On the go: The circa £4.2bn West Sussex Pension Fund has appointed a transition manager to support the scheme as it transitions assets to the Access pool, which handles assets for 11 Local Government Pension Schemes.
The fund has hired Northern Trust as its transition manager, according to a notice published on the UK government’s Contracts Finder portal.
The appointment follows an announcement last week that Hymans Robertson has been selected to provide transition advisory services to the LGPS.
The West Sussex scheme is looking to invest in a new global equity fund and a new fixed income fund within the Access pool, both of which are expected to launch in autumn 2021.
It has hired Northern Trust to redeem the assets within its legacy mandates, manage the assets in the meantime, and move the portfolio to the new Access funds when they become available.
Northern Trust’s contract started on May 31 2021 and will run until September 30 2021.
As reported by Pensions Expert’s sister title MandateWire, the scheme has recently agreed to transfer a £2.7bn portfolio managed by Baillie Gifford to the pool.
The scheme’s strategic asset allocation stands at 45 per cent listed equities, 5 per cent private equity, 10 per cent direct property, 5 per cent infrastructure, 5 per cent private debt and 30 per cent bonds.
Manager arrangements are available in MandateWire’s Investor Directory.
This article originally appeared on MandateWire.com
