PORTFOLIO MANAGER - REAL ESTATE CANDIDATE INFORMATION PACK
Thank you for your interest in this new opportunity with Border to Coast Pensions 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 operate investment opportunities in areas such as equities, fixed income and private markets. Border to Coast is looking for a Portfolio Manager to assist and support the Head of Real Estate and team with the management of UK real estate portfolios, in accordance with the Border to Coast investment policy, investment process, procedures and relevant legal or regulatory documentation.
Border to Coast has launched 2 Global Real Estate Funds and are now in the process of designing for launch two UK Real Estate funds. These funds will invest in both direct UK real estate properties and UK real estate funds. The role focus is for candidates who have practiced, professional experience in UK Real Estate Investment and Asset Management, looking to progress their career and experience of UK Real Estate fund and asset management of both direct and indirect UK asset types. The successful candidate will be involved in the development and management of the UK fund propositions with focus on asset transition, service provider onboarding and thereafter oversight and management of service provider delivery to mandate requirements for the new UK real estate funds from the commencement in role. You will support the Head of Real Estate to set and review the necessary investment asset management parameters to meet the investment objectives of the UK real estate funds, working in concert with external advisers, as necessary.
CONTENTS
ABOUT BORDER TO COAST PENSIONS PARTNERSHIP OUR INVESTMENT PHILOSOPHY THE ROLE APPLICATION PROCESS
ABOUT BORDER TO COAST PENSIONS PARTNERSHIP
OUR INVESTMENT PHILOSOPHY
Our philosophy can be summarised as: • Active management adds value over the long term and enables better integration of ESG considerations. • Fully integrated and robust fundamental research provides the best means of generating superior long-term returns. • Engaging with companies as an active steward of assets, rather than excluding, is a better means of making a real difference and unlocking long-term value. • Costs are a headwind to investment performance and frequent changes in holdings or managers are detrimental to long-term returns. • Well managed businesses with strong governance, diverse Boards and a commitment to sustainability will be more resilient and more likely to generate superior financial return. • A commitment to reducing carbon 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 offering our Partner Funds exposure to equities, fixed income and private markets – and we are currently designing a real estate offering. Border to Coast is responsible for the management of these investments though our in-house investment team either directly or through selecting 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 companies
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 external managers who provide exposure to particular investment styles or regions. FIXED INCOME Our fixed income investments provide our Partner Funds with a differentiated 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, infrastructure and private credit, which can be difficult to access through traditional public markets. Our specialist in-house team seeks to partner with a range of specialist external managers to develop a diversified, global portfolio which can offer enhanced risk-adjusted returns. OUR PARTNER FUNDS We were founded by our Local Government Pension Scheme Partner Funds to enable the pooling of their assets. They are both our customers and our shareholders. Collectively, they are responsible 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 sustainable organisation that invests responsibly and effectively on their behalf.
Our purpose is to make a difference for the Local Government Pension Scheme. We seek to do this by providing cost-effective, innovative, and responsible investment opportunities 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 associated with our Partner Funds. We are regulated by the Financial Conduct Authority (FCA). The work Border to Coast undertakes is centred on ensuring we deliver on our purpose by building a sustainable organisation that invests in a responsible manner. WHAT DO WE DO? We were established by our Partner Funds to facilitate the pooling of their investments with the objective of improving value for money 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 industry, we aim to deliver cost-effective, innovative and responsible investment, 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 pension schemes on behalf of 2,700 employers, representing more than one million people, and ultimately backed by local taxpayers. The invested assets are intended to fund pension payments for scheme members many years into the future – 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 maintaining stable contribution rates for employers. To deliver for our Partner Funds, we take a long-term approach to investment. We develop and operate innovative, cost-effective investment 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 portfolios. In particular, we believe that environmental, social and governance (ESG) issues can have a material impact on the value of financial assets and on the long-term performance of investment portfolios, and we believe strong and sustainable investment performance is delivered through robust portfolio risk, research, and responsible investment capabilities.
THE ROLE ROLE: Portfolio Manager - Real Estate REPORTS TO: Head of Real Estate FUNCTION: Investments Purpose of the role:
SKILLS, KNOWLEDGE AND EXPERIENCE Skills and Knowledge Essential • Strong written and verbal communication and presentation skills • Ability to read, understand and critically analyse all real estate legal documents such as leases, development 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 constructive feedback • High levels of integrity and trustworthiness • Effective IT skills required, specifically real estate financial modelling, cashflow analysis and valuation systems Desirable • Experience negotiating legal agreements such as leases, sale and purchase and development contracts. • Other corporate knowledge – health and safety, ICT systems, information management and data protection. Experience Essential • Minimum 5 years PQE real estate experience (investment and asset management, acquisition, disposal, leasing, 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 Certified Person under the Senior Manager & Certification Regime (SM&CR) and to continue to satisfy test requirements and comply with FCA Conduct Rules Desirable • Interest in different investment strategies, particularly value investment concepts • Open-minded approach to investment strategy • Inquisitive mindset, willing to challenge conventional views Qualifications
TEAM: Real Estate Investment Management SMCR: Certified CERTIFIED FUNCTIONS: Client Dealing
Supporting the Head of Real Estate Investment Management with investing and asset managing 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 occupational, asset management 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. • Selecting and appointing appropriate specialists for asset management initiatives. • Create and maintain and oversee preparation of an annual business plan for each asset under management. • 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 expenditure 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, asset, transaction manager and external brokers to execute identified asset acquisitions and disposals. • Support the Transaction Specialist with detailed financial modelling for asset underwriting and due diligence as required. • Provide, in liaison with appointed investment advisor, asset manager and managing agents, the Standing Independent Valuer with appropriate asset information and market evidence as necessary to ensure accurate and timely asset valuations. • Preparing necessary investment committee papers supporting investment and asset management actions. • Supporting the Research Manager in developing research based on market experience. Passing on and commenting on external research received. • Ongoing monitoring of portfolio risk, preparing reports for the appropriate investment 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 meetings and active participation in investment team meetings
• 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 partner The Management Recruitment Group. Christopher Mackenzie | Business Director 07715114960 | Christopher.mackenzie@mrgglobal.com Matthew Evans | Director 07854 865017| matthew.evans@mrgglobal.com We welcome applications from people of all backgrounds. We have an open and supportive culture with a commitment to learning and valuing everyone’s skills and contribution. APPLICATION PROCESS
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