Monday 01 July 2024

Waystone Management (UK) Limited is re-appointed as the Wales Pension Partnership operator

The Wales Pension Partnership (WPP) is pleased to announce the re-appointment of Waystone Management (UK) Limited (Waystone) as its pool operator. The re-appointment of Waystone as the FCA authorised operator follows a rigorous procurement process run by the WPP and its advisors, Hymans Robertson and Burges Salmon.

All 8 Constituent Authorities in Wales are already jointly invested in £13bn (as at end of March 2024) of pooled assets with Waystone across a range of investment strategies.

Waystone, which is the largest independent Authorised Corporate Director (ACD) in the UK, will continue to operate an Authorised Contractual Scheme (ACS; a tax efficient UK collective investment vehicle) on behalf of the WPP. The ACS has ten sub-funds across equities and fixed income that meet the needs of the Authorities, enabling them to execute their respective asset allocation strategies. With the support of Russell Investments, Waystone will continue to deliver significant fee savings.

Chris Moore, Director of Corporate Services at Carmarthenshire County Council, commented ’As the host authority for WPP we are delighted that Waystone was successful again and look forward to continue working with the team’.

Karl Midl, Country Head, United Kingdom, said: “We are delighted to have been reappointed to act as Operator to the ACS for the benefit of the WPP’s investment pool. Our continued partnership is testament to the exceptional service our team has provided over the last six and a half years, and we look forward to continuing to support the WPP’s needs as they too continue to evolve and grow.” 

Rachel Wheeler, Global Product Head of Regulated Fund Solutions, said: “As the largest player in the UK market, we bring unparalleled operational resilience, ensuring robust services for our clients. We have a long and successful history of collaboration with the WPP and we’re excited to explore new opportunities for expanding our partnership in the years to come.”