ECC Timeline: Our FOI Journey
A detailed record of every Freedom of Information request we submitted, the council's responses, and our next steps.
For the full analysis of the investments uncovered, visit our Evidence page.
Request: Full list of all investments held by Essex Pension Fund.
Response: Provided spreadsheet showing £5.94bn of investments (only 59% of total fund). Fund managers listed but no underlying company details for most.
Request: Breakdown of companies in each fund.
Response: Provided updated spreadsheet with total fund value of £11.93bn. First disclosure of underlying holdings for five Waystone equity funds. Council stated "most Investment's breakdowns are not publicly available."
Request: Underlying holdings for UBS funds, Waystone fixed income funds, and all private equity partnerships.
Response: Updated spreadsheet with £12.54bn total. No new disclosures – repeated same five Waystone equity fund breakdowns. Ignored request for UBS and private equity data.
Request: Formal internal review of inadequate November response.
Response (29 Jan 2026): Council admitted they "do not hold" the requested information, blaming fund managers who "deem providing such information as commercially sensitive."
Following the council's admission, we submitted a detailed governance complaint to the Chairs of the Pensions Strategy Board, Investment Steering Committee, Pensions Advisory Board, and the Monitoring Officer. The complaint outlines breaches of fiduciary duty, failures in responsible investment oversight, and data protection non‑compliance.
Response (17 March 2026): The Monitoring Officer dismissed our complaint on technical grounds, claiming we had no standing and that the investment structure is standard practice. They refused all our requests for action.
Our Response: We immediately sent a detailed rebuttal, exposing their contradictory positions and reaffirming our demands. The full response is linked below.
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Key Fund Managers & Their Roles
UBS Asset Management
£3.51bn (28% of fund)
Funds: ESG Equities (£2.28bn), Growth (£1.23bn), Income (£172m)
ZERO transparency – no underlying holdings disclosed.
Waystone Management
£4.27bn (34% of fund)
Transparent: £2.87bn (equity funds). Opaque: £1.54bn (fixed income).
Hamilton Lane
~£400m+ (private equity)
ZERO transparency – no underlying holdings disclosed.
Partners Group
~£700m+ (infrastructure & PE)
ZERO transparency – no underlying holdings disclosed.
CBRE
~£1bn+ (real estate)
Partial transparency – direct properties listed, funds not.
Other major managers
J.P. Morgan (£408m), IFM (£392m), Permira (£236m), Stafford (£300m+), Alcentra (£61m) – all opaque.
What is a UBS Fund? Understanding the Structure
UBS Funds in the Essex Pension Portfolio
UBS (Union Bank of Switzerland) is one of the world's largest wealth managers. Essex Pension Fund invests through three main UBS funds:
| Fund Name | Value | Transparency |
|---|---|---|
| UBS – ESG Equities | £2.28bn | NO DISCLOSURE |
| UBS – Growth | £1.23bn | NO DISCLOSURE |
| UBS – Income | £172m | NO DISCLOSURE |
These are pooled vehicles – without disclosure we cannot know if they include companies like Caterpillar, General Mills, or tech firms supplying the occupation. The "ESG" label is particularly concerning: it could be greenwashing.