ACCESS pool of local government pension schemes hired UBS Asset Management to run a passive equities and fixed-income allocation.
The pool, which has £41 billion ($54.9 billion) in assets, said in a news release Friday that it had consolidated its passive allocations under the money manager, achieving £5 million in savings per year. The £11 billion in assets are set to transfer by March 2018.
The contract will run until March 31, 2028, with the potential extensions through 2036.
The ACCESS pool of funds worked with the National LGPS Frameworks, a non-profit service that allows all LGPS funds and other public-sector bodies access to specialist services via competitive procurement panels. The multiprovider passive investment managers framework is now live and can be used by any LGPS fund.
"I am delighted we have started the process of pooling early with some tangible, long-term savings and look forward to a smooth transition to UBS," said Andrew Reid, A Suffolk County councilor and chairman of the ACCESS joint committee, in the news release.
ACCESS, which stands for A Collaboration of Central Eastern and Southern Shires, is made up of Cambridgeshire County Council Pension Fund, East Sussex Pension Fund, Essex Pension Fund, Hampshire Pension Fund, Hertfordshire County Council Pension Fund, Isle of Wight Council Pension Fund, Kent Pension Fund, Norfolk Pension Fund, Northamptonshire Pension Fund, Suffolk Pension Fund, and West Sussex Pension Fund.