LGPS Central Limited has selected three external managers for its Global Active Equity Multi-Manager Fund. The Fund is expected to attract over £2bn investment when it launches later this year.
The three managers selected are Natixis Investment Managers’ affiliate, Harris Associates LLP, Schroders and Union Investment.
150 fund managers from across the globe expressed an initial interest in tendering for the mandate.
Jason Fletcher, Chief Investment Officer at LGPS Central Limited said:
“After a rigorous international due diligence and selection process, we are confident that the combined blend and style of these three particular managers will assist us in meeting the investment objectives of our Partner Funds. We look forward to building a long-term relationship with all three of them.”
The participating LGPS funds in LGPS Central are: Cheshire; Derbyshire; Leicestershire; Nottinghamshire; Shropshire; Staffordshire; Worcestershire; West Midlands Pension Fund; and the West Midlands Integrated Transport Authority.
LGPS Central Limited has 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 that the Pool will be in operation. The Pool currently has nearly £14bn of assets under management and advice. It is 1 of 8 LGPS asset pools in England and Wales.