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

Aberdeen Standard Investments Standard Life Aberdeen plc was formed in August 2017 (following the merger of Standard Life plc and Aberdeen Asset Management plc). Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments and has €575.7 billion of assets under management, as at 31 December 2017. As a combined business, we remain committed to a team-based, fundamental-driven approach to active management, with a strong focus on our fiduciary and stewardship responsibilities over the long term. We are broad and diverse and continue to be focused on delivering distinct client outcomes, incorporating talent and capabilities from both firms.
We have a long track record of managing assets on behalf of LGPS members. Being committed to this market, we fully support the Code of Transparency to enable full and transparent reporting to clients.
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.
AllianceBernstein AllianceBernstein (AB) is a leading investment-management firm with £406 billion in client assets under management, as of November 30, 2017. We provide forward-looking perspective, independent research and investment discipline across asset classes, from equities and fixed income to alternatives and multi-asset portfolios. Through our unique combination of expertise, research and global reach, we apply collective insights and leverage our extensive global footprint to help keep our clients at the forefront of change.
Our clients include pension funds, central banks, sovereign wealth funds, insurers, foundations, financial advisers and individual investors. In the UK we have a long history of managing assets on behalf of LGPS members across all asset classes and fully embrace the Code of Transparency and its commitment to clear and transparent reporting.
Contact: Nicholas Gardner ( 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.
Amundi Amundi is Europe’s largest asset manager by assets under management and ranks in the top 10 globally. Thanks to the integration of Pioneer Investments, it now manages more than EUR 1.4 trillion of assets across six main investment hubs. Amundi offers its clients in Europe, Asia-Pacific, the Middle-East and the Americas a wealth of market expertise and a full range of capabilities across the active, passive and real assets investment universes. Headquartered in Paris, and listed since November 2015, Amundi is the 1st asset manager in Europe by market capitalization.
Leveraging the benefits of its increased scope and size, Amundi has the ability to offer new and enhanced services and tools to its clients. Thanks to its unique research capabilities and the skills of close to 5,000 team members and market experts based in 37 countries, Amundi provides retail, institutional and corporate clients with innovative investment strategies and solutions tailored to their needs, targeted outcomes and risk profiles.
Amundi is delighted to adhere to the LGPS Code of Transparency principles and to provide a fully transparent cost structure to its clients.
Amundi. Confidence must be earned.
Contact : Frederic Barthelemy, This email address is being protected from spambots. You need JavaScript enabled to view it.
Artemis Established in 1997, Artemis Investment Management LLP, manages £27bn of assets (31.03.2018), across a broad range of high conviction, unconstrained mandates. We are a stable partnership of experienced investors with strong long-term track records. The firm is structured to allow our fund managers to focus purely on managing assets, which has enabled us to attract the talent that has been instrumental to the firm’s success.
Currently, Artemis employs around 180 people and has offices in London and Edinburgh. Over the years, our four founders have been joined by 26 experienced fund managers who aim to exploit market inefficiencies with an absolute return mind-set in order to generate maximum returns. Our investment teams employ a number of different investment philosophies and processes that are specific to each strategy. An entrepreneurial culture of independent thinking has allowed our fund managers’ flair and enthusiasm for asset management to flourish.
Artemis recognises the importance of transparent reporting of costs and is therefore delighted to provide its full support to the LGPS Code of Transparency.
Contact: Victoria Heffer, This email address is being protected from spambots. You need JavaScript enabled to view it.
AXA Investment Managers At AXA Investment Managers we have a long history of providing investment and risk management solutions to the LGPS and we have a clear commitment to work in partnership with our clients. To address the evolving needs of the LGPS, including meeting the challenges of pooling, we design and implement investment solutions that combine our clear understanding of the issues faced by the LGPS with an innovative mind set. Harnessing our extensive investment capabilities we seek to address clients’ needs for:
  • Superior returns and yield enhancement
  • Effective risk management and cash flow delivery
  • Responsible investment including ESG factor integration, and impact investing
  • Strong governance support and provision of transparent, value for money solutions
AXA IM is delighted to be a signatory to the LGPS Code of Transparency and we recognise the ongoing importance of ensuring that our clients have a full understanding of the cost of delivery of our service to them.
For more information please contact Tracey Milner: 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.
