LGPS Central, the pension pool for eight local authority schemes in the Midlands, has appointed three external managers for its Global Active Equity fund.
The pool has nominated Harris Associates- an affiliate of Natixis Investment Managers -, Schroders and Union Investment to jointly manage the £2bn multi-manager fund scheduled for launch later this year.
According to LGPS Central, more than 150 fund management companies from across the globe expressed an interest in the mandate.
Jason Fletcher (pictured), chief investment officer at LGPS Central, 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.”
The pool, which received FCA authorisation at the beginning of the year, now manages £14bn of pooled assets and is currently recruiting a new chief executive, who should be appointed at the beginning of 2019.
Once the asset transfer process has been completed, the pool will manage £40bn on behalf of the local authority pension schemes for Cheshire; Derbyshire; Leicestershire; Nottinghamshire; Shropshire; Staffordshire; Worcestershire; West Midlands Pension Fund; and the West Midlands Integrated Transport Authority.
