The so-called Asset & Liability Management partnership between the London Pensions Fund Authority (LPFA) and the Lancashire County Pension Fund (LCPF) is seeking to appoint an independent chair and non-executive directors to its board.
The partnership, worth £10 billion (€14.1 billion; $15.6 billion), was officially launched earlier this month and will be known as the Lancashire and London Pensions Partnership (LLPP).
LLPP has hired executive search firm Korn Ferry to seek a “highly experienced” individual to chair, lead and manage its board alongside three independent non-executive directors (NEDs). The chair and NEDs will, according to a statement, “oversee the implementation of strategy, shape the direction of the organisation and ensure it operates efficiently”.
The two pensions will also nominate two shareholder representatives to the board, one from each authority, to sit alongside the three new NEDs.
The partnership is an example of UK pensions coming together to reduce fees, access different kinds of opportunity, do more direct investment, and cut administration costs.
In a statement, the LPFA said it hoped the partnership would encourage participation from other Local Government Pension Scheme (LGPS) funds, thereby “providing access to an even wider set of investment and liability management opportunities”.