Local Pensions Partnership, a £10 billion ($12.6 billion) asset and liability management partnership between the London Pensions Fund Authority and Lancashire County Pension Fund, Preston, England, hired Bank of New York Mellon as custodian of the LPP’s £5 billion global equity pool.
It’s the first custodian for the equity pool, said Bartholomew Nash, LPP spokesman. “The need arose (for a custodian) as we transferred all the equity holding of Lancashire and London into the LPP — internal and ones held with external managers,” Mr. Nash said.
The equity pool is the first of what will be several asset pools from the two pension funds, Mr. Nash said.
In an earlier news release, LPP said it will launch fixed-income, total return and property funds. No time frame for those launches was disclosed.