PORTFOLIO MANAGER CANDIDATE INFORMATION PACK
CONTENTS ABOUT BORDER TO COAST PENSIONS PARTNERSHIP OUR INVESTMENT PHILOSOPHY THE ROLE APPLICATION PROCESS
Thank you for your interest in this new opportunity with Border to Coast Pen- sions Partnership. Border to Coast Pensions Partnership was created to pool the investments of like-minded Local Government Pension Scheme (LGPS) funds – our ‘Partner Funds’. Established in 2018, we are one of the largest LGPS pools in the UK. Working with a selection of Partner Funds, we design, develop, and oper- ate investment opportunities in areas such as equities, fixed income and pri - vate markets. We’re now looking to ex -
pand our offering to include Real Estate investments. This is where you come in. Border to Coast Pensions Partnership is in the process of designing four real estate funds, two UK and two global. These funds will invest in both direct UK real estate properties and UK and Global real estate funds. We are seeking a Portfolio Manager to assist and support the Head of Real Es - tate and Fund Managers with the man - agement of UK real estate portfolios.
The successful candidate will be in- volved in the development of the UK fund propositions with an initial focus on asset transition and service provider onboarding for the new UK real estate funds from the commencement in role. This is a pivotal role within our organ- isation which will grow and develop over time and is a great opportunity for an investment professional with broad UK real estate market exposure looking to work for a company with strong cor- porate and social values. Please read on to find out more about our company and the role.
OUR INVESTMENT PHILOSOPHY Our philosophy can be summarised as:
ABOUT BORDER TO COAST PENSIONS PARTNERSHIP
ing our Partner Funds exposure to equities, fixed income and private markets – and we are currently de- signing a real estate offering. Bor - der to Coast is responsible for the management of these investments though our in-house investment team either directly or through se- lecting and working with specialist external managers. EQUITIES Our equity investments provide our Partner Funds access to companies listed on public markets around the world. As an active steward of assets, we use our influence as a shareholder to engage with com- panies to drive real change and unlock value. Our in-house team is responsible for the management of all our equity funds, either directly, or through selecting specialist ex - ternal managers who provide expo - sure to particular investment styles or regions. FIXED INCOME Our fixed income investments pro - vide our Partner Funds with a dif- ferentiated source of return to equities through government and corporate bonds, loans, debt, credit funds, and asset-backed securities. These investments are managed by our in-house team, either directly, or through the selection of external
managers who provide exposure to specialist fixed income capabilities. PRIVATE MARKETS Private Markets encompasses a broad range of investment types and opportunities which includes specialist sectors or industries, such as private equity, infrastruc- ture and private credit, which can be difficult to access through tradi - tional public markets. Our special - ist in-house team seeks to partner with a range of specialist external managers to develop a diversified, global portfolio which can offer en - hanced risk-adjusted returns. OUR PARTNER FUNDS We were founded by our Local Government Pension Scheme Part- ner Funds to enable the pooling of their assets. They are both our customers and our shareholders. Collectively, they are responsi - ble for the pensions of more than one million LGPS members who work for around 2,700 employers, and are ultimately funded by local taxpayers. Our work is centred on ensuring we make a difference for our Partner Funds by building a sus- tainable organisation that invests responsibly and effectively on their behalf.
• Active management adds value over the long term and enables better integration of ESG consid - erations. • Fully integrated and robust fun - damental research provides the best means of generating superi - or long-term returns. • Engaging with companies as an active steward of assets, rath - er than excluding, is a better means of making a real differ - ence and unlocking long-term value. • Costs are a headwind to invest - ment performance and frequent changes in holdings or managers are detrimental to long-term re- turns. • Well managed businesses with strong governance, diverse Boards and a commitment to sustainability will be more resil - ient and more likely to generate superior financial return. • A commitment to reducing car - bon emissions is essential to achieving long-term success – Border to Coast has committed to achieving net zero emissions across its investments by 2050 OUR APPROACH We design, develop, and operate investment opportunities offer -
Our purpose is to make a difference for the Local Government Pension Scheme. We seek to do this by pro- viding cost-effective, innovative, and responsible investment oppor- tunities that deliver returns over the long-term. This is on behalf of the more than one million LGPS members, over 2,700 employers, and the millions of taxpayers asso - ciated with our Partner Funds. We are regulated by the Financial Con- duct Authority (FCA). The work Border to Coast under- takes is centred on ensuring we deliver on our purpose by building a sustainable organisation that in - vests in a responsible manner. WHAT DO WE DO? We were established by our Part- ner Funds to facilitate the pooling of their investments with the ob- jective of improving value for mon - ey through scale, increased access to investment opportunities, and strengthened governance. Pooling gives us a stronger voice and, working collectively with our Partner Funds and across the asset
owner and asset management in- dustry, we aim to deliver cost-effec - tive, innovative and responsible in - vestment, thereby enabling strong, risk-adjusted, performance over the long term. Responsible investment runs through all that we do and we are an active steward of our Partner Funds’ assets. We engage with companies on their behalf to drive positive real world change in the belief that this is the best way to both mitigate material financial risks, and unlock greater long-term value. INVESTING FOR THE LONG TERM Our investment approach is shaped by the needs of our customers, our Partner Funds. They operate open-ended defined benefit pen - sion schemes on behalf of 2,700 employers, representing more than one million people, and ultimate - ly backed by local taxpayers. The invested assets are intended to fund pension payments for scheme members many years into the fu- ture – in some cases into the next century. Our Partner Funds’ focus
is on generating consistent returns, with an emphasis on ensuring the sustainability of the fund and main- taining stable contribution rates for employers. To deliver for our Partner Funds, we take a long-term approach to investment. We develop and op- erate innovative, cost-effective in - vestment propositions that support our Partner Funds in implementing their strategic asset allocations. Gaining a deep understanding of the investments we make and the third parties we work with is crucial in managing these portfoli - os. In particular, we believe that envi - ronmental, social and governance (ESG) issues can have a material im- pact on the value of financial assets and on the long-term performance of investment portfolios, and we believe strong and sustainable in- vestment performance is delivered through robust portfolio risk, re - search, and responsible investment capabilities.