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
BNY Mellon Investment Management BNY Mellon is a global investments company dedicated to helping its LGPS clients manage and service their financial assets throughout the investment lifecycle. We have offices in 35 countries and more than 100 markets to deliver a global reach for all our clients and (at 31 Dec 2017) over $33.3 trillion in assets under custody and/or administration and $1.9 trillion in assets under management. We have multiple world-class investment boutiques representing a broad spectrum of distinctive asset management styles allowing us to build and manage investment strategies that address the ever changing needs of our clients. We are a multi-cultural business that shares a common drive for quality in both the solutions that we offer and the service we provide. Please contact Kenneth Tomlin ( This email address is being protected from spambots. You need JavaScript enabled to view it. ) for further details.
Brunel Pension Partnership Brunel Pension Partnership brings together £28 billion investments of 10 likeminded Local Government Pensions Scheme funds. We are one of eight national pooled funds, and will oversee the investment of the pension assets for the funds of Avon, Buckinghamshire, Cornwall, Devon, Dorset, Environment Agency, Gloucestershire, Oxfordshire, Somerset, and Wiltshire. Being open and transparent is a core part of the Brunel Pension Partnership Investment Principles. We believe in the importance of being transparent and accountable, to ensure correct decisions are taken and to minimise risk. This applies in our own operations, those we work with, and their investments. In short, we believe in making long-term sustainable investments supported by robust and transparent process. We are here to protect the interests of our clients and their members. In collaboration with all our stakeholders we’re forging better futures by investing for a world worth living in. Find out more at https://www.brunelpensionpartnership.org Contact: Matthew Trebilcock, Client Relationship Director, This email address is being protected from spambots. You need JavaScript enabled to view it.
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.
Columbia Threadneedle Columbia Threadneedle Investments is a long-term manager of LGPS assets in the UK. We believe in fair, clear and transparent reporting of costs and are proud to be signatories to the LGPS Transparency Code. Columbia Threadneedle Investments manages assets for institutional and individual clients around the world with more than 450 investment professionals globally. We aim to deliver strong and repeatable risk-adjusted returns through an active and consistent investment approach that is team-based, risk-aware and performance-driven. Responsible investment is integral to our investment philosophy and approach: we strive to be responsible stewards of our clients' assets within a framework of good governance and transparency. With a broad range of investment strategies and solutions, we are committed to delivering better outcomes for our clients through first class client service and investment excellence.
Please contact Moira Gorman This email address is being protected from spambots. You need JavaScript enabled to view it. for more details.
DWS With around €710 billion of assets under management (September 2017), DWS is one of the world’s leading investment managers. DWS offers individuals and institutions traditional and alternative investments across all major asset classes.
Not just a global firm, we are a truly global organisation. DWS is united in the pursuit to deliver innovative solutions and sustainable performance, no matter the product. With 60 years in Active, 40 years in Alternatives and over 10 years in Passives, we are leaders in our fields of investment.
A big driver for the creation of innovative solutions, are our people and their fresh thinking. Agility of minds is paired with diversity of our teams as we are convinced that different perspectives lead to better outcomes. Today, we combine creativity and intelligence with technology to develop new ways of serving the financial needs of our diverse clientele worldwide.
Please 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. for further details. .
Epoch Investment Partners Inc Epoch Investment Partners Inc, is an asset management company headquartered in New York with offices in Chicago and the U.K. Founded in 2004, Epoch manages long-only Global and US equity mandates for over 100 institutional clients worldwide including a number of LGPS clients in the UK. As at the end of December 2017, total AUM was in excess of £35bn.
Epoch's investment process seeks to invest in companies that are managed with a focus on growing free cash flow which they then use to create value for shareholders. We believe that how a company generates and allocates cash provides a far greater insight into likely share value appreciation than subjective, more traditional valuation techniques.
Epoch is committed to the LGPS market and is pleased to adopt the Code of Transparency to enable full and transparent reporting to its clients. For further information please contact Kate Rickards; This email address is being protected from spambots. You need JavaScript enabled to view it. , www.eipny.com.
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.
Fisher Investments Europe Fisher Investments Europe (FIE), based in London and authorised and regulated by the Financial Conduct Authority (FCA), is wholly owned by Fisher Asset Management, LLC, trading as Fisher Investments (FI). FI is an investment adviser registered with the US Securities and Exchange Commission (SEC). Since inception in 1979, FI has been 100% Fisher-family and employee-owned. FI is a leading independent investment adviser managing over $100 billion (as of 31 January 2018). FI and its subsidiaries consist of four business units – Fisher Investments Institutional Group (FIIG), Fisher Investments US Private Client Group, Fisher Investments International Private Client Group, Fisher Investments 401(k) Solutions Group. These groups serve a global client base of diverse investors including corporations, public and multi-employer pension funds, foundations and endowments, high-net-worth individuals, insurance companies, healthcare organizations, and governments. FIIG offers a broad array of US, non-US and global investment portfolio strategies with various capitalization and style orientations.
