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Local Pensions Partnership

PRI reporting framework 2020

You are in Organisational Overview » Basic information

Basic information

OO 01. Signatory category and services

01.1. Select the type that best describes your organisation or the services you provide.

          Local Pensions Partnership (LPP) is a pensions services provider for Local Government Pension Schemes (LGPS) and pension funds in the public sector.
        

01.3. Additional information. [Optional]

Local Pensions Partnership (LPP) is a pensions services provider for LGPS and other public sector pension funds. We aim to help clients reduce pension deficits, improve investment returns and provide an excellent service to their members via our two core business lines: 

  • Investment management 
  • Pensions administration

LPP was formed in 2016 through a collaboration between Lancashire County Council and the London Pensions Fund Authority (our founding shareholders). 

In addition to managing pension assets for our investment clients, LPP provides pensions administration services to more than 600,000 members on behalf of 17 LGPS, Police and Firefighters pension schemes.

LPP's Investment Management services are provided by Local Pensions Partnership Investments Ltd (LPPI).  

LPPI is authorised and regulated by the Financial Conduct Authority and is a fully-owned subsidiary of Local Pensions Partnership Ltd (LPP) (together the “LPP Group”). LPPI is currently managing investments for Lancashire County Pension Fund, London Pensions Fund Authority and Royal County of Berkshire Pension Fund.

LPPI is additionally the Alternative Investment Fund Manager (AIFM) for GLIL which is an infrastructure fund structured as an unauthorised Alternative Investment Fund (AIF).    GLIL is an innovative collaboration between aligned and like-minded investors who are seeking investment into core infrastructure opportunities predominately in the United Kingdom.

GLIL has an open-ended fund structure that allows for the admission of new members. Currently GLIL is investing on behalf of five Local Government Pension Scheme (LGPS) funds:

  • Greater Manchester Pension Fund 
  • London Pensions Fund Authority 
  • Lancashire County Pension Fund
  • Merseyside Pension Fund 
  • West Yorkshire Pension Fund

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United Kingdom

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

57.4 FTE

02.4. Additional information. [Optional]

The numer of staff employed by Local Pensions Partnership Investments Ltd (LPPI) is 57.4 fte (60 individuals).

This figure excludes staff providing pensions administration services.


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

Local Pensions Partnership Investments Ltd (LPPI) is a fully-owned subsidiary of Local Pensions Partnership Ltd (LPP).

LPPI is not a PRI signatory in its own right.

In reporting to the PRI, LPP's responses reflect the policies, arrangements, procedures and investment activities being implemented by LPPI as a pool company on behalf of investment clients.

 


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.5. Additional information. [Optional]

LPPI's AUM at 31 December 2019 was £18.3bn.

This total comprises investments under management for Lancashire County Pension Fund, London Pensions Fund Authority, Royal County of Berkshire Pension Fund and GLIL infrastructure.


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 10-50% 17.2 10-50% 26.1
Fixed income 0 0 <10% 4.1
Private equity 0 0 <10% 8.6
Property 0 0 <10% 8.8
Infrastructure <10% 6.9 <10% 7.4
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 <10% 3.9
Money market instruments 0 0 0 0
Other (1), specify 0 0 10-50% 11.9
Other (2), specify 0 0 <10% 5.1

`Other (1)` specified

          
        

`Other (2)` specified

          
        

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

At 31/12/2019 LPPI's assets under management fell across the following funds :

  • LPPI Global Listed Equities Fund
  • LPPI Fixed Income Fund
  • LPPI Credit Investments
  • LPPI Private Equity Fund
  • LPPI Global Infrastructure Fund
  • LPPI Diversifying Strategies Fund
  • LPPI Real Estate Fund

Each fund is an asset class specific pooled investment vehicle meeting the investment needs of multiple client pension funds.

Our AUM additionally includes on balance sheet assets (managed for client pension funds) and assets managed for GLIL (infrastructure partnership)

In reporting to PRI we have opted not to aggregate the LPPI Fixed Income Fund and LPPI Credit Investments.

This reflects that these are distinct and separate strategies. They are of different sizes, have different investment characteristics, and are serving different purposes for client pension funds. In maintaining a separation between them we are seeking to ensure consistency and comparability between the information we disclose to PRI and information we report in detail to our client Pension Funds or disclose publicly elsewhere.

The LPPI Fixed Income Fund and LPPI Credit Investments are externally managed and we describe our arrangements for ensuring ESG features within manager selection and ongoing portfolio and manager monitoring within our responses to the Selection, Appointment and Monitoring (SAM) module below.


OO 07. Fixed income AUM breakdown

07.1. Provide to the nearest 5% the percentage breakdown of your Fixed Income AUM at the end of your reporting year, using the following categories.

Externally managed
22 SSA
20 Corporate (financial)
14 Corporate (non-financial)
44 Securitised
Total 100%

OO 08. Segregated mandates or pooled funds

New selection options have been added to this indicator. Please review your prefilled responses carefully.
Provide a breakdown of your organisation’s externally managed assets between segregated mandates and pooled funds or investments.
Asset class breakdown
Segregated mandate(s)
Pooled fund(s) or pooled investment(s)

Total of the asset class

(each row adds up to 100%)

[a] Listed equity
100%
[b] Fixed income - SSA
100%
[c] Fixed income – Corporate (financial)
100%
[d] Fixed income – Corporate (non-financial)
100%
[e] Fixed income – Securitised
100%
[f] Private equity
100%
[g] Property
100%
[h] Infrastructure
100%
[n] Cash
100%
[p] Other (1), specify
100%
[q] Other (2), specify
100%

08.2. Additional information. [Optional]


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

94.5 Developed Markets
4.8 Emerging Markets
0.6 Frontier Markets
0.1 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]


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