SKILLS, KNOWLEDGE AND EXPERIENCE Skills and Knowledge Essential • Strong written and verbal communication and pres - entation skills • Ability to read, understand and critically analyse all real estate legal documents such as leases, develop- ment agreements and sale and purchase contracts • Problem solving and decision-making capability • The ability to collaborate with others to generate investment ideas, refine processes, and share con - structive feedback • High levels of integrity and trustworthiness • Effective IT skills required, specifically real estate fi - nancial modelling, cashflow analysis and valuation systems Desirable • Experience negotiating legal agreements such as leases, sale and purchase and development con- tracts. • Other corporate knowledge – health and safety, ICT systems, information management and data protec - tion. Experience Essential • Minimum 5 years PQE real estate experience (in - vestment management, acquisition, disposal, leas - ing, rent reviews, valuation etc) • Keen interest in, and understanding of, investment markets, long-term investment and commitment to responsible investment and sustainability • Ability to satisfy fitness and propriety test as a Cer - tified Person under the Senior Manager & Certifica - tion Regime (SM&CR) and to continue to satisfy test requirements and comply with FCA Conduct Rules Desirable • Interest in different investment strategies, particu - larly value investment concepts • Open-minded approach to investment strategy • Inquisitive mindset, willing to challenge convention - al views Qualifications
THE ROLE PORTFOLIO MANAGER - REAL ESTATE Purpose of the role:
Supporting the Head of Real Estate Investment Management with investing and manag - ing the UK Real Estate funds including transition of exiting holdings into the Main Fund. Key Accountabilities: • Responsibility for the analysis and strategic management of fund assets ensuring that income and income growth is maximised through effective asset management within appropriate risk parameters, given the investment objective of the Fund and the long- term risk indicators and guidelines. • Maintain market knowledge of both occupational and investment trends through an established network of contacts. • Maintain market awareness of the best specialists for assets under management such as investment advisors, brokers, valuers, rent review surveyors, leasing agents, legal and planning consultants. Keeping abreast of appropriate fee rates. • Selecting and appointing appropriate specialists for asset management initiatives, en - suring that fee rates are at least in line with market rates. • Create and maintain and oversee preparation of an annual business plan for each as - set under management in accordance with the template, to be developed. • At least annually, but as required for asset review, calculate an appropriate cashflow for each asset assessing the net operating income and likely projected capital expend - iture requirements. Use the cashflow and appropriate discount rate to establish an appropriate fundamental long-term value for each asset. • Supporting and working alongside appointed investment advisors, Transaction Man - ager and external brokers to execute identified asset acquisitions and disposals. • Use market contacts to identify appropriate investment opportunities for team re - view. • Support the Transaction Specialist with detailed financial modelling for asset under - writing and due diligence as required. • Provide, in liaison with appointed investment advisors and managing agents, the Standing Independent Valuer with appropriate asset information and market evi - dence as necessary to ensure accurate and timely asset valuations. • Preparing necessary investment committee papers supporting investments. • Supporting the Research Manager in developing research based on market experi - ence. Passing on and commenting on external research received. • Ongoing monitoring of portfolio risk, preparing reports for the appropriate invest - ment committee as necessary. • Working with the Operations team to produce appropriate client reporting, covering inter alia returns, risk and ESG factors • Prepare required presentational material for regular and ad hoc Partner Fund meet - ings • Active participation in investment team meetings • Identify risks in own area of responsibility, recognise risks in all areas of the business and notify any such risks to your People Manager and the Business Assurance Man - ager
• Educated to degree level • Professional Qualification (RICS/CFA/IMC)
To find out more about this role and to have a confidential discussion, please get in touch with Border to Coast Pensions Partnership’s recruitment part- ner The Management Recruitment Group. Christopher Mackenzie | Business Director m: 07715114960 | e: Christopher.mackenzie@mrgpeople.co.uk Matthew Evans | Director m: 07854 865017| e: matthew.evans@mrgpeople.co.uk We welcome applications from people of all backgrounds. We have an open and supportive culture with a commitment to learning and valuing every - one’s skills and contribution. APPLICATION PROCESS
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