Border to Coast Pensions Partnership, Leeds, England, appointed Royal London Asset Management, M&G Investments and Insight Investment to manage a new £2 billion ($2.5 billion) allocation to sterling investment grade credit, the fund said on its website.
Border to Coast said 25 money management firms submitted proposals, which were scored for technical quality, value for money and complementary fit.
"We were particularly pleased with the way the asset management industry responded to the challenges we made to deliver innovative and value for money mandates, and we believe that the selected managers will contribute strongly to our purpose of making a difference to investment outcomes for the LGPS," Rachel Elwell, CEO of Border to Coast said in a news release.
The £46 billion pool of local authority plans will launch the investment grade sub-fund in early 2020. Consultant Mercer oversaw the appointment.
BCPP oversees the investment of assets for the Bedfordshire Pension Fund, Bedford; Cumbria Local Government Pension Scheme, Carlisle; Durham County Council Pension Fund; East Riding Pension Fund, Goole; Lincolnshire Pension Fund, Lincoln; North Yorkshire Pension Fund, Northallerton; Northumberland County Council Pension Fund, Morpeth; South Yorkshire Pension Fund, Barnsley; Surrey Pension Fund, Kingston upon Thames; Teesside Pension Fund, Middlesbrough; Tyne and Wear Pension Fund, Sunderland; and Warwickshire County Council Pension Fund, Warwick.
