FundRock wins UK public pensions mandate

Third-party management company FundRock has been appointed as the authorised contractual scheme (ACS) operator for the £30 billion (€34 billion) Brunel Pension Partnership.

The partnership represents the pooled investments of ten public bodies in south-west England and the ACS will become the investment management vehicle for its £7.5 billion of actively-managed equities.

Joe Webster, Brunel’s chief operating officer, said that the ACS model had been chosen because of the tax transparency it would provide while reducing costs and making operations and transitions simpler.

“The ACS delegates the fund management to us and we sub-delegate to our chosen fund managers,” he said.

“This model allows us a good degree of flexibility when choosing investment managers.”

The Brunel Pension Partnership is one of the UK’s eight national Local Government Pension Scheme (LGPS) pools that have been set up over the past three years, in order to make efficiency savings.

FundRock, which has offices in Luxembourg, London and Dublin, has €45 billion of assets under management.

©2018 funds europe

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