To contact us please call +44 (0)800 144 4730 or email: This email address is being protected from spambots. You need JavaScript enabled to view it. .
Goldman Sachs Asset Management International Goldman Sachs Asset Management is one of the world’s leading investment managers. We have partnered with Local Government Pension Schemes in the UK for more than 20 years with solutions spanning fixed income, money markets, public equity, commodities, hedge funds, private equity and real estate. Our clients benefit from the scale of our organisation, our innovative market leading solutions and our dedication to building strategic partnerships with our clients. Goldman Sachs Asset Management International is pleased to adopt the Code of Transparency to encourage full and transparent reporting to clients. For further information please contact Jason Freeman This email address is being protected from spambots. You need JavaScript enabled to view it. or David Thomas This email address is being protected from spambots. You need JavaScript enabled to view it.
Harding Loevner Founded in 1989, Harding Loevner is a long-only equities manager and adheres to a philosophy of investing only in high-quality, growing companies worldwide. To identify portfolio holdings, we conduct in-depth fundamental research of companies and their industry competitive positions to assess the prospects for long-term value creation. Our team utilizes a consistent analytical framework that fosters constructive debate while preserving individual accountability for all investment decisions. This culture of collaboration without consensus exploits the benefits of cognitive diversity and mitigates the biases of human decision-making to develop investable insights and convert them into returns for our clients. The firm is headquartered in Bridgewater, New Jersey, a suburb of New York City, with a satellite office in London. For additional information, please contact Kevin Ferguson at This email address is being protected from spambots. You need JavaScript enabled to view it. .
Insight Investment Insight[1] is one of Europe’s largest investment managers[2] responsible for £552bn[3] in assets under management (AUM) across fixed income, risk management strategies including liability-driven investment (LDI) and currency risk management, absolute return and multi-asset capabilities. We manage c. £9bn aum for the LGPS across multiple strategies. Based in London, Insight is a specialist asset manager with a global network of operations in the UK, US, Japan and Australia. Our clients include pension funds, corporates, local authorities, insurers, sovereign wealth funds, wealth managers, financial institutions and supra-nationals.
[1]Insight is the corporate brand for certain companies operated by IIML. Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Pareto Investment Management Limited (PIML), Cutwater Asset Management Corp. (CAMC), Cutwater Investor Services Corp. (CISC) and Insight North America LLC (INA), each of which provides asset management services.
[2]Source: IPE, June 2016. Insight is ranked third out of the top 120 European institutional managers by total AUM for external Europe-domiciled institutional clients.
[3]Data as at 30 September 2017. AUM are represented by the value of cash securities and other economic exposure managed for clients.
Invesco Invesco is one of the world’s leading independent global investment firms, solely focused on investment management. With 6,994 employees worldwide as at 30 September 2017, the firm directs all of its intellectual capital, global strength and operational stability toward helping investors achieve their long term financial objectives. By delivering the combined power of the firm’s distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to retail and institutional clients around the world. Operating in over 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ.
Invesco offers diversified investment strategies spanning all major equity, fixed income, asset allocation and alternative asset classes. These strategies are managed across various worldwide investment centres, each of which focus on distinct asset classes, investment styles or regional expertise and adhere to clearly defined investment philosophies aligned with client expectations. Each team is able to operate independently, allowing them to follow and further their specific investment style and expertise.
Please 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. for more detail.
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.
Janus Henderson Formed in 2017 from the merger between Janus Capital Group and Henderson Group, we are committed to adding value through active management. We have US$360.5bn in assets under management, more than 2,000 employees and offices in 27 cities worldwide (as at 30 September 2017).We offer expertise across all major asset classes, with investment teams situated around the world.

We are delighted to sign up to the Code of Transparency providing clear and transparent reporting of costs for our LGPS clients and we are proud of our long association with public sector funds. We have a long history of working with LGPS pension funds and are currently manage over £2.7bn( as at 30 September 2017) for 18 local government pension schemes across a range of asset classes and innovative investment solutions.

