Two UK pension funds have started an executive search for an independent chair to lead their recently formed asset-liability management venture.
The London Pensions Fund Authority (LPFA) and the Lancashire County Pension Fund are also to appoint three non-executive directors.
The funds have combined to create a pension fund management entity covering £10 billion (€9 billion) of assets under management and called the Lancashire and London Pensions Partnership (LLPP).
LLPP is described as an asset and liability management partnership and the two schemes say LLPP will cover all aspects of pension fund management and be a “fully-fledged pension service organisation”. The aspiration is to attract other local authority pension funds to join it.
LLPP will provide jointly managed administration and pooled asset-liability management activities through newly created corporate structures.
Executive search firm Korn Ferry is carrying out the recruitment.
The chair and non-executive directors will oversee the implementation of strategy, shape the direction of the organisation and ensure it operates efficiently, the LPFA says.
The two funds will nominate two shareholder representatives to the board, one from each pensions authority, alongside three additional non-executive directors.
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