Border to Coast makes key appointments in real estate and UK equity

Border to Coast Pensions Partnership has selected Northern Trust as its third-party administrator (TPA) and depositary (depo) to support its future real estate investment management capabilities.

Northern Trust will deliver fund accounting, custody services and investment operations support for the real estate capability, alongside depositary services.

Head of real estate, Alistair Smith, joined the team in May to build the capabilities in real estate with further recruitment to expand the team well underway.

The goal is to launch two global indirect property funds by early 2023, followed by a UK direct property fund.

Border to Coast has also restructured its UK Listed Equity Alpha Fund, adding two external managers, Lindsell Train and Redwheel (formerly RWC Partners).

The Lindsell Train focuses on quality, while RWC has an intrinsic value approach. They join Baillie Gifford and Janus Henderson as the four external managers. The two new managers have replaced UBS in the portfolio to prevent overconcentration in one style.

ESG, carbon credentials and profile were key considerations in the assessment. The two managers reflect Border to Coast’s commitment to responsible investment and active engagement.