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.
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.
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.
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

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.

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.