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The move, the Partnership claims, follows strong performance and new inflows.
Graham Long, head of external management at Border to Coast, said: “Since its launch to the end of March 2021 the fund has outperformed its benchmark by over 4.5% per annum. To build on this success we would like to appoint a long-term strategic partner who shares our vision and commitment to responsible and sustainable investment.”
The UK Listed Equity Alpha Fund was launched in December 2018 to give partner funds exposure to UK equities through three complementary investment strategies currently managed by Baillie Gifford, Janus Henderson and UBS Asset Management.
To ensure the portfolio is well positioned for future risks and opportunities, Border to Coast is launching a search for additional managers, it announced.
Border to Coast looking for up to 2 managers for U.K. listed equity strategy
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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.