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Pension Funds

U.K. funds report FY 2018 returns

Several U.K. pension funds have reported their returns for the fiscal year ended March 31.

Greater Manchester Pension Fund, Manchester, England reported a 6.1% increase in assets to 22.5 billion ($31.6 billion) for the year ended March 31.

The local government pension scheme fund recorded a 4.2% investment return, or 899 million, in its latest annual report covering the fiscal year 2017-'18. That compared with a 23.8% return for the previous fiscal year, equivalent to 4.1 billion.

The fund's benchmark asset allocation as at March 31 was 57.7% public equity, 24.3% bonds and cash, 10% real estate and 8% alternative investments.

The U.K. government announced plans to pool the assets of the 89 England and Wales LGPS funds in 2015. Greater Manchester is part of the 46 billion Northern Pool.

West Yorkshire Pension Fund, Bradford — also part of the Northern Pool — said in its latest annual report that its assets fell 0.5% over the year ended March 31, to 13.56 billion.

The fall in assets was mainly due to the transfer of the liabilities of one of the employers, FirstGroup, to the Greater Manchester Pension Fund, said the report. This involved more than 400 million in assets. Further details were not available.

WYPF returned 3.3% for the fiscal year 2018, compared with 22.9% for the fiscal year 2017. The net investment return was 492.1 million, compared with 2.5 billion for the fiscal year 2017.

Also over the year, WYPF executives decided to reduce the equities allocation from more than 70%. Further details were not available.

Lincolnshire County Council Pension Fund, Lincoln, also reported 2018 fiscal year asset growth, at 4.3% to 2.2 billion. The fund returned 3.3%, compared with 19.8% for the fiscal year 2017. Net investment returns were 72.8 million, according to the 2018 annual report, compared with 356.4 million for the previous year.

The fund's asset allocation as at March 31 was 61.5% equities; 14.2% alternatives including private equity; 12.1% fixed-income; 9.5% real estate; 1.6% infrastructure; and 1.1% cash.

The fund is part of the 43 billion Border to Coast Pensions Partnership.

Also publishing its annual report was the 958 million London Borough of Hounslow Pension Fund, London. Assets grew 1.4% for the year, with an investment return of 4.2%. That compared with a 23.8% investment return the previous year.

Returns equated to 19 million for the fiscal year 2018, compared with 170.4 million for the previous year.

The fund is part of the 15 billion London Collective Investment Vehicle.

Asset allocations were not immediately available.