Asset managers signed up to the ’Code of Transparency’ are listed below. The Code is voluntary with LGPS asset managers encouraged to sign up to it to demonstrate their commitment to transparent reporting of costs.

Investment Manager

Manager information

AGF Founded in 1957, AGF is a premier Canadian-based investment solutions firm headquartered in Toronto with solid financial performance, talent and client relationships. AGF is listed on the Toronto Stock Exchange. We currently manage approximately US$30 billion.
Our institutional offerings in the UK and Europe have attracted clients from the UK, Italy, Denmark, Switzerland and the Middle East. Our focus is on long only equity strategies and infrastructure. Our key Institutional offerings currently are Global Equity and Emerging Markets (GARP). The Global equity and Emerging Markets (GARP) strategies are managed out of our Toronto office. Our infrastructure initiative is led by the seasoned infrastructure veteran Greg Smith and targets mid-market opportunities in North America.
We are delighted to sign up to the Code of Transparency providing clear and transparent reporting of costs for our LGPS clients.
For more information please contact Brian Brennan This email address is being protected from spambots. You need JavaScript enabled to view it.
Allianz Global Investors Allianz Global Investors is a diversified active investment manager with a strong parent company and a culture of risk management. With 25 offices worldwide, we provide global investment and research capabilities with consultative local delivery. We have around EUR 500 billion in AUM for individuals, families and institutions worldwide and employ over 650 investment professionals. AllianzGI has relationships with UK LGPS on an active basis across fundamental global equity, multi factor global equity, UK infrastructure debt and global fixed income strategies.
Allianz Global Investors supports the LGPS Transparency Code in providing transparent reporting to clients. Please contact Jo Wheatley ( This email address is being protected from spambots. You need JavaScript enabled to view it. ) for more details.
Data as of 30 June 2017. Includes AuM of entities held for sale.
Baillie Gifford Baillie Gifford is an independent asset management company based in Edinburgh.  Founded in 1908 and still structured as a partnership, it manages assets for clients across the world.  This includes active equity, multi asset and fixed income mandates for over 40 LGPS funds, with several relationships exceeding 25 years.
We are delighted to support the Code of Transparency and believe that full cost disclosure will lead to a greater understanding of the investment process, better cost management and improved outcomes for investors.
Contact:  Tom Wright This email address is being protected from spambots. You need JavaScript enabled to view it. or Piers Lowson This email address is being protected from spambots. You need JavaScript enabled to view it. for more details.
BlackRock  BlackRock were supportive of the Code of Transparency initiative from the start, and participated in designing the common industry standards used to provide cost data to our LGPS clients. We look forward to providing the data for the first reporting period in 2018.
BlackRock has been managing portfolios for local authorities for over 30 years, with £16.4bn in assets for 77 LGPS clients. Our mandates span a vast range of asset classes and investment styles, including: Index Equities & Fixed Income, Active Equities & Fixed Income, Diversified Growth / Multi Asset, Private Equity & Private Credit, Secure Income, Hedge Funds, Cash, & Transitions.
Our local authority team comprises a group of professionals spanning pension and treasury relationships & independent and investment advisor relationships which include transition services, ETFs and alternative product specialists, with an average industry experience of 17 years.
Please contact Christopher Head This email address is being protected from spambots. You need JavaScript enabled to view it. , Katie Jupp This email address is being protected from spambots. You need JavaScript enabled to view it. , or Peter Hunt This email address is being protected from spambots. You need JavaScript enabled to view it. for further details.
BMO BMO Global Asset Management is a global investment manager with offices in more than 25 cities in 14 countries, delivering service excellence to clients across five continents. We offer an established range of global investment capabilities and solutions including Liability Driven Investment, Active Fixed Income, Specialist Equity, Property, ESG, and Alternative strategies including Risk Premia.
Our four major investment centres in Toronto, Chicago, London and Hong Kong are complemented by a network of world-class boutique managers strategically located across the globe: BMO Real Estate Partners, LGM Investments, Pyrford International Ltd. and Taplin, Canida & Habacht, LLC.
BMO Global Asset Management has £189.3 billion in assets under management (as at 30 June 2017) and is a signatory of the United Nations-supported Principles for Responsible Investment initiative (UNPRI).
For additional information please contact: Paul Myles, Director, Sales & Client Relationships at BMO Global Asset Management on: This email address is being protected from spambots. You need JavaScript enabled to view it. / 020 7011 5230
Capital International Limited Founded in 1931, Capital Group is an independent employee-owned asset management company. We have managed the assets of UK LGPS clients since our first appointment in 1993 and are proud of our long relationships in the sector.
We are delighted to commit to the Code of Transparency and believe that clear, fair and transparent reporting of costs is a key tenet of our role as stewards of local authority assets. Please contact Stephen Gosztony This email address is being protected from spambots. You need JavaScript enabled to view it. or Louise Barnard This email address is being protected from spambots. You need JavaScript enabled to view it. for more details.  
Fidelity International Fidelity International offers world class investment solutions and retirement expertise. As a privately owned, independent company, investment is our only business. We are driven by the needs of our clients, not by shareholders. Our vision is to deliver innovative client solutions for a better future. We invest £234.2bn globally on behalf of clients in 25 countries across Asia-Pacific, Europe, the Middle East, and South America. Our clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals. The Code marks Fidelity’s commitment in improving investment cost transparency for its LGPS clients. Providing the necessary tools to easily allow Fidelity’s clients to make informed investment decisions has always been a priority. Fidelity welcomes this initiative and recognises the importance in working together as an industry to provide a unified and transparent approach to the reporting of investment costs. For more information, please contact This email address is being protected from spambots. You need JavaScript enabled to view it.
