BtC hires active global equity manager
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Border to Coast has appointed an asset manager to a sleeve within its £4.9bn global equity alpha fund, which has underperformed its benchmark since inception.
The pool, set to look after about £108bn after the addition of seven new pension funds, said it aims to strengthen the global equity alpha fund with a quality-focused manager, “enhancing the potential for strong long-term outcomes” on behalf of its local authority pension funds.
AllianceBernstein was hired through a “robust” procurement process and will manage a sleeve of the fund with a focus on actively managed, high conviction equity selection, the Local Government Pension Scheme pool said.
AB joins NinetyOne, Baillie Gifford, Jennison Associates and Harris Associates on the alpha fund. As recently as March, the fund also listed Lindsell Train and emerging market managers Goldman Sachs and FountainCap, but these no longer appear on the April factsheet.
The fund’s portfolio consists of global listed equities, targeting outperformance of the MSCI ACWI by 2% a year over rolling five-year periods. The fund has underperformed its benchmark since it was launched in 2019, as well as over one, three and five years.
The pool, set to look after about £108bn after the addition of seven new pension funds, said it aims to strengthen the global equity alpha fund with a quality-focused manager, “enhancing the potential for strong long-term outcomes” on behalf of its local authority pension funds.
AllianceBernstein was hired through a “robust” procurement process and will manage a sleeve of the fund with a focus on actively managed, high conviction equity selection, the Local Government Pension Scheme pool said.
AB joins NinetyOne, Baillie Gifford, Jennison Associates and Harris Associates on the alpha fund. As recently as March, the fund also listed Lindsell Train and emerging market managers Goldman Sachs and FountainCap, but these no longer appear on the April factsheet.
The fund’s portfolio consists of global listed equities, targeting outperformance of the MSCI ACWI by 2% a year over rolling five-year periods. The fund has underperformed its benchmark since it was launched in 2019, as well as over one, three and five years.
