As Brunel Pension Partnership (Brunel) marks the anniversary of its launch one year ago today, the company is celebrating bringing £6bn under its management.
In total, the pension pool will be managing the circa £30 billion funds of 10 local government pension schemes, which it will allocate to managers with expertise in around 24 ‘portfolios’, or strategic investment offerings.
In April, Brunel announced the appointment of LGIM (Legal & General Investment Management Ltd) as its passive equity fund manager. Now, coinciding with the pool’s first birthday, assets are being transitioned to the manager.
“This is an extremely exciting time for Brunel,” says Dawn Turner, CEO of Brunel Pension Partnership. “The selection of LGIM resulted from a rigorous and diligent search, and we are pleased to be passing them the funds that they will be responsible for in partnership with Brunel. As a company, Brunel Pension Partnership may now be a year old, but in practical terms this is just the beginning of looking after the investments that support the provision of pensions for almost 700,000 beneficiaries.”
Turner adds: “We really want to thank all of our contracted partners to date, including Alpha, Deloitte, Eversheds Sutherland, FundRock Management, Grant Thornton, Inalytics, Redington and State Street.”
James Sparshott, Head of Local Authorities at LGIM, says: “We are delighted to be partnering with Brunel on their index-tracking equity portfolios. The Local Government Pension Scheme (LGPS) is a significant part of our client base at LGIM and we are committed to providing low cost investment solutions to meet our clients’ needs. Using our scale and expertise, LGIM’s dedicated transition management team is working closely with Brunel to efficiently transition assets.’’
About Brunel Pension Partnership
Brunel Pension Partnership (Brunel) brings together circa £30 billion investments of 10 likeminded Local Government Pensions Scheme funds. We believe in making long term sustainable investments supported by robust and transparent process. We are here to protect the interests of our clients and their members. In collaboration with all our stakeholders we are forging better futures by investing for a world worth living in.
Brunel is one of eight national pooled funds, and will manage the investment of the pension assets for the funds of Avon, Buckinghamshire, Cornwall, Devon, Dorset, Environment Agency, Gloucestershire, Oxfordshire, Somerset, and Wiltshire Funds.
LGIM is the investment management arm of Legal & General Group, a FTSE 100 company. LGIM is the largest asset manager in the UK and a major global investor, with assets under management of £983bn*. LGIM is focused on providing clients with services and solutions that meet their needs offering strategies across the full spectrum of asset classes, including equities, bonds, property, alternatives and cash, as well as transition management.
*As at 31 December 2017, including £56bn across 55 LGPS funds