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SAUL
SAUL was founded in 1976 to deliver pensions for non-academic staff at the University of London. The scheme now operates as a multi-employer arrangement with...
SAUL
SAUL was founded in 1976 to deliver pensions for non-academic staff at the University of London. The scheme now operates as a multi-employer arrangement with participating institutions that include University College London, Imperial College London and King's College London. The fund allocates 5.57 percent to private equity and holds positions in KKR funds, Partners Group funds and Greencoat Renewable Income LP. Additional exposure includes direct and pooled UK commercial property, the Invesco European Property Fund, London CIV UK Affordable Housing Fund and core infrastructure assets such as airports and water companies. Investments span the United Kingdom, Europe and selected global markets. SAUL Trustee Company is based in London. Rob Orr became CEO in October 2024 after serving as Head of Technical and Communications. The scheme maintains relationships with service providers including Northern Trust as global custodian, Mercer as investment advisor and actuary, Payden & Rygel for fixed income and Legal & General Investment Management for pooled equity mandates. SAUL operates under a multi-employer governance model that requires negotiation among universities and trade unions on benefit changes. The trustee company is a signatory to the UN Principles for Responsible Investment since 2013 and to the UK Stewardship Code for both 2020 and 2026.
General information
Firm type
Pension Fund
Year founded
1976
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
SAUL Trustee Company, 1 King's Arms Yard, London, EC2R 7AF, United Kingdom
Principals
Rob Orr
CEO
Kevin Wade
Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at SAUL?
Kevin Wade serves as Chief Investment Officer. Rob Orr was appointed CEO in October 2024. Investment advice is provided by Mercer.
Does SAUL participate in fund commitments or only direct deals?
SAUL commits to private equity and infrastructure funds managed by KKR, Partners Group and IFM Investors. It also holds co-investments such as the joint commitment with Brunel Pension Partnership to Greencoat Renewable Income LP.
What asset classes does SAUL target?
The scheme targets private equity, infrastructure, UK commercial and residential property, and absolute return fixed income. Private equity represented 5.57 percent of assets in the most recent reported allocation.
How does SAUL approach stewardship and voting?
SAUL implemented pass-through voting technology with Tumelo in 2024 for equity exposures in Legal & General pooled funds. The scheme is a signatory to the UK Stewardship Code and participates in Climate Action 100+.
Which organizations participate in the SAUL scheme?
Participating employers include the University of London, University College London, Imperial College London, King's College London and the University of Kent. Trade unions Unison and Unite hold seats on the negotiating committee.
Where does SAUL custody assets and obtain investment advice?
Northern Trust has acted as global custodian since 2003. Mercer provides investment advisory and actuarial services. Payden & Rygel manages an absolute return fixed income mandate.
What recent events has SAUL participated in?
In July 2024 SAUL spoke at the Pensions UK Investment Conference on pass-through voting. In December 2023 the scheme sponsored an open letter to asset managers on stewardship influence in pooled funds.
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