scheme's defined-benefit promises against market and inflation risk.

### What is the relationship between Whyte & Mackay Pensions and Emperador Inc?

Emperador Inc, the Philippine-listed spirits conglomerate, owns the principal employer, Whyte and Mackay Limited. As the ultimate parent, Emperador carries the long-term covenant risk for the pension fund, a relationship inherited after a prior period under United Spirits Limited and Diageo.

### Does the scheme make direct co-investments or private equity allocations?

The disclosed public information points to a fund-of-funds and segregated mandate approach rather than direct private equity or venture co-investments. The property exposure runs through an institutional manager, CBRE Global Investors, within the UK.

### Is this a single-employer or multi-employer pension fund?

It operates as a single-employer defined-benefit pension fund exclusively for employees of Whyte and Mackay Limited. The scheme's liabilities stem solely from the Scottish whisky distiller's workforce and their beneficiaries.

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/whyte-and-mackay-pensions

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology