The London Borough of Bexley Pension Fund (the Fund) has announced it has selected Redington as investment consultant.
The £1 billion London Borough is part of the Local Government Pension Scheme (LGPS) and has around 17,000 members.
A key priority for the Fund has been developing its approach to responsible investment and stewardship, alongside evolving strategic asset allocation. A core focus of the mandate going forward will be supporting the investment committee on further progressing its investment objectives in both areas, recognising the need to focus on climate risk management.
Last year Redington hired long-standing LGPS investment director, Jill Davys, to lead its work with local authority pension funds and develop innovative new solutions to help schemes navigate the increasingly complex world of investment strategy, risk management and manager selection.
Jill Davys, Head of LGPS at Redington, commented: “The investment landscape has never been more complex for the LGPS, particularly given the increasing emphasis on responsible investment and stewardship. Against this backdrop, it’s been hugely encouraging to see so many funds wanting to channel their influence in this area to greater effect. “Bexley is in a strong position and we are hugely excited by the opportunity to partner with them to provide additional financial security for stakeholders and help build a more sustainable future”.
Phil Triggs, Tri-Borough Director (with Bexley having recently joined the shared service), commented: “We have always been very conscious of our duty as investors and are committed to demonstrating good corporate governance and responsibility via our investment strategy. Redington’s deep understanding of the challenges faced by the LGPS, coupled with its responsible investment expertise and structured approach to risk management, really set them apart during the selection process.
“The team’s input and expertise will be invaluable as the Fund progresses on the next stage of its journey.”
Overall Redington works with a range of LGPS clients representing more than £30bn of assets under management.