UK - The £1bn West Sussex County Council Pension Fund has resisted industry moves towards specialist management and reappointed UBS to run a £445m balanced mandate.
The scheme said UBS had been reappointed following a review and that despite the trend towards specialist management, it saw no need to change its investment strategy.
UBS was last reviewed in 2000 and West Sussex director for resources and county treasurer Helen Kilpatrick said during that period, the part of the scheme it managed had been ranked first in the local authority league performance tables in 2000-01 and in second place the following year.
As a result, the scheme felt there was no need to embark upon a full selection exercise.
Kilpatrick added: “This decision was taken without the need to embark on a full procurement exercise given the excellent performance UBS has delivered for the fund.”
West Sussex group accountant Rosemary Burfoot added: “We have yet to find evidence that specialist managers add value. Our balanced managers are doing well.”
Baillie Gifford – the scheme’s other balanced manager – was appointed to run its £437m mandate in December 2002. It will be reviewed in 2006.
West Sussex also has committed £40m to funds run by private equity specialist Pantheon Ventures, of which it has spent £4m. The scheme manages £69m of direct property investments in-house and the rest of its funds are allocated to cash.
The scheme is advised by Hymans Robertson.
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