LGPS Central, a pooled fund of local authorities from central England, has selected three asset managers for a global active equity fund.
The Natixis Investment Managers’ affiliate Harris Associates, along with Schroders and Germany’s Union Investment will manage the multi-manager fund that is expected to attract over £2 billion in investment when it launches later this year.
The three were selected from 150 fund managers across the globe that expressed an initial interest.
Jason Fletcher, chief investment officer at LGPS Central, said: “After a rigorous international due diligence and selection process, we are confident that the combined blend and style of these three particular managers will assist us in meeting the investment objectives of our partner funds.”
The participating funds, which are all part of the UK’s Local Government Pension Scheme which has been given pooling rights in recent years, are Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, Worcestershire, West Midlands Pension Fund, and the West Midlands Integrated Transport Authority.
LGPS Central aims to achieve £250 million in costs savings for the pension schemes over the first 15 years that the pool will be in operation.
The pool has nearly £14 billion of assets under management and advice.
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