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LGPS Central launches multi-asset credit fund
Ross: This fund means fewer managers, lower costs and a reduced governance burden
LGPS Central has launched its £680m multi-asset credit (MAC) fund with initial buy-in from four local authority partner funds.
The Local Government Pension Scheme (LGPS) pool has secured support from the Cheshire, Leicestershire, Nottinghamshire, and West Midlands funds.
After a tender process involving more than 80 fund managers, BMO Global Asset Management (GAM) and Western Asset Management Company have been appointed to run the mandate, each receiving half.
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LGPS Central chief investment officer and investment director for fixed income Gordon Ross commented: Pursuing a MAC strategy will give partner funds exposure to multiple fixed income assets/classes through a single fund, thereby resulting in fewer managers, lower costs and a reduced governance burden.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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Essex and Merton appoint Hymans Robertson
The Local Government Pension Scheme (LGPS) funds of Essex and the London Borough of Merton have appointed Hymans Robertson for investment consultancy services.
Both contracts were awarded using the National LGPS Frameworks, which facilitate faster tender processes for local authority funds.
The Essex contract commenced on 1 April and will run for three years until 31 March 2024, while the Merton appointment will run for five years from April to 31 March 2026.
Also announced last week, Essex appointed an independent investment adviser, Mark Stevens, to provide advice to the fund in accordance with a timetable agreed by the investment steering committee. The contract runs from 1 January this year to 31 December 2023.
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