Border to Coast on track, cost savings of 110 million


On the way: The £ 24.7bn Border-to-Coast Pension Partnership is well on track to deliver cumulative net savings of more than £ 110m, according to the annual report.

As an example of some of the savings it has made, the pool – which manages the assets of 11 local pension funds valued at around £ 55 billion – cited a July 2020 transaction in which it made its first cross-deal on behalf of two Affiliate fund in its UK listed equity fund.

BCPP managed the transaction where one partner returns assets from the fund and another partner invests in the fund at the same time.

This cross deal reduced cash redemptions and subscriptions costs for both parties, resulting in cost savings of £ 3.5 million. The pension pool has now concluded five further crossing deals.

When the cost of building a regulated unit is complete, the annual cost savings are expected to increase significantly in the coming years, it says.

Chris Hitchen, Chairman of the BCPP, said, “We were created to make a difference and we already deliver for and on behalf of our partner funds.

“Although we have only been on our original five-year strategic plan for three years, what we have achieved together with our partner funds is truly impressive given the challenges of setting up a Financial Conduct Authority regulated asset manager and managing it through Covid-19. ”

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