A UK local government pension scheme (LGPS) pool has been appointed to provide oversight and stewardship services for more than £11 billion (US$13.5 billion) in passive funds managed by financial services provider Legal & General (L&G). This new mandate sees LGPS Central’s total AUM surpass £43 billion, with £23 billion of this across passive funds. This includes both internally- and externally-managed equity and fixed income strategies. Prior to LGPS’s Central formation in 2016, L&G’s passive investment services were managed by six of the pool’s partner funds, alongside Warwickshire Pension Fund. Under the new agreement, effective from this month, LGPS Central will oversee these funds on behalf of all eight partner funds, conducting semi-annual review meetings with L&G. “The agreement represents a significant advancement in our assets under stewardship, supporting partner funds in building on the historic joint procurement,” said Richard Law-Deeks, CEO at LGPS Central. “This collaboration sets a benchmark for stewardship and cost-effective management. It amplifies our impact and ensures a unified approach to governance across all partner funds.”
