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LGPS Central launches three new pooled funds

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The asset management company behind nine Local Government Pension Scheme (LGPS) funds in the Midlands has announced the launch of three new pooled funds.

LGPS Central, which manages £40bn of assets on behalf of 900,000 LGPS members, said the three new funds were created from assets transferred from its West Midlands Pension Fund.

The new funds are known as LGPS Central (ACS) Global Equity Passive (ex UK), LGPS Central (ACS) UK Equity Passive, and LGPS Central (ACS) Global Dividend Growth Factor Equity.

All three funds are managed by an authorised contractual scheme (ACS), allowing for greater tax transparency to help prevent double-taxation on investments in foreign markets.

Marking the announcement last week Andrew Warwick-Thompson, CEO of LGPS Central, said: “Today is also an important day as we are joined by colleagues transferring from partner funds. This brings the Central team permanent staff up to 32, with further recruitment to come over the course of the year. We are all now keen to get cracking on developing new products and services, and we look forward to working together with our nine partner funds to build LGPS Central’s capability and AUM (assets under management).

“Today’s initial transfer of assets and award of new mandates is the start of a process that will drive real cost benefits to our Partner Funds,” he added.

A number of financial experts told the LGC Investment Seminar in March that LGPS needs to “demonstrate efficiency or face political challenge” in the wake of pressure caused by government austerity. Andrew Burns, president of the Chartered Institute of Public Finance & Accountancy, said at the time: “The LGPS is a fantastic asset for us to have. We have to work hard to keep it subject to these challenges. It will come under further scrutiny due to austerity.”

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