Brunel Pension Partnership to save £13m asset management costs

The £23 billion (€27 billion) Brunel Pension Partnership – an asset pooling service created for UK local authority pension funds – has appointed specialist advisers.

JLT Employee Benefits (JLT) and asset management consultancy Alpha FMC have won a contract to advise the service.

This is JLT’s first contract since expanding its offering to include local government pension schemes and the firm says it expects to be able to save BPP £13 million year until 2021.

The BPP is a result of a government initiative from 2015, which pooled the assets from 89 local authority pension schemes into eight. The aim was to achieve lower investment management costs and more effective management of assets.

Savings may rise to £70 million per year in the longer term through increased economies of scale and improved investment performance, according to JLT.

Alpha FMC will advise BPP on its Financial Conduct Authority submission as well as the design of its operating model.

Andrien Meyers, JLT senior consultant, and Jon Benson, Alpha FMC’s head of pensions practice, will lead the investment advisory team.

©2016 funds europe

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