Border to Coast hires external managers

8 Oct 2018

Local government pension scheme (LGPS) pool Border to Coast has appointed the first external managers for its £1.2bn UK equity fund due to be launched later this year.

The £46bn pool, which already manages two pooled equity funds in-house, has appointed of Baillie Gifford, Janus Henderson and UBS Asset Management as external asset managers for its UK equity strategy.

A tender for the strategy was published in July this year, resulting in more than 30 asset managers submitting proposals to the Leeds-based pool.

The fund is aimed at offering a long-term return of 2% a year above the FTSE All Share index after deduction of manager fees. The mandates for Baillie Gifford and UBS Asset Management will be benchmarked against the All Share index, while the Janus Henderson mandate will focus on smaller companies.

Border to Coast chief executive Rachel Elwell said. “We are delighted that we will be launching our first externally managed sub-fund with such a strong line up of investment managers. It is a testament to the commitment of the asset management community to the LGPS that we received so many high-quality submissions.”

Following the launch of the UK equity strategy, the pool now targets the launch of another UK equity strategy at the beginning of 2019 with a tender due to be published  by the end of the year.

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