Investec Investec Asset Management provides investment products managing approximately £95 billion on behalf of institutions, advisory clients and individuals. Our clients include pension funds, central banks, sovereign wealth funds, insurers, foundations, financial advisers and individual investors. We have a dedicated approach to managing all our local government relationships. In this exceptional evolutionary period for the LGPS there is rightly a focus on the effective and efficient establishment of the pools to improve cost and collaboration across the sector. During this busy time we have maintained a focus on helping officers by continuing to support the important educational development of members, allowing officers to maintain a focus on the establishment of the pools.
For more information contact This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.
Legal & General Investment Management (LGIM) Legal & General Investment Management (LGIM) is the investment management arm of Legal & General Group, a FTSE 100 company. LGIM is one of Europe’s largest institutional asset managers and a global investor, with a heritage dating back to 1836.
As the largest manager of local authority assets, LGIM has been working in partnership with local authorities to help meet their needs for over 25 years.
We believe in clear and transparent reporting. LGIM is delighted to commit to the Code of Transparency and support our LGPS clients.
Please contact This email address is being protected from spambots. You need JavaScript enabled to view it. for more details.
LPP Investments Ltd LPP Investments Ltd (LPP I) is the FCA-authorised subsidiary of the Local Pensions Partnership Ltd (LPP). LPP started operation in April 2016 following the coming together of two LGPS funds – Lancashire County Pension Fund and London Pensions Fund Authority – creating a pension services business delivering a comprehensive range of services across investment management, liability and risk management and pension administration to LGPS and other public sector pension schemes. As an organisation with its origins in the LGPS, LPP I is fully committed to the transparent reporting of investment costs and fees to our shareholders and other investment clients. Contact either Bruce Carnaby or Investment Operations This email address is being protected from spambots. You need JavaScript enabled to view it. This email address is being protected from spambots. You need JavaScript enabled to view it.
Majedie Asset Management Majedie manages active equity portfolios for institutional clients, and has worked with local government pension schemes since 2004. The firm is a supporter of clear and simple reporting and is pleased to adopt the Code of Transparency. Majedie was founded in 2002 and is an independent business. The simple objective is to make money for clients. Ownership of the business is spread widely across staff, ensuring alignment of interests with clients throughout.
Please contact This email address is being protected from spambots. You need JavaScript enabled to view it. for more detail.
Markham Rae Markham Rae is an independent asset management company based in London. The company was founded in 2010 and is structured as a partnership managing assets for clients in the UK, Continental Europe and North America. The company runs three absolute return mandates in discretionary macro fixed income, trade finance and systematic macro. It currently manages money for 8 LGPS funds in two of the strategies. We are pleased to support the Code of Transparency and support our LGPS clients in providing complete transparency.
Contact: Kerry Duffain This email address is being protected from spambots. You need JavaScript enabled to view it. or Peter Davies This email address is being protected from spambots. You need JavaScript enabled to view it. for more details.
Mirabaud Asset Management Limited Mirabaud Asset Management is part of a privately owned partnership, originally founded in 1819. It provides a range of investment solutions to Institutional and Wholesale investors in the UK and Europe. With approximately £6 billion under management, Mirabaud is a high conviction boutique aiming to deliver attractive risk-adjusted returns over the long-term, supported by excellent client service. The firm originally entered the UK Institutional market as a manager of UK Equities. It has since expanded its equity offering and built strong capabilities in fixed income and alternatives.
Mirabaud is committed to the LGPS market and is pleased to adopt the Code of Transparency to encourage full and transparent reporting to clients. Contact: This email address is being protected from spambots. You need JavaScript enabled to view it.
Mondrian Investment Partners Ltd Mondrian is an independent, employee-owned, global value-oriented manager with over 25 years’ experience in managing a range of equity and fixed income products for a variety of clients based around the world. Mondrian’s value style products have a track record of producing consistent, strong risk-adjusted performance in a variety of different market environments. We are proud to sign the code and support our LGPS clients.
Please contact This email address is being protected from spambots. You need JavaScript enabled to view it. for more detail.
Montanaro Montanaro was established in 1991 and is based in London. We have the largest and most experienced specialist team in Europe dedicated exclusively to researching and investing in quoted UK and European Small & MidCap companies.  Our long-term “Quality Growth” investment approach is the hallmark of Montanaro. We only invest in the highest quality, well-managed businesses operating in growth markets. Ethical and ESG considerations are fully integrated into our investment process.  Montanaro manages over £2.4 billion on behalf of leading international financial institutions, including pension funds, insurance companies, family offices, wealth managers and charities. We are proud to work with a number of Local Government Pension Schemes such as Devon, Derbyshire, West Yorkshire, East Riding and South Yorkshire County Councils.

