Local government pension schemes (LGPS) in Wales (Wales Pension Partnership) have joined forces to incorporate a multi-billion-pound company that will manage the investments on behalf of the eight Pension Funds in Wales.

The £25bn investment management company will manage the pooled resources of Wales’ eight LGPS funds to maximise benefits for its 412,000 members and to seek out more opportunities to invest in locally impactful projects, in line with the Government’s recommendations following its Fit For The Future Consultation.

The Wales Pension Partnership Investment Management Company (WPP IM Co) was set up last month and has now appointed its first chief executive, Mr Rob Lamb.

Welsh-speaking Mr Lamb brings to the role both public and private sector experience that includes senior leadership roles in international investment management as well as proven understanding of the local investment landscape in Wales, and long-standing relationships with the Welsh LGPS.

Speaking about his new role, Mr Lamb said:

“I am honoured and delighted to join WPP IM Co at such a pivotal moment. This is a once-in-a-generation opportunity to create a standalone regulated investment company in Wales that will benefit all stakeholders, including the 22 Welsh local authorities, 382 employers, and 412,000 members."

“WPP IM Co will continue to invest for and safeguard the pensions of its members, while also supporting local investment throughout Wales and the UK."

“By partnering with others, we intend to promote economic growth, create jobs, support clean energy, and enhance infrastructure for the benefit of everyone in Wales.”

The new company will have its headquarters in Cardiff and is committed to meeting the target set by the UK Government that all Welsh LGPS assets will be transferred to the new company’s control by 31 March 2026.

The WPP IM Co was incorporated last month by the Transitionary Board of Directors. The Board Chair, Mr Chris Moore said:

“Rob’s career spans senior leadership positions in the regulated public and private financial markets across the globe, as well as the successful founding and sale of a financial technology start-up. He demonstrated significant experience and capability, and the Board of Directors have confidence that he will deliver for the eight Pension Funds in Wales."

“The shareholders of WPP IM Co were keen to appoint a CEO who not only shares our long-term strategic goals but also possesses the industry expertise, credibility, and network needed to drive these objectives forward to benefit our members and Wales more widely.”

The Chair of the Joint Governance Committee (representing the shareholders) Cllr Peter Lewis said:

“Rob’s background and passion for Wales make him an ideal choice to lead the company into this critical new phase.”

The Chief Executive now looks forward to building out his Executive Team to move the project to the next phase. Details of the new company, including career opportunities as they arise, will be available at www.wppinvestments.com.