Fidelity and Neuberger win LGPS mandate

6 Mar 2019

The pool that manages £20bn of assets for the pension schemes of nine councils in the Midlands has named the firms that will manage its new bond fund.

Fidelity and Neuberger Berman beat-off competition from more than 70 other asset managers to secure the mandate from LGPS Central.

The global fund will focus on investment-grade company debt. The size of the mandate has not been disclosed, but it will be equally split between the asset managers.

LGPS Central’s other funds include those investing in global equities, UK shares, income-paying stocks and private equity.

The duo were selected for their global reach, strong UK presence and robust processes, the pool’s fixed income investment director Gordon Ross said.

Fidelity’s head of UK institutional, Peter Hunt, added that the firm looks forward to building a strong partnership with the pool and its members.

“Our appointment is testament to the strength of our credit research and innovative approach to portfolio construction,” he said.

Neuberger Berman manages $15bn of investment-grade credit and has already worked with the pool in the private markets for some years.

LGPS Central manages the pooled local government scheme assets of Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, Worcestershire, West Midlands Pension Fund and the West Midlands Integrated Transport Authority.

These nine funds have around £44bn of assets collectively.

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