On the go: Border to Coast Pensions Partnership has launched a Global Equity Alpha Fund, with assets worth £5bn spread across four asset managers hired in June.
The pool, comprising 12 pension funds with assets worth £45bn, now has assets under management of £15bn following the launch of the fund.
Eight local pension funds invested at the launch of the fund, with assets from 14 mandates across both segregated and pooled vehicles being transferred to it.
The Global Equity Alpha Fund will target a long-term return of 2 per cent a year ahead of the MSCI All Country World index, after the deduction of manager fees.
Harris Associates, Investec Asset Management, Lindsell Train and Loomis Sayles are the managers of the fund, which will allow the pension schemes involved to save around £3.5m in management fees a year.
Graham Long, head of external investment at Border to Coast, said: “The fund aims to combine the highest-quality, best value investment managers into a coherent portfolio where the outcome is greater than the sum of the parts.”
