Brunel appoints Global High Alpha equities managers

Mountain peaks. Photo by Benjamin Grant on Unsplash

PRESS RELEASE, 10 December 2019


Brunel Pension Partnership Limited (Brunel) is delighted to have awarded mandates to five outstanding managers for its Global High Alpha sub-fund.

We regard Global High Alpha equities as one of our pivotal products. Brunel’s listed markets team has designed a world-class portfolio and selected the ideal balance of management styles to accomplish it. The pension pool has become known with managers for its thorough approach to due diligence. A total of 110 strategies were meticulously evaluated as part of the full and in-depth search process.

Matt Betts, Senior Investment Officer, Brunel Pension Partnership Limited“Following the reviews of a huge number of responses, we have appointed AllianceBernstein, Baillie Gifford, Fiera Capital, Harris Associates and Royal London Asset Management,” says Matt Betts, Senior Investment Officer at Brunel and the lead on this search (pictured left). “We particularly like dynamic managers who will truly engage with us, and we believe that these managers comprise an effective combination that we hope to see deliver the long-term returns sought by our Clients.”

All five selected managers demonstrated a research-driven, fundamental bottom-up approach differentiated by style and potential excess return profiles.

“Collectively, the managers use a range of different specialist approaches to selecting global companies that they expect to outperform the market in the long term,” says Matt. “They achieve this by focusing on an array of fundamental characteristics, employing tried and tested processes alongside innovative thinking that delivers consistent return profiles.”

Matt adds: “The decision to select these five managers reflects our confidence in their ability to integrate environmental, social and governance (ESG) considerations throughout their approaches.”

The Global High Alpha portfolio size will initially be £2.6bn, to be allocated between the five managers. The sub-fund is delivered through the ACS platform developed in conjunction with FundRock. Brunel were assisted in the search by consultants Redington and Inalytics.

Brunel Pension Partnership logoAbout Brunel Pension Partnership Limited

Brunel Pension Partnership Limited (Brunel) brings together circa £30 billion investments of 10 likeminded Local Government Pension Scheme funds. We believe in making long-term sustainable investments supported by robust and transparent process. We are here to protect the interests of our Clients and their members. In collaboration with all our stakeholders we are forging better futures by investing for a world worth living in.

Brunel is one of eight national LGPS pools and will manage the investment of the pension assets for the funds of Avon, Buckinghamshire, Cornwall, Devon, Dorset, Environment Agency, Gloucestershire, Oxfordshire, Somerset and Wiltshire.

The appointed managers

About AllianceBernstein

AllianceBernstein (AB) is a leading global investment-management firm with over 50 years of experience serving the world’s leading institutions, high-net-worth and retail investors. AB fosters a diverse and inclusive culture built on collaboration to deliver robust investment solutions across £464 billion of client assets, as at 30 September 2019. AB seeks to achieve differentiated insights through rigorous research and be at the forefront of technology and innovation. AB’s investment capabilities span diverse asset classes, investment styles and geographies across public and private markets.

The AB Strategy aims to deliver attractive long-term capital growth by selectively investing in a small number of high-quality companies which foster strong ESG characteristics from around the world, following a bottom-up research process.

About Fiera Capital

Fiera Capital is an independent global asset management firm with a multi-boutique approach. As one of Canada’s leading investment managers, with over USD 124 billion in assets under management, Fiera Capital offers expertise in both traditional active management and absolute return investment strategies with a number of private alternatives teams including infrastructure, agriculture, real estate, private equity, Asian credit and private debt.

Fiera Capital’s strategy aims to achieve superior and sustainable results by investing in a concentrated yet diversified portfolio of high-quality companies and holding them for the very long run. As a result of competitive advantages, these companies are able to generate stable and strong return on invested capital (ROIC), provide ample long-term growth potential at incrementally higher ROIC, generate strong and predictable free cash flow, consistently compound shareholder wealth over the long term and preserve capital.

Ballie Gifford logoAbout Baillie Gifford

Baillie Gifford are long-term active investors managing equity, fixed income and multi asset portfolios for their clients, which include over half of the world’s largest twenty pension funds. Currently, they manage assets on behalf of over 40 LGPS administering authorities, with many relationships dating back over 25 years. They manage Investment Trusts as well as institutional and public fund assets for clients across the world. They have a strong history of adding value above benchmarks and after fees.

Their Long-Term Global Growth (LTGG) strategy is a stock-driven, unconstrained global equity strategy which will hold 30 to 60 exceptional growth companies from around the world. LTGG is committed and expressly long-term because Baillie Gifford believe that investing in companies with the scope to grow to multiples of their current size over the next decade has the potential to transform the returns achieved for investors over time.

RLAM LandscapeAbout Royal London Asset Management

Established in 1988, Royal London Asset Management (RLAM) is one of the UK’s leading fund management companies, providing investment management solutions to wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector. RLAM manages £137.1 billion of assets and employs 98 investment professionals as at end September 2019. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.

The RLAM Global High Alpha strategic approach is to build informational, analytical and behavioural advantages in order to drive repeatable long-term alpha generation by exploiting market inefficiencies. This is done by combining a rigorous, insightful, globally applicable investment process, with customised technology and productivity tools, and a nimble, experienced and focused team.

Harris Associates logoAbout Harris Associates

Harris Associates L.P. was founded in 1976 by dedicated investment professionals who believed that delivering successful investment results for clients requires a consistent investment philosophy, a commitment to superior investment research and a high level of customer service. Their roster of clients has grown over the years, but these basic beliefs remain unchanged. Assets under management at Harris Associates totalled approximately $111 billion as of 30 September 2019. The team in Chicago includes 40 investment professionals and 197 total employees.

Harris Associates’ Global Equity investment team fundamentally identifies large-cap companies that exhibit a significant discount to our estimate of intrinsic value, have intrinsic values that grow with time and have shareholder-oriented management teams. The bottom up portfolio construction results in a focused portfolio that exhibits a strong value style, with high conviction and low turnover.


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