Brunel Pension Partnership has appointed Thesis Unit Trust Management (Tutman) to operate its authorised contractual scheme (ACS).
Brunel manages approximately £38bn in investments for 10 Local Government Pension Scheme (LGPS) funds: Avon, Buckinghamshire, Cornwall, Devon, Dorset, the Environment Agency, Gloucestershire, Oxfordshire, Somerset and Wiltshire.
As of 30 June 2023, Brunel’s ACS had more than £12bn in assets under management.
As part of the move, the scheme will be renamed as TM Brunel Pension Partnership ACS.
Commenting on the appointment Brunel said that Tutman’s operating model provides for scalable growth with a “highly regarded” professional alternative investment fund manager.
Tutman will perform oversight and governance services for ACS investments, ensuring the delivery of regulatory functions, while delegating investment management back to Brunel.
Joe Webster, chief operating officer at Brunel, said the big advantages for Brunel’s investors are the flexibility of the model with no capital investment and associated independent regulatory oversight.
He said: “Tutman has a deservedly strong reputation in this area and we are delighted to be forging this new partnership.”
David Tyerman, chief executive officer of Tutman, said the firm had been following the government’s initiatives regarding pooling over the last years and Brunel’s “success in building a strong, investor-focused management group” in particular.
He said: “We are very pleased to have been chosen to partner a firm with such clear values.”
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