To contact us please call +44 20 7448 8600 or email: This email address is being protected from spambots. You need JavaScript enabled to view it. .  Our website can be found at: www.montanaro.co.uk

Newton IM Newton has been managing money for clients since 1978. Currently (as at September 2017) we have £55 billion assets under management across the globe including the UK, Europe, North America and the Pacific Basin. Newton, with discretionary investment management as its principal activity, manages a wide range of institutional, charity and retail funds, including multi-asset, specialist equity and fixed income mandates. Our clients include government bodies, local authorities, corporations, charities, trade unions and private/retail clients.
We believe Newton combines a robust investment process with a commitment to excellent client service. Our clients benefit from a team of highly experienced portfolio managers, client service managers and administrators.
Newton is delighted to adopt and endorse the Code of Transparency and is committed to providing clear and transparent reporting.
Pyrford International  Pyrford is a boutique asset management company based in London. Founded in 1987, Pyrford manages £7.5 billion on behalf of pension funds, charities, endowments, foundations and other institutional investors. Pyrford have been managing assets on behalf of the Local Government Pension Scheme (LGPS) for over 10 years and currently manages assets on behalf of 11 LGPS clients including one pool. Our LGPS clients are invested in our Global Absolute Return Strategy and Global Equity.
Pyrford are delighted to support the Code of Transparency and indeed our LGPS clients in providing complete transparency on investment costs. Please contact Felim Glynn on This email address is being protected from spambots. You need JavaScript enabled to view it. for more details.
RWC Partners RWC is an independent London-headquartered asset management firm founded in 2000. We manage assets on behalf of sophisticated institutional investors, including a number of LGPS Schemes, from our 3 global offices. We specialise in providing strategies that enable our clients to invest in developed and emerging market equities, convertible bonds and income solutions that help them meet their long-term financial needs. We feel a strong sense of responsibility to provide the highest standards of investment management; good value for money; clear information that helps our clients understand what we are doing; and a stable organisation that is both long-term and trustworthy. We have a strong ownership structure that supports these aims and supports stability, flexibility and the highest governance standards. The firm has committed considerable resources to ensure that our client service and reporting capabilities meet the ongoing needs of our investors. We fully endorse the Code of Transparency and are pleased to adopt it.

Contact: Rash Patel This email address is being protected from spambots. You need JavaScript enabled to view it. or Joanna Lancaster This email address is being protected from spambots. You need JavaScript enabled to view it.