For more information please contact Mark Fulwood ( This email address is being protected from spambots. You need JavaScript enabled to view it. ) and Oliver Miller ( This email address is being protected from spambots. You need JavaScript enabled to view it. ).

J.P. Morgan Asset Management J.P. Morgan Asset Management is committed to delivering excellence in investment performance, the broadest range of products, and the highest quality of client service and global coverage. With more than 1,100 investment professionals based in over nearly 20 countries worldwide, our significant resources span all the major asset classes, from traditional equities, bonds and cash to alternative strategies – including hedge funds, private equity and property. Our enduring commitment to putting clients’ interests first sits at the heart of our fiduciary responsibility, underpinning every decision we make on their behalf. It is this commitment that empowers us to develop world-class investment solutions, offer actionable advice and execute strategies designed to generate the excess returns our clients need.
Jupiter Asset Management Founded in 1985 as an independent investment manager, Jupiter has become one of the UK’s most successful and respected asset management groups. Headquartered in London with offices in Europe and Asia and a distribution reach that includes the Middle East and Latin America, the company employs over 500 people worldwide and manages £50.2bn (as at 31.12.17) on behalf of institutional and retail investors. As a dedicated, active fund manager, we seek to add value for our clients through the delivery of investment outperformance over the medium to long term.
For over thirty years we have successfully employed our active investment management approach based on original thought and true conviction investing. We believe that the key to our continued success is our ability to attract and retain talented investment managers who are committed to seeking outperformance over the medium to long term. Having the right human talent and nurturing an environment where they can thrive is a central part of our commitment to our clients. As we have grown, our strong culture has been essential in keeping our entrepreneurial, talent-driven spirit.
Jupiter offers a broad range of actively managed strategies including equities, fixed income, multi-asset, multi-manager and absolute return. As such we have a range of investment solutions with the potential to meet the long-term needs of our clients and to help partner with institutional investors.
As part of our commitment to offering the best investment solutions for our clients we recognise the importance of full disclosure and transparency when reporting to clients. We are therefore delighted to adopt and support the LGPS Code of Transparency.
For more information please contact Jill Barber This email address is being protected from spambots. You need JavaScript enabled to view it. / 020 3817 1151
Kames Capital Kames Capital is a UK-based investment management business. From Edinburgh, London and The Hague our 94 investment professionals manage £44 billion* on behalf of UK and international clients, including pension funds, financial institutions, charities, wealth managers, family offices and individuals. We have capabilities in fixed income, equities, property, cash and multi-asset investing and invest to meet a range of client objectives, including growth, income, total return and absolute return. We are also a global leader in sustainable investing.
Our mission is to use our investment management expertise to help people achieve a lifetime of financial security. We aim to:
  • Deliver superior investment performance that meets or exceeds our clients’ expectations with an appropriate level of risk;
  • Build long-term, trusting relationships with our clients by providing industry-leading levels of service; and
  • Provide a robust, efficient and compliant operational platform that supports our clients’ investment needs.
Kames Capital is part of Aegon Asset Management, an international group of investment management businesses owned by Aegon NV, one of the world’s leading providers of financial services.
KBI Global Investors KBI Global Investors (KBIGI) is a specialist equity boutique, established in Ireland in 1980 with AUM over £8.9 billion* (at 31/12/2017). KBIGI offers clearly differentiated, actively managed global long only equity products to its institutional clients, on a segregated and unitised basis.
Our primary objective is to enhance investment performance through specialisation and innovation. We offer two suites of highly differentiated investment strategies. We were first to develop a fully diversified “all industries and regions” global equity strategy, using a dividend based methodology – and, guided by our principle of being first to market with value-adding investment themes of the future, were amongst the vanguard in launching a range of natural resource solution strategies (Water, Agribusiness and Energy Solutions), propositions which we continue to evolve. Continuing this innovation, KBIGI are the first company to launch a sustainable listed infrastructure strategy.
We are committed to the LGPS market and fully support the Code of Transparency to enable full and transparent reporting to clients.
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.
Loomis, Sayles Investments Limited Loomis, Sayles & Company is headquartered in Boston, MA and has global offices in the UK and Singapore. Since 1926, Loomis has operated with integrity to deliver superior risk-adjusted performance and desired solutions to our institutional and mutual fund clients world-wide, including our UK LGPS clients. With assets under management of close to £198.5 billion (as at 31st December 2017), we take an opportunistic approach to investing across a broad offering of actively managed fixed income and equity strategies, fuelled by disciplined and comprehensive fundamental and quantitative research. We believe in clear and transparent reporting and are very pleased to commit to the Code of Transparency. For more information please contact Chris Yiannakou at This email address is being protected from spambots. You need JavaScript enabled to view it. .
