In 2016, the Fund appointed Local Pensions Partnership Investments Limited (“LPPI”) to manage its assets. LPPI is a Financial Conduct Authority (“FCA”) regulated Investment Company which is wholly owned by Local Pensions Partnership Limited, a 50:50 joint venture between Lancashire County Council and London Pensions Fund Authority (LPFA). LPFA has also appointed LPPI to manage its assets, in addition to The Royal County of Berkshire Pension Fund (“RCBPF”) which joined the pooling initiative in May 2018. LPPI’s in-house investments teams, which began as a blend of personnel from each of the three Fund’ internal resources, have bloomed with the addition of external hires – including the current Chief Investment Officer. LPPI has created seven asset “pools” vehicles to manage clients’ assets across public equities, fixed income, diversifying strategies, credit, infrastructure, private equity and real estate. The real estate pool was created in Q4 2019.
Further information regarding the Local Pensions Partnership pools in which the Fund participates, including setup, investment transition and ongoing investment management costs is available in section G, ‘Asset Pooling’ of this annual report.
Note 13 to the financial accounts, section H, provides an analysis of investments between those held within the LPPI pools and those assets within the Fund’s portfolio that are not.