LGPS Central Limited announced today that it has signed an undertaking to agree to comply with the terms of the LGPS SAB Investment Code of Transparency.
LGPS Central Limited’s Chief Executive Officer, Andrew Warwick-Thompson, said;
“We are delighted to confirm our full commitment to the Code as it reflects our objective to demonstrate that we are open and transparent in everything that we do, particularly when it concerns investment management costs and fees.”
“We have agreed key deliverables with our Partner Funds, one of which is to demonstrate cost savings on our investment management activities. By signing up to the Code we know that our Partner Funds will have full transparency relating to our costs and fees based upon a methodology which we expect to see become industry best practice. That can only be a positive for everybody involved.”
LGPS Central Limited, one of the 8 operators of Local Government Pension Scheme investment pools, is an FCA regulated fund manager which launched in April this year. With offices in Wolverhampton and Matlock, LGPS Central Limited has approximately £13bn of assets under management and employs 46 staff. The Company manages the investment assets of its 9 Partner Pension Funds – Cheshire Pension Fund, Derbyshire Pension Fund, Leicestershire Pension Fund, Nottinghamshire Pension Fund, Shropshire Pension Fund, Staffordshire Pension Fund, West Midlands Integrated Transport Authority Pension Fund, and the West Midlands Pension Fund. The combined assets of these funds is approximately £40bn, invested on behalf of over 900,000 scheme members across over 2000 employers.
Cllr Roger Phillips, Chair of the Scheme Advisory Board commented, “The Board is very pleased with the response to this initiative and appreciative to early adopters to the Code. We look forward to seeing the benefits of greater transparency of costs in the LGPS over the long term and are keen to promote our signed-up listed asset managers as pioneers in the UK in this area.”
Warwick-Thompson added, “This is a step forward for LGPS Central Limited. We must ensure that we conduct our investment business at the highest of standards. Being open and transparent plays a large part in building our Partner Funds’ trust in who we are and what we do.”
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