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.
Macquarie Capital (Europe) Ltd Macquarie’s Portfolio Solutions team is a specialist transition manager with a proven track record delivering independent, confidential fund transition services globally.
Working closely with our clients through planning and execution, our structure delivers an unbroken chain of care to clients and exceptional market access to the world-wide liquidity of a diversified financial group.
We offer a bespoke transition service to LGPS funds, with particular expertise in multiple scheme transitions and fund consolidations. Our offering is founded on a deep commitment to transparency, evidenced by the many innovations made in this area, including independent third party performance analysis, transparent track records and full attestation of revenues.
We are proud to sign up to the Code of Transparency as part of this commitment.
For more information, please contact Graham Cook: 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.
Macquarie Investment Management Macquarie Investment Management is a global asset manager with offices throughout the United States, Europe, Asia, and Australia. As active managers, we prioritise autonomy and accountability at the team level in pursuit of opportunities that matter for clients. Our conviction-based, long-term approach has led institutional and individual clients to entrust us to manage £187 billion in assets as at 31 December 2017. Macquarie Investment Management is a division of Macquarie Asset Management, a global asset manager with £273 billion in assets under management as at 31 December 2017.
We are able to offer LGPS Funds and LGPS investment pools access to our global investment platform including our equities, fixed income and multi-asset investment capabilities. Our commitment to fostering long-term partnerships with our clients aligns us with the long-term investment objectives of the LGPS, and signing up to the LGPS Investment Code of Transparency forms part of this commitment.
For further information please contact Gillian Evans This email address is being protected from spambots. You need JavaScript enabled to view it. or Peter Douvos 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.
Man Group Man Group is a global active investment management firm, which runs $112.7bn (as at 31 March 2018) of client capital in liquid and private markets, managed by investment specialists based around the world. Headquartered in London, the firm has 15 international offices and operates across 25 jurisdictions. Our business has five specialist investment engines, which represent the range of our capabilities: Man AHL, Man Numeric, Man GLG, Man FRM and Man GPM.
These engines house numerous investment teams, working collaboratively within the framework of Man Group, with a high degree of investment autonomy. Our clients are at the heart of everything we do and we engage in close dialogue with our investors as strategic partners, including through our Man Solutions offering, to understand their particular needs and constraints. Man Group’s investment teams are empowered and supported by our institutional infrastructure and technology, which aims to facilitate the most efficient exposure to markets and effective collaboration across the organisation.
As the stewards of our clients’ capital, Man Group is firmly committed to the LGPS Code of Transparency and to providing our LGPS clients with a transparent and consistent approach to the reporting of costs.
For more information please contact Harry Skaliotis This email address is being protected from spambots. You need JavaScript enabled to view it. or Catherine Halford Riera This email address is being protected from spambots. You need JavaScript enabled to view it.
Marathon Asset Management Marathon Asset Management is an independent, privately owned investment management firm based in London. Founded in 1986, Marathon has successfully applied longer-term and often contrarian strategies in its equity investments around the globe on behalf of its institutional client base. Marathon is committed to the LGPS Code of Transparency in providing transparent cost reporting to its local authority clients.
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.
MFS MFS Investment Management is a Boston based global asset manager with capabilities spanning all major asset classes and managing £353bn for clients as at 30 September 2017. MFS is distinguished by its collaborative, research-intensive investment approach. With investment offices 9 locations around the world, MFS equity and fixed-income analysts work together to form integrated global sector teams. MFS' investment teams utilize both fundamental and quantitative research techniques to construct portfolios designed to meet its clients’ expectations. We offer our clients a wide range of innovative global investment solutions covering equities, fixed income and multi-asset strategies. In line with the firm’s strong commitment to product integrity, risk management and capacity are carefully monitored by the investment teams. Guided by a client-focused business strategy, MFS has been serving institutional investors and their consultants for more than 40 years.
MFS are highly focused on client alignment and fully support the Code of Transparency as it reflects our own commitment to providing clear and transparent reporting of investment costs.
For further information, please contact Maddi Forrester ( This email address is being protected from spambots. You need JavaScript enabled to view it. ) or David Holding ( This email address is being protected from spambots. You need JavaScript enabled to view it. ).
