LGPS pool Border to Coast has launched a global equity alpha fund with assets of around £5bn.
In an announcement, the pool said that eight out of its 12 partner funds have invested across 14 mandates across both segregated and pooled vehicles being transferred to the fund.
It said that the manager selection and economies of scale will result in aggregate annual management fee savings to partner funds of c.£3.5m per year.
Chris Hitchen, chair of Border to Coast, said “This is our largest fund launch to date, taking our total assets under management to c.£15bn and followed our largest and most complex transition to date.”
Harris Associates, Investec Asset Management, Lindsell Train and Loomis Sayles were appointed as managers of the fund in June.
