LGPS Central Limited launches Global IG Corporate Bond Fund

LGPS Central Limited is delighted to announce the launch of its Global Investment Grade Corporate Bond Fund to meet its Partner Funds’ needs.  The new Fund brings together £1.2bn of Partner Fund assets under management.

Initial investors are: Derbyshire Pension Fund, Nottinghamshire Pension Fund, Staffordshire Pension Fund and Worcestershire Pension Fund.

Gordon Ross

Investment Director for Fixed Income and Deputy CIO, Gordon Ross, said: “We’re delighted that after months of hard work, our Global IG Corporate Bond Fund has now been launched. We believe this Fund will help ensure our Partner Funds’ investment objectives are met and allow for important portfolio diversification. It has been a real collaborative effort between LGPS Central Limited and our Partner Funds and I’d like to thank them for their efforts. The transition team has, in particular, worked together extremely effectively during this period of heightened market volatility. We’re really looking forward to working with both of the Fund’s selected Fund Managers.”

The two managers, selected from over 70 who expressed an initial interest in tendering for the mandate, are Fidelity International and Neuberger Berman (Europe) Limited. Each fund manager will receive half of the total mandate.

The assets have now been successfully transitioned to the selected managers with the full support of BlackRock as transition manager.

Commenting on the announcement, Peter Hunt, Head of UK Institutional Business Development at Fidelity International, said: “We are delighted to be partnering with LGPS Central Limited in the management of this prestigious Global Credit Mandate. Our appointment is testament to the strength of our credit research and innovative approach to portfolio construction. This continues to reflect Fidelity’s strong commitment to the LGPS sector and we look forward to building a strong, collaborative partnership with LGPS Central Limited and its member funds over the coming years.”

Ed Jones, Head of UK Institutional Client Business at Neuberger Berman, added: “We are very proud to have been selected as fund manager for LGPS Central Limited’s Global Investment Grade Corporate Bond Fund. Neuberger Berman and the LGPS have worked together in private markets for some years already, and we are delighted to broaden this to include investment grade credit, where we manage approximately £16bn in client assets globally. We look forward to a long and productive partnership with LGPS Central Limited.”

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