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

Morgan Stanley Since it was established in 1975 Morgan Stanley Investment Management (MSIM) has provided client-centric investment and risk-management solutions to a wide range of investors and institutions. Our clients include corporations, pension plans, intermediaries, sovereign wealth funds, central banks, endowments and foundations, governments and consultant partners worldwide. Investment strategies span the risk/return spectrum across geographies, investment styles and asset classes, including equity, fixed income, alternatives and private markets.
MSIM is committed to providing clear and transparent reporting to its Local Government Pension Scheme clients and is delighted to adopt and endorse the Code of Transparency.
For further information please contact Peter Escott This email address is being protected from spambots. You need JavaScript enabled to view it. or Richard Lockwood This email address is being protected from spambots. You need JavaScript enabled to view it.
M&G M&G Investments is the European asset management arm of Prudential plc, operating in the UK, Europe and Asia. As a trusted partner, our clients’ individual needs, including those of more than 50* LGPS clients, are at the heart of our business. We align our interests with those of our clients and develop value-based strategies to generate strong and consistent returns. Our goal is to help our clients meet their long-term liabilities regardless of the market environment.
With over £298 billion* of assets under management (including £135 billion* on behalf of our parent company) across fixed income, equities, multi-asset strategies and real estate and over 400* investment professionals (including what we believe to be one of Europe’s largest credit research teams), we have the scale and expertise to offer tailored investment solutions across a wide range of risk and return requirements.
For further information, visit www.mandg.co.uk/institutionsor contact the following representatives:
  • Fixed Income: Andrew Swan at This email address is being protected from spambots. You need JavaScript enabled to view it.
  • Multi Asset and Equities: Grant Hadland at This email address is being protected from spambots. You need JavaScript enabled to view it.
  • Real Estate: Lucy Williams at This email address is being protected from spambots. You need JavaScript enabled to view it.

Source: M&G Investments as at 31 December 2017.

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.
Oldfield Partners Oldfield Partners LLP ("OP"), began operations in March 2005 and is majority owned by the executive partners. The firm manages US$4.9 billion for a global client base that includes pension funds, endowments and foundations, charities, family offices and high net worth individuals. The firm manages equity portfolios with a disciplined value style and a distinctive approach: a limited number of holdings, long-only, no leverage, diversified, index-ignorant and suspicious of short-termism.
Pictet Asset Management Pictet Asset Management has been managing UK Pension Fund assets for over 25 years. We have had an office in London since 1980. This is an investment centre with over 200 employees where we have an institutional team looking after our UK clients. We are part of the Pictet Group, founded in Geneva in 1805. We are an independent asset manager offering investment services around the world. Our key investment capabilities include: Multi Asset, Emerging Markets Debt, Global Fixed Income including Absolute Return Fixed Income, Global Thematic Equities and Alternative Investments. We manage £146 billion in assets as at the end of December 2017.
PIMCO PIMCO is one of the world’s premier fixed income investment managers. We have offices across the globe and 2,200 professionals united by a single purpose: creating opportunities for investors in every market environment. In the 45+ years of experience in managing investment assets, we have continued to bring innovation and expertise to our partnerships with clients, as we seek out the best investment solutions. PIMCO partners with a wide range of institutions, including corporations, central banks, universities, endowments and foundations, and public and private pension and retirement plans. PIMCO has developed a distinct top-down, bottom-up investment process that has been tested in every market environment. This process is fundamental to our firm and guides our efforts on behalf of clients.
PIMCO has extensive experience partnering with pension fund clients in the UK, including local government pension schemes, across a broad array of investment strategies.
We are proud to support the LGPS Transparency Code as we recognise the importance of greater transparency in the reporting of costs for our clients.
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.
Record Currency Management Founded in 1983, Record Currency Management (“Record”) is one of the world’s largest and longest standing independent currency managers. Record is headquartered in the UK, with offices in Switzerland and the United States. We have a history of offering superior currency hedging and investment solutions to a broad range of institutional clients around the world, and presently (as at 29 December 2017) manage £47.3bn ($63.9bn) in assets for clients. Record is a fully-owned subsidiary of Record plc, which is listed on the Main Market of the London Stock Exchange since 2007 (REC.L).
