Published: February 22, 2024
We a pleased to announce a strategic collaboration with established industry leader State Street as the provider of fund administration services for our private markets products. This collaboration promises to bolster operational efficiency and further strengthen governance while providing long-term, scalable solutions for our private markets offering.
Under this new relationship, State Street will initially support 13 funds managed by a combination of LGPS Central and its third-party managers in the form of fund administration, registration services, investor services and regulatory reporting services. In addition, State Street will provide us with a portfolio monitoring solution that will enable deeper, more sophisticated analysis using online data delivery tools, equipping us with the critical information that it needs – when it needs it – to support effective decision-making.
Head of Investment Operations at LGPS Central, Neil Wain said, “State Street bring with them a wealth of expertise and automation capability, helping us to reduce operational risk and providing a robust system that supports and strengthens our private markets offering. We were particularly impressed with the system’s ability to support the scaling of our private markets growth: the system will enable us to easily expand the number of vintages and funds with little resource impact, providing efficiencies over the long term for our Partner Funds.”
Brian Allis, Head of UK Sales and Client Coverage at State Street said, “We are delighted to have been appointed by LGPS Central. Private markets are an increasingly important segment of institutional investor allocations as they seek diversified returns. As private assets are typically more complex and specialist than public asset portfolios, deeper expertise is necessary to ensure funds are being administered and managed in the most efficient ways possible.”
We have been working closely with State Street to migrate all existing funds to the State Street platform, including Infrastructure, Private Equity and Private Debt funds. Completed in early January, the migration marks a significant milestone in establishing a sound footing for this collaboration.
This exciting collaboration not only enhances service to our eight Partner Funds in the short term but also enables scalability and cost efficiency well into the future.
