Border to Coast – Interview
age it. While there were some short-term opportunities that arose, the LGPS is a long-term investor and so isn’t directly focused on large scale hedging dynamics.
What are the organisation’s biggest challenges? Border to Coast has just turned five and it’s incredible what’s been achieved in this time. From an investment perspec- tive, we are thinking about how we evolve our investment team and our broader capabilities. There are now about 140 peo- ple in the business – around 40 of which have joined in the past 12 months. We are combining the experience of veteran LGPS internal portfolio managers with those from the private sector. A key issue for me is to blend these individuals, with
the right culture and approach to collabo- ration, and ensure we continue to provide good idea generation and challenge the portfolio construction process, imple- ment that well and ultimately meet the expectations of our partner funds.
So continuing that culture and growth is one of your biggest priorities?
The priorities of our partner funds are simple: we are an active investor with 14 investment propositions across public and private markets. Our priority is to beat the relevant indices and to provide our partner funds with the support they need in delivering their investment strate- gies. We have been successful over the past five years, but we need to be con- stantly on our toes.
As part of our development, we’ve been working on how to challenge our own ways of thinking. This is through the evolution of our research team: expand- ing out from single stock to multi asset, as well as thinking about alternative research. However, we also do this by inviting a range of non-consensus thinkers who will interact with us and challenge our thinking. That is some- thing I have encouraged over the past six months. It is healthy for portfolio managers to have conviction, go home and come in the next day and start questioning their thesis for a position. To help that process we want access to people in the market with interesting insights and with a different picture of the world.
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