Transition Manager JPM-FBI

Tender description

Transition manager, who will manage the divestment from J.P. Morgan and investment into the LGPS Central FBI fund. The transition manager will reduce costs by transitioning assets 'in-specie' where possible and position the assets into the desired portfolio for the new investment. Staffordshire Pension Fund invests in a variety of listed equity assets. At the Pensions Panel on 6 June 2023, Members approved an increase in the Fund's allocation to Factor-Based Investment (FBI) equities from 5.0% to 8.8% of the Fund. As part of this approval, an allocation of 4.4% (c£295m) of the Fund was awarded to a new investment, the LGPS Central All World Equity Climate Multi Factor Fund. The assets to fund this investment were approved to be taken from an existing manager, J.P. Morgan, who currently manage over 10% of Fund assets.