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  • Border to Coast set to launch a Global Multi-factor Equity Index Fund, expected to secure more than £1bn of commitments from Partner Funds 
  • The proposition will complement the existing range of actively managed strategies, enabling Partner Funds to complete the pooling of assets 
  • Responsible investment, integration of ESG issues, and net zero will be central to manager selection 

Border to Coast Pensions Partnership (“Border to Coast”), the largest LGPS pool in the UK, is searching for an external asset manager to support its first equity index proposition, which is expected to launch with more than £1bn of Partner Fund assets

Set to launch in early 2025, the Global Multi-factor Equity Index Fund will offer Partner Funds cost-effective access to a specialist index manager, overseen and managed by the Border to Coast investment team.   

As the first index fund launched by the pool, it will complement Border to Coast’s existing range of actively managed listed equity strategies. Delivery of the proposition supports Partner Funds to implement long-term investment strategies and enables the pooling of assets currently held in external passive strategies. 

Graham Long, Head of External Management, Border to Coast, said:The launch of our first index fund marks a further expansion in our capabilities as we build on the strong platform of propositions we have created for Partner Funds.  

“Opportunities in the multi-factor space have grown considerably and form an important component in some of our Partner Funds’ portfolios. Meaningful integration of ESG into the investment approach and alignment with our net zero goal ahead of 2050 coupled with our role as an active steward of assets will be essential components of the new proposition.”  

The new strategy will reflect a mix of investment style factors and operate in line with a science-based climate transition pathway aligned with the net zero commitments made by Border to Coast and Partner Funds.  

Once launched, the Fund will seek to outperform the MSCI All Country World Index by at least 0.5% a year (net of fees) over rolling five-year periods. 

Border to Coast has produced an online presentation for managers interested in tendering for the Global Multi-factor Equity Index Fund providing further information about the selection process. This is available on the watch below.

As an organisation wholly owned by public sector entities, Border to Coast is subject to public procurement rules. The formal tender process will be launched on Monday 24 June 2024, with the successful manager(s) expected to be appointed in Q4 2024. Full details will be in the ITT (Invitation to Tender) documents available from bordertocoast@mercer.com. 


  • Based in Leeds, Border to Coast is the largest LGPS (Local Government Pension Scheme) pool in the UK. It is owned by 11 Local Government Pension Schemes (‘Partner Funds’). The Partner Funds represent 2,700 employers and over a million members.    
  • The Partner Funds are Bedfordshire, Cumbria, Durham, East Riding, Lincolnshire, North Yorkshire, South Yorkshire, Surrey, Teesside, Tyne and Wear and Warwickshire.    
  • The Partner Funds have c.£58bn in investments, of which Border to Coast is directly responsible for the management of £40.3bn (as of 31 March 2023). Border to Coast also provide support and advice on a further £8.2bn, primarily invested in index funds, which sit outside of the pool.     
  • Border to Coast offers its 11 Partner Funds investment opportunities across equities, fixed income, private markets, and global real estate. UK real estate is under development.    
  • Border to Coast Pensions Partnership Ltd is authorised and regulated by the Financial Conduct Authority. Registered in England Number: 10795539 and Registered Office: 5th Floor, Toronto Square, Toronto Street, Leeds, LS1 2HJ.  Further details can be found at https://www.bordertocoast.org.uk  .
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