Stone Harbor Investment Partners LP Stone Harbor Investment Partners LP is a global institutional fixed-income investment manager specialising in credit and asset allocation strategies. Founded in 2006, Stone Harbor employs over 140 people across our locations in London, New York, Melbourne and Singapore and manages institutional clients’ assets in a range of investment strategies: emerging markets debt, high yield, bank loans, as well as multi-sector credit products including unconstrained and total return approaches. Our investment approach is based on fundamental insights, derived from a combination of proprietary research and the in-depth knowledge and specialised experience of our team who have been managing assets together since the early 1990s. Stone Harbor has been working with LGPS clients since 2007 and we are fully supportive of the Code’s aim of seeking to provide clear, consistent and transparent cost reporting.
Trilogy Global Advisors Trilogy Global Advisors is a specialist active equity boutique founded in 1999 and headquartered in New York with offices in Winter Park, Florida, and London. We manage Global Equity, Global Emerging Markets and Global Small Cap mandates on behalf of institutional investors in the US, the UK, Europe, Japan, Asia and Australia. An affiliate of Affiliated Managers Group (AMG), a company listed on the New York stock exchange, we have a strong partnership and research culture and a commitment to delivering excellence in investment returns and client service. We are proud of our LGPS client relationships. As a Tier 1 signatory to the UK Stewardship Code we are a strong supporter of engaged and responsible active investing and we are therefore delighted to adopt the Code of Transparency and to endorse the governance principles which it embodies.
Contact: Mark Archer This email address is being protected from spambots. You need JavaScript enabled to view it.
TT International TT International was founded by Tim Tacchi on 1st September 1988 to manage European equities for a leading US hedge fund. In 1990, we started managing our first Active International equity account and have since continued to add products to both our hedge fund and long-only offerings.
One of TT’s key distinguishing features is its ownership structure. The firm became a partnership under the laws of England and Wales in 1993 and continues to be 100% owned by the working partners, apart from a minor interest of the partners’ retirement scheme.
UBS Asset Management UBS Asset Management is a large scale investment manager with a presence in 23 countries. We offer investment capabilities and investment styles across all major traditional and alternative asset classes to institutions, wholesale intermediaries and wealth management clients. Our goal is to provide our clients with access to the best investment ideas and superior investment performance.
In the UK, we have a long history of managing assets on behalf of Local Authorities and are currently one of the largest managers of local authority pension funds in the UK. LGPS is part of our DNA. This heritage, combined with our continuing active participation in hosting and attending seminars, training and events, underlines our long term partnership approach to LGPS. We positively embrace the Code of Transparency and are committed to providing our LGPS clients with clear and transparent reporting.
For more information please contact Malcolm Gordon This email address is being protected from spambots. You need JavaScript enabled to view it. or Digby Armstrong This email address is being protected from spambots. You need JavaScript enabled to view it. .
Unigestion Unigestion is a boutique asset manager with the scale to deliver global tailor-made investment solutions for thoughtful investors. Our core values – integrity, independence, excellence and guidance – are at the heart of everything we do. We manage client assets across our four areas of expertise: equity, multi asset investing, private equity and alternatives. We believe that risk management is an enduring driver of long-term investment performance, and we therefore apply a risk lens to all our strategies. With over half of our assets managed through segregated mandates, we have a proven ability to understand clients’ objectives and are trusted by them to design strategies tailored to their needs. We are privately owned, with a majority of the equity controlled by our senior management, and we focus solely on asset management. This gives us the independence to take a long-term perspective and stay true to our convictions for the long-term benefit of clients.
Unigestion strongly supports the Code of Transparency and always seeks to deliver the clearest costs and charges disclosure to its clients across all of its products. Please contact Bill Nicholson ( This email address is being protected from spambots. You need JavaScript enabled to view it. ) for more information. Data as at 30 June 2017.  
Wellington Management Tracing our history to 1928, Wellington Management is one of the world’s largest independent investment management firms. With over £783 billion in assets under management (AUM) as at 30 September 2017, we serve as a trusted adviser and strategic partner to more than 2,150 institutional clients and mutual fund sponsors in over 65 countries. This includes £4.2billion in AUM for public and LGPS schemes in the UK. Our comprehensive investment capabilities are built on the strength of rigorous, proprietary research and span nearly all segments of the global capital markets, including equity, fixed income, multi-asset and alternative strategies. As a private partnership whose sole business is investment management, our long-term views and interests are aligned with those of our clients. Our commitment to investment excellence is evidenced by our significant presence and long-term track records in nearly all sectors of the global securities markets.
As fiduciaries for our clients, we fully support clear and transparent reporting of investment costs, and are committed to the Code of Transparency. For more information please contact This email address is being protected from spambots. You need JavaScript enabled to view it. .