September 19, 2018 / 10:32 AM / 8 months ago

LGPS Central picks Harris, Schroders, Union Investment for global equity fund

LONDON, Sept 19 (Reuters) - LGPS Central, set up to manage the combined assets of a number of British public pension schemes, said on Wednesday it had picked Harris Associates , Schroders and Union Investment to manage its global active equity fund.

LGPS Central, which manages assets Local Government Pension Schemes including Cheshire, Derbyshire and the West Midlands Pension Fund, said the multi-manager fund is expected to manage more than 2 billion pounds in the asset class when it launches later in 2018.

Around 150 fund managers from across the world had expressed an initial interest in tendering for the mandate, it said in a statement.

The combining of various LGPS assets into eight so-called ‘pools’, of which LGPS Central is one, is aimed at saving the member schemes money on management fees and therefore boosting returns.

LGPS Central currently has nearly 14 billion pounds of assets under management or advice, it said. (Reporting by Simon Jessop, editing by Sinead Cruise)

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