LGPS Central, the Midlands-based local government pension scheme, has been appointed by its partner funds to provide oversight and stewardship services for over £11 billion in passive funds managed by Legal & General (L&G), previously overseen directly by partner funds.
This takes the volume of assets the pool company is responsible for to over £43 billion.
The arrangement brings in excess of £11 billion of assets under LGPS Central’s stewardship which means that LGPS Central now oversees over £23 billion across passive funds, including internally and third-party managed equity and fixed income strategies.
Richard Law-Deeks, LGPS Central Ltd CEO, said “The agreement represents a significant advancement in our assets under stewardship, supporting partner funds in building on the historic joint procurement. This collaboration sets a benchmark for stewardship and cost-effective management”.
“It amplifies our impact and ensures a unified approach to governance across all partner funds.”
