Link Asset Services has been appointed as the operator for its pooled investment platform by the Wales Pension Partnership (WPP), the asset pool for the eight Welsh local authority pension funds with combined assets of £15 billion.
Russell Investments has also been appointed to provide investment management and advisory services, which will include due diligence on new managers appointed by the WPP. In a statement on the appointments, WPP said that Russell will also advise on efficient portfolio construction, and that Link will work with Russell to reduce costs through a multi-manager structure, currency management, portfolio overlays, transition management and other execution services. Link Asset Services and Russell Investments worked together in the tender process to fulfil requirements of the WPP.
Chris Moore, director of corporate services at WPP’s host authority, Carmarthenshire County Council, commented: “The appointment of Link Asset Services, in partnership with Russell Investments, is a significant milestone in the establishment of a £15 billion investment pool for the LGPS funds in Wales. We look forward to working together to deliver the benefits of investment pooling for the LGPS in Wales.”
Jim Leggate, managing director and head of UK institutional and Middle East at Russell Investments, commented: “The pooling of local government pension schemes provides the opportunity to deliver significant savings over the long term, which will create additional value for scheme members. We will look to deliver attractive risk adjusted returns and reduce implementation costs as the WPP seeks to meet future liabilities.” And Peter Hugh Smith, managing director of Link Fund Solutions, part of Link Asset Services, said: “The pooling of the assets into a collective investment vehicle means the constituent authorities will benefit from enhanced governance and the protection of a regulated tax transparent structure.”
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Published: December 1, 2017
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