Border to Coast Pensions Partnership, Leeds, England is searching for up to two managers to run part of its £1.5 billion ($2.1 billion) U.K. Listed Equity Alpha Fund.
The fund is currently split among three existing managers: Baillie Gifford, UBS Asset Management and Janus Henderson Investors. The expectation is that the management will be split among the three existing firms and one or two newly appointed managers once the process to select additional firms is complete, a spokesman for the pensions pool said.
The U.K. Listed Equity Alpha Fund was launched in December 2018 with £1 billion in assets. It seeks a long-term 2% annual return ahead of the FTSE All-Share index after manager fees are deducted. The fund also has a lower carbon footprint than its benchmark.
Border to Coast wants one or two managers with a strong focus on quality and value investing. Executives expect to appoint the managers in the fall and the contract is open-ended with appropriate notice periods, since Border to Coast wants to work with long-term strategic partners, the spokesman added.
Interested managers may access an online presentation providing further background and information on the selection process.
The search is supported by Mercer and managers should direct any questions to the consultant via email.
The deadline for applications is July 2, the spokesman said.
Border to Coast's 11 member funds have a total £55 billion in assets.
