New manager for pension fund

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Scottish Borders Council has appointed a new manager to deal with its £486 million pension fund.

The contract, worth £1.53 million over the next seven years and announced last week, has been awarded to London-based M & G Investment Management Ltd.

The firm, which currently manages assets valued at £250 billion, was selected from six bidders.

The appointment follows a council working group review of the fund which at the end of March this year had 9,556 members. That represents an increase of 245 members on the previous year.

While the vast majority of members are past and present employees of SBC, the fund also handles the pension arrangements of staff at the Scottish Borders Housing Association, Borders College and the Borders Sport and Leisure Trust.

In his annual report on the fund on March 31, SBC’s chief financial officer David Robertson said its total value had risen from £446 million to £486 million over the year.