Access LGPS pool investments total £35bn

The Local Government Pension Scheme (LGPS) pool, Access, had invested a total of £35bn as at the end of December 2021, its LGPS Progress Update report 2022 has revealed.

Of this £35bn, £22.9bn was invested through its actively managed sub-funds within an Authorised Contractual Scheme (ACS), while £12.1bn was invested through jointly procured passive mandates with UBS.

The pool’s ACS, which includes 25 sub-funds, is operated by Link Fund Solutions.

Access is partnered with 11 local government authorities, concentrated primarily in the south and east of England.

As at December 2021, 57 per cent of Access’s funds were pooled, with 37.4 per cent as active sub-funds and 19.6 per cent as passive, while 43 per cent were non-pooled.

According to its report, Access’s gross savings, as at March 2021, were £42.3m, while its costs were £12.9m, resulting in net savings of £29.4m.

For 2022/23, Access is planning the further pooling of active listed assets within its ACS, and it will continue to monitor and engage with its jointly procured passive manager, UBS.

Earlier this year, Access appointed MJ Hudson as implementation adviser for the pooling of illiquid assets, with the firm to provide support to the pool in selecting individual investment opportunities and managers to build portfolios in “a range of illiquid assets”.

Commenting within the report, Access Joint Committee chairman and Hampshire Pension Fund Committee and Board chairman, Mark Kemp-Gee, said: "Access has launched four new sub-funds adding £3.2bn to the pool, partnered with Minerva Analytics in reviewing our responsible investment guidelines, appointed MJ Hudson as implementation adviser for alternatives investments and approved arrangements for local pension board observation of Joint Committee meetings.

“I would like to thank my fellow 10 Joint Committee members, each representing their respective authorities, along with the officers who support them, and the Access Support Unit.”

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