Wales Pension Partnership Investment Management Company to commence regulated activities on behalf of Welsh Local Government Pension Scheme clients. 

Wales Pension Partnership Investment Management Company (WPP IM Co.) has been authorised by the Financial Conduct Authority (FCA) to commence regulated activities. 

Effective immediately, WPP IM Co. will operate as the sole portfolio manager for its eight Welsh Local Government Pension Scheme (LGPS) partner funds – managing total assets over £28bn.

Recently enacted UK Government legislation requires LGPS funds in England and Wales to pool their assets through FCA-authorised investment management companies, and to delegate investment strategy to those companies.

Rob Lamb, Chief Executive Officer, WPP IM Co. said: 

“Reaching this key milestone is testament to the collective efforts of all those involved in establishing the basis for a distinct, Wales-based investment management company. On behalf of our eight Local Authority shareholders, we have assumed full FCA-authorised responsibility for investment management and advisory services across the Welsh LGPS portfolio. The company is now absolutely focused on delivering its duty to safeguard pensions for over 410,000 scheme members and, going forward, to develop the capability to invest an increased proportion of our funds in Wales, for the benefit of our members and the communities in which they live and work.” 

Tanya Castell MBE, WPP IM Co. Board Chair said:

“It has been a pleasure and a privilege to work with Rob and his team to progress and secure WPP IM Co’s status as an FCA authorised investment management company.  The commitment and calibre of the team bodes well for the opportunities and challenges which lie ahead. The Board and I are looking forward to supporting the team to ensure WPP IM Co successfully delivers for the pension schemes' members and contributes towards a thriving Welsh economy.”

WPP IM Co. will operate as an independent, fully regulated investment manager, headquartered in Wales, and accountable to its shareholders. Its structure has been designed to meet FCA requirements, including threshold conditions relating to governance, risk, compliance, resources, and capital adequacy.

ENDS

WPP IM Co. will act solely on behalf of its eight pension fund clients:- 

• Dyfed Pension Fund

• City and County of Swansea Pension Fund

• Cardiff and Vale of Glamorgan Pension Fund

• Clwyd Pension Fund

• Gwynedd Pension Fund

• Powys Pension Fund

• Rhondda Cynon Taf Pension Fund

• Greater Gwent (Torfaen) Pension Fund

About the LGPS

The LGPS (Local Government Pension Scheme) is one of the largest pension schemes in the UK. A defined benefit scheme, the LGPS provides secure and guaranteed income every year in retirement and exists to serve local government and other public service organisations in Wales and across the UK.

For further information

www.wppinvestments.com/about  

Rhys.jones@wppinvestments.com 

Note

Wales Pension Partnership Investment Management Company Limited. is a private limited company, registered in England and Wales, registered number 16645479. Registered office One Central Square, Cardiff, CF10 1FS. Authorised and Regulated by the Financial Conduct Authority number (FRN:1045886)