We’re delighted to announce we have selected two external managers for our Global Investment Grade Corporate Bond Fund.
The two managers selected are Fidelity and Neuberger Berman (Europe) Limited, with each fund manager receiving half of the total mandate.
Over 70 fund managers from across the globe expressed an initial interest in tendering for the mandate.
Gordon Ross, Investment Director for Fixed Income at LGPS Central Limited, said: “We’re really looking forward to working with both Fidelity and Neuberger Berman. We chose these firms because of their global reach as well as their strong presence in the UK. It’s clear they follow robust processes that are repeatable across all credit markets. We’re certain they will help us to ensure our Partner Funds investment objectives are met.”
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 £15bn in client assets globally. We look forward to a long and productive partnership with LGPS Central Limited.”
LGPS Central Limited manages the pooled assets of nine Midlands-based local government pension schemes: Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, Worcestershire, West Midlands Pension Fund and the West Midlands Integrated Transport Authority. The nine funds have approximately £44bn of investment assets collectively.
We have been founded with the aim of improving risk-adjusted returns after costs, to enable access to a wider range of asset classes for participating funds, to ensure good governance and to deliver cumulative cost savings of almost £250m over the first 15 years the Pool will be in operation.
LGPS Central Limited currently has over £20bn of assets under management and advice. It is one of eight LGPS asset pools in England and Wales.