LGPS Central opens for business with 11 new mandates worth £12bn

LGPS Central Ltd, the asset management company set up to manage the £40bn of assets of nine midlands-based Local Government Pension Scheme (LGPS) funds, has today opened for business with the launch of 3 new pooled funds.

The funds are:

  • LGPS Central (ACS) Global Equity Passive (ex UK)
    LGPS Central (ACS) UK Equity Passive
    LGPS Central (ACS) Global Dividend Growth Factor Equity

The funds include assets transferred from the West Midlands Pension Fund. All three are managed via an authorised contractual scheme (ACS).

In addition, LGPS Central Ltd will be responsible for 8 advisory and discretionary mandates on behalf of its Partner Funds.

Together, these new funds and mandates see LGPS Central Ltd responsible for £12bn of assets. They will be followed by further ACS funds for a global active equity, expected to be in the region of £2.5bn, and an emerging markets fund, expected to be worth £2bn, in the autumn.

Joanne Segars, Chair of LGPS Central Ltd said: “Today is an important day for LGPS Central. After years of planning, we can now make a reality of asset pooling as we start to deliver cost savings, enhanced risk-adjusted returns after cost and a broader set of investment opportunities to our Partner Funds.

“We are at the start of an exciting journey. I would like to thank the team at LGPS Central Ltd and the officers and members in Partner Funds for their hard work and support in getting us to this point.”

Andrew Warwick-Thompson, CEO of LGPS Central said: “Today is also an important day as we are joined by colleagues transferring from Partner Funds. This brings the Central team permanent staff up to 32, with further recruitment to come over the course of the year. We are all now keen to get cracking on developing new products and services, and we look forward to working together with our nine Partner Funds to build LGPS Central’s capability and AUM.

“Today’s initial transfer of assets and award of new mandates is the start of a process that will drive real cost benefits to our Partner Funds.”

Our Partner Funds

Cheshire Pension Fund
Nottingham County Council
Staffordshire Pension Fund
West Midlands Pension Fund
Derbyshire Pension Fund
Leicestershire County Council Pension Fund
West Midlands ITA
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