The south west group of Local Government Pension Scheme funds have formally created a company through which to pool their investments.
Source: Post Photographic
The Brunel pool has set up BPP Ltd, in which the Avon, Buckinghamshire, Cornwall, Dorset, Devon, Environment Agency, Gloucestershire, Oxfordshire, Somerset and Wiltshire funds are shareholders.
The government has instructed LGPS funds to form investment pools ideally worth £25bn through which they can invest together to secure better deals on investment management services. The funds must set up companies regulated by the Financial Conduct Authority to do this.
Dawn Turner, interim managing director of the partnership and chief pensions officer at the Environment Agency, has been appointed chief executive of BPP.
Mark Mansley, currently chief investment officer at the Environment Agency, has been appointed chief investment officer at BPP.
BPP has also appointed Laura Chappell, former head of risk at Brewin Dolphin, as chief compliance and risk officer, and Joe Webster, previously global finance director for equity trading at Deutsche Bank, as chief operations officer.
Denise Le Gal, previously the chair of the Surrey pension fund committee, has been appointed the independent chair of BPP.
The non-executive chairs are Steve Tyson, senior adviser at Allenbridge; Frederique Pierre-Pierre, former chief operating officer of the UK arm of Deutsche Bank; and Mike Clark, previously of Russell Investments.
Ms 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. We look forward to working together as one team to build a better future for our clients”.