Lancashire County Council Pension Fund, Preston, England, has a new management team, and for the first time is a separate organizational unit, reporting to the CEO of the pension fund’s administrative council, Lancashire County Council.
The new management team will be responsible for taking the £5.7 billion ($8.7 billion) pension fund into its proposed asset and liability management partnership with the £4.9 billion London Pensions Fund Authority, London, announced in December, the pension fund said in a statement FridayFeb. 6. The partnership would see the pension fund and LPFA pool about £10 billion in assets to save costs, improve performance and increase access to illiquid investments.
George Graham becomes director of the pension fund. He was previously Lancashire County Council’s deputy county treasurer, where he was responsible for overseeing governance, compliance and policy issues for the pension fund.
Trevor Castledine becomes deputy chief investment officer, overseeing the pension fund’s in-house money management. He was previously portfolio manager. Mike Jensen retains his role as chief investment officer.
Andrew Fox becomes head of policy and compliance, broadening his previous role focusing on investment compliance.
“(The pension fund) is by any standards a large and significant business that deserves to receive dedicated senior management attention and focus,” said Jo Turton, CEO of Lancashire County Council, in the statement.
Ms. Turton added that the new team will lead the pension fund “into the more complex and collaborative future that faces the local government pension scheme.”
A spokesman for the council and pension fund could not be reached for comment by press time.