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Infrastructure investing: Fulfilling the UK’s infrastructure needs
Infrastructure is correctly seen as a diversifier and source of stable returns.
Pete Carvill looks at the UK’s needs and finds that despite the steep entry costs, there is a role for smaller pension schemes.
The need case for UK infrastructure investment has been set out several times already and is a problem recognised at all levels. The country needs better roads, schools, hospitals, broadband, and power supplies. For much of it, the government is unable or unwilling to foot the bill.
Even the average person on the street is aware of the gaps that need filling. According to ‘State of the Nation 2018: Infrastructure Investment’, a report from the Institution of Civil Engineers, three-quarters of adults believed that the country’s infrastructure improvements needed an injection of capital.
Carlo Svaluto Moreolo about building an in-house investment management outfit
The UK’s legal system operates differently from those in mainland Europe as it is based on common law – that is, judicial precedent, is taken into account as opposed to adherence to a legal code. Government agencies often prefer to provide guidance, expecting the public to comply, rather than forcing behaviour through specific written rules. At the same time, public debate can spur significant institutional changes before the government takes action.
The UK pension industry is no exception to that situation. The 89 local government-sponsored defined benefit (DB) pension schemes (LGPS) operating across England and Wales have been pooling their assets over the past five years. This activity was orchestrated by the government but it was essentially a voluntary effort.
By IPE Staff2021-01-28T15:16:00+00:00
Michael O’Higgins will be stepping down from his role as chair of the Local Pensions Partnership (LPP) in the summer, LPP announced today.
A former pensions regulator chair, O’Higgins has been chair of the local government pension scheme asset pool since its formation in 2015. Assets under management have doubled since then, standing at £19.7bn at the end of November 2020.
O’Higgins’ decision to leave LPP comes as the pension provider has completed a transition into a new five-year plan, including a restructuring of LPP Group. O’Higgins said that with dedicated subsidiaries now fully operational, “I feel it is time for me to move on”.
Local Pensions Partnership gains new real estate head Jan 21, 2021 By Funds Europe
Louise Warden has become head of real estate within the private markets group at Local Pensions Partnership Investments (LPPI), a UK manager for the pooled assets of three pension funds.
Warden has been promoted internally and will manage LPPI’s real estate portfolio with “ambitious asset management and capital deployment objectives”.
Reporting to Simon Davy, head of private markets, Warden has managed property portfolios for West Yorkshire Pension Fund and worked for the Abu Dhabi sovereign wealth fund.
At LPPI she was most recently a real estate portfolio manager, joining in August 2019.