LGIM awarded mandate with London Borough of Hillingdon
Legal & General Investment Management (LGIM) has been appointed by the London Borough of Hillingdon Pension Fund to manage its index-tracking investments, replacing the incumbent provider State Street Global Advisors (SSGA).
The c.£215 million mandate, which will be invested across LGIM’s range of index funds, will benefit from a commercial agreement with the London CIV on behalf of the London boroughs.
LGIM has more than 30 years of experience in index fund management and currently manages £300 billion1 in traditional market-cap weighted funds.
Councillor Corthorne, Chair of the Pension Committee at the £810m2 London Borough of Hillingdon Pension Fund, said: “The council is committed to reducing costs while maintaining investment performance to meet future benefits for our members. We have chosen LGIM because of its expertise in index-tracking fund management and its broad range of cost-effective pooled funds, which will enable us to take a step closer towards the Government’s pooling agenda with management and reporting of the mandate to eventually be carried out by the pool.”
Adam Willis, Head of Index & Multi-Asset Distribution at LGIM (photo, above), said: “Our understanding of the specific challenges facing the local authority sector means we are able to use our scale and expertise to offer low cost investment solutions that meet our clients’ needs. We are committed to supporting the Local Government Pension Scheme (LGPS) with asset pooling, which is aimed at delivering the best outcome at retirement for current and future pensioners. We look forward to working with the London Borough of Hillingdon and helping it to deliver on its long-term investment objectives.”
LGIM is the largest manager of LGPS mandates in the UK, managing £44 billion of assets3. In November 2015, LGIM announced it had been appointed to manage a £6.5 billion pooled passive mandate by a group of seven schemes comprising Cheshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, Warwickshire and Worcestershire.
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Notes to editors:
Legal & General Investment Management
Legal & General Investment Management is one of Europe’s largest asset managers and a major global investor, with total assets of £853 billion*. We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
Throughout the past 40 years we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.
*LGIM internal data as at 30 June 2016. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions and advisory assets.