LGPS Central Limited launches Multi-Asset Credit Fund

LGPS Central Limited is delighted to announce the launch of its £680 million Multi-Asset Credit (MAC) Fund. 

Gordon Ross

Initial investors are: Cheshire Pension Fund, Leicestershire Pension Fund, Nottinghamshire Pension Fund and West Midlands Pension Fund.

LGPS Central Limited CIO and Investment Director for Fixed Income, Gordon Ross, said: “We’re very excited to launch our Multi-Asset Credit Fund on behalf of our Partner Fund investors. 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. It will provide allocation to a broad breadth of strategies, that would not be investable as a standalone asset class, and our fund managers will have the flexibility to move opportunistically between those asset sectors quickly and efficiently. MAC strategies can also provide yield enhancement compared to traditional fixed income strategies, which can help meet liabilities in a low interest rate environment. I’d like to thank everyone involved in the launch of the Fund, and I look forward to working with our chosen fund managers.”

The two fund managers, selected from over 80 who expressed an initial interest in tendering for the mandate, are BMO Global Asset Management[1] and Western Asset Management Company Limited, with each fund manager receiving half of the total mandate.

Greg Skinner, Managing Director, Head of UK Institutional at BMO Global Asset Management, commented: “Following our appointment by LGPS Central Limited last December, we are delighted to start co-managing the Multi-Asset Credit Fund on behalf of the Partner Fund investors. Our long-term investment philosophy, competitive performance over multiple cycles and commitment to responsible investment through active engagement fully aligns with the needs and beliefs of LGPS Central Limited, the Partner Funds and ultimately the members. We very much look forward to strengthening our partnership with LGPS Central.”

Daniel Blass, Head of UK Institutional at Western Asset Management Company Limited, added: “Western Asset Management is delighted to be selected by LGPS Central Limited to manage a Multi-Asset Credit mandate. We look forward to successfully applying our fundamental value approach and robust integration of ESG factors in the management of their Multi-Asset Credit Fund. We are excited to partner with LGPS Central to meet the investment and sustainability goals of their members.”

[1] BMO recently announced the sale of its EMEA Asset Management business to Ameriprise Financial, to complement its global asset management business, Columbia Threadneedle Investments. The agreement is subject to regulatory approvals and other customary closing conditions.

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