UK - The £18bn Universities Superannuation Scheme has enlisted 20 schemes to help it develop long-term mandates.
The scheme - along with consultant Hewitt Bacon & Woodrow - has invited representatives from 20 schemes to join discussions about how to structure long-term mandates. The discussions are due to take place next week.
Hewitt associate Yusuf Samed said the “club” will look at how to structure the mandates, what they can invest in, as well as how to monitor and reward fund managers. The group hopes its research will form a template for others to use when investing in long-term briefs.
Samed added: “We hope to have many more, but we’ll have 20 members who will initially form this “club”. The purpose is to conduct research and answer the important questions that will define what a long-term mandate should look like.”
But while the 20-strong “club” will look at how other schemes can invest in long-term mandates in the future, the USS looks set to make its first investments in the sector.
Earlier this year, the USS’s trustees assembled a project team, which is led by chief investment officer Peter Moon, to review how its investments are currently handled and how they should operate in the future.
USS business services director Thomas Philip said that while it was too early to say what specific recommendations the board would follow, a meeting would be held later this month to discuss the team’s findings.
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