Record’s commitment to the LGPS Cost Transparency Code is fully aligned with our position as an independent currency manager, acting solely on our clients’ behalf, and promoting the highest standards of transparency and market conduct. Since its foundation 35 years ago, Record has always represented independent and unconflicted best practice in the foreign exchange markets. We are delighted that regulatory developments and market practice are encouraging greater transparency and disclosure. The move toward investment fee transparency and consistency is seen by Record as an important factor in the LGPS being perceived as a value led and innovative scheme. We look forward to continuing our work with the Pension Scheme Advisory Board to bring about further enhancements to transparency and disclosure, both within the LGPS and more broadly.
For further information please contact Carl Beckley by email ( This email address is being protected from spambots. You need JavaScript enabled to view it. ) or telephone (+44(0)1753 852 222).
Royal London Asset Management Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.
RLAM manages in excess of £3.6bn on behalf of 50 local authorities, including 14 LGPS funds and 36 local authority treasury clients (as at 31 August 2017). For local authority pension funds, RLAM offers a suite of solutions for schemes looking for capital growth, or for a way to meet their future liabilities. RLAM also manages a range of cash and short dated bond funds for councils’ treasury assets, helping to meet their security and liquidity objectives.
For more information on RLAM’s LGPS capabilities, please contact This email address is being protected from spambots. You need JavaScript enabled to view it.
Ruffer Ruffer LLP is a privately owned multi-asset absolute return manager and has managed clients’ assets according to this philosophy since the firm started in 1994. Our approach is entirely unbenchmarked as we believe it is our role to manage the market risk on behalf of our clients rather than transferring it onto them through a market-weighted benchmark. We aim to preserve our clients’ capital and to achieve returns ahead of cash, by investing in a long-only portfolio of predominantly conventional assets. By managing all aspects of the portfolio construction, we are able to control and provide transparency of costs to end investors, and in that context we are delighted to support the Code of Transparency. Ruffer has been managing assets on behalf of local authorities since 2004.
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.

SKAGEN SKAGEN Funds, part of the Storebrand Group, is a Scandinavian fund management boutique specialising in long only equity fund management. Established in Stavanger in 1993 with the goal of becoming the world’s best fund manager in terms of risk-adjusted returns, communication and service, SKAGEN has steadily grown to become a successful international boutique asset manager with £6.5bn under management (as at 31/03/2018).
At SKAGEN we pursue a value-based, bottom-up, active, long-term investment approach with broad, unconstrained mandates and a strong focus on ESG – a philosophy based on common sense.
We are committed to providing transparency of costs and are delighted to support the LGPS Code of Transparency. Please contact Kieran O’Donnell This email address is being protected from spambots. You need JavaScript enabled to view it. for more details.
Schroders Schroders has £418.2 billion of assets under management and administration, across a wide range of asset classes and products. We are a global, independent asset management company with over 200 years of experience in the world’s financial markets and a firm continuity of ownership. Schroders is a leading manager of local authority pension schemes, managing £11.2 billion of UK pension fund assets on behalf of 47 local authorities*. Local authorities are a key focus for our business. With extensive experience developed over 30 years, we have an in-depth understanding of the issues facing local authority pension funds. We fully support the Code of Transparency and clear and transparent reporting for our clients.
Please contact Claire Glennon This email address is being protected from spambots. You need JavaScript enabled to view it. or Geoff Day This email address is being protected from spambots. You need JavaScript enabled to view it. for more detail.
Source: Schroders. All figures quoted as at 30 June 2017 except * As at 31 March 2017.
State Street Global Advisors

For nearly four decades, State Street Global Advisors has been committed to helping our clients, and those who rely on them, achieve their investment objectives. We partner with many of the world’s largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process spanning both indexing and active disciplines. With trillions* in assets, our scale and global reach offer clients unrivaled access to markets, geographies and asset classes, and allow us to deliver thoughtful insights and innovative solutions.
State Street Global Advisors is the investment management arm of State Street Corporation.
* Please note that AUM totals are unaudited. AUM reflects approx. $2.78 trillion (as of 31 December, 2017) with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
For more information please contact: Andrew Benton 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.
Veritas Asset Management Veritas Asset Management LLP (Veritas) focuses on active equity management, utilising its proprietary Real Return Approach. Veritas has managed UK Local Government Pension Schemes since 2010 and is proud to adopt and support the Code of Transparency. For further information, please contact, Antony Burgess on This email address is being protected from spambots. You need JavaScript enabled to view it. or James Trietline on This email address is being protected from spambots. You need JavaScript enabled to view it.
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. .