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West Sussex reappoints UBS to multi-asset role

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UK - West Sussex County Council has reappointed UBS Asset Management to run an active, balanced multi-asset mandate for its local government pension scheme (LGPS).

The council issued a tender notice for the management of half of its balanced pension fund assets, valued at around £567.5m (€605.7m), in May 2008 as part of the review process of its existing managers UBS and Baillie Gifford, which takes place every four years.

Baillie Gifford's mandate was last reviewed in 2006 following an initial appointment in 2002, while UBS has been responsible for its share of the pension fund assets - estimated at 21% of the total fund in March 2008 - since 1992, although LGPS regulations state the scheme cannot invest more than 25% of the total fund's assets in pooled funds run by one fund management firm. (See earlier IPE article: West Sussex reviews €950m Baillie Gifford brief)

The contract notice revealed West Sussex Council reappointed UBS over nine other providers to run the active multi-asset portfolio with a value approach while also managing a "geographically diversified portfolio".

Latest figures from the pension fund's 2007/08 annual report revealed the value of the pension fund at 31 March 2008 was £1.52bn, and in addition to the mandates run by Baillie Gifford and UBS on an "active, balanced, discretionary basis" the scheme also invests in private equity and real estate.

West Sussex reappointed Cushman & Wakefield In January 2008 to run a discretionary property mandate for a portfolio of both direct properties and indirect vehicles, while an £80m private equity mandate was last reviewed in May 2007 when it was split equally between Pantheon Ventures and Partners Group.  (See earlier IPE articles: West Sussex splits private equity holding and West Sussex reviews real estate)

If you have any comments you would like to add to this or any other story, contact Nyree Stewart on + 44 (0)20 7261 4618 or email nyree.stewart@ipe.com

 

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