A group of UK local authority pension schemes have created an investment company as part of a pooling exercise in the sector.
Brunel Pension Partnership, which includes Local Government Pension Scheme (LGPS) members from Dorset, Wiltshire and Cornwall local authorities, has created BPP to managed a £27.5 billion (€31 billion) of assets.
The move follows the government call in 2015 for the 91 funds of the UK’s LGPS to create pools of assets in order to gain asset management cost reductions and efficiencies.
Dawn Turner, current interim managing director of Brunel, has been appointed BPP chief executive officer.
BPP is one of eight UK national pooled funds.
Independent chair, Denise Le Gal, said: “This is a key milestone in the long term development of the Brunel Pension Partnership. The formation of the company and the recruitment of the key personnel marks the start of the final stage in the BPP funds journey to pooling assets.”
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