London Pensions Fund Authority and Lancashire County Pension Fund, Preston, England, are searching for a provider of depository and custody services for their new asset management and liability partnership, said a spokesman for LPFA.
LPFA, which has £4.9 billion ($7.6 billion) in assets, and the Lancashire County fund, which has £5.2 billion, intend to enter the partnership to pool their investment management expertise and assets, combining administration and management of their pension funds. The partnership is to seek authorization from the Financial Conduct Authority in the U.K., and will potentially be extended to provide services to other local government pension scheme pension funds, public bodies and private pension funds. The pension funds hope to launch it in April 2016.
The search also includes registrar and transfer agency services, and administration services.
The spokesman said the search relates only to the collaboration. LPFA's current custodian is J.P. Morgan Chase, and Lancashire, Northern Trust. Executives at Lancashire County Pension Fund were not available to comment by press time.
Proposals are due Aug. 14. Further information is available on Lancashire's website.