The Access pool for has reappointed Waystone as its authorised contractual scheme operator, having recently announced that it is setting up an investment management company to comply with proposals made by the government last November.

Access said that “the reappointment of Waystone as the FCA-authorised operator follows a rigorous open tender procurement process”, assisted by consultants Hymans Robertson.

At the pool, for 11 local authority funds managing £52bn, efforts are underway to establish an FCA-authorised investment management company which will be responsible for portfolio management and legacy oversight capabilities. The pool found this would be less expensive than merging with another pool. 
   

   

Despite the new structure, Waystone will continue to operate an ACS, including bespoke insurance coverage, for the pool.

“The use of an independent operator brings resilience to the model Access has developed and will be further expanded on as we develop our investment management capabilities,” Access said.

Cllr Mark Kemp-Gee, who chairs the Joint Committee, said Waystone will continue to deliver the ACS for listed assets.

“We look forward to continuing with what has been a great collaboration with the team, as we transition to becoming an FCA-regulated pool investment manager in our own right,” he said.

Waystone’s country head UK, Karl Midl, was pleased to be reappointed following the seven-year partnership.

“Winning this contract for a second time is a testament to the expertise and dedication of our team in delivering exceptional service. We look forward to supporting Access as it evolves and continuing to build on our partnership,” Midl said.

Last summer, Waystone was also reappointed as ACS operator by the Wales Pension Partnership.