Pension Funds

Local Pensions Partnership loses co-CIO

Mike Jensen has left the Local Pensions Partnership, London, where he was co-chief investment officer, a spokesman said.

LPP is an asset and liability management partnership formed by two pension funds, the £4.6 billion ($6.2 billion) London Pensions Fund Authority and the £6 billion Lancashire County Pension Fund, Preston, England. Its Financial Conduct Authority-authorized subsidiary, Local Pensions Partnership Investments, runs £12.8 billion in pooled assets.

Mr. Jensen has been co-CIO at LPP since its inception in 2016, and played a strategic role in its launch and development. Mr. Jensen will continue to serve as an external strategic consultant for LPP. The spokesman said there are no plans to replace him. Chris Rule is managing director of the investment business and CIO, and staff members have reported to him since April 2016. There is no change to that structure, the spokesman added.

Mr. Jensen has returned to Lancashire County Council as director of investments, a new position. He will provide leadership and direct investment expertise, including developing and implementing the treasury management strategy. This covers both investment and borrowing activity, said a joint news release.

Prior to joining LPP, Mr. Jensen was CIO for Lancashire County Council and Lancashire County Pension Fund.

"At a time when Lancashire County Council is facing a very challenging financial situation, it is more important than ever for the people of Lancashire that we secure the best possible return from the council's investment activities, which is why we have created this new position of director of investments," said Geoff Driver, Lancashire County Council leader, in the news release.