Code of Transparency - Manager list

Asset managers signed up to the ’Code of Transparency’ are listed below. LGPS asset managers are encouraged to sign up to the Code to demonstrate (among other things) their commitment to transparent reporting of costs.

Investment Manager Website  
abrdn offers investment expertise across all key asset classes, regions and markets so that our clients can capture investment potential wherever it arises. We manage over £460bn in assets on behalf of individuals, governments, pension funds, insurers, companies, charities and foundations across 80 countries.

By combining market and economic insight with technology and diverse perspectives, we look for optimal ways to help investors navigate the future and reach their financial goals. And by putting environmental, social and governance (ESG) considerations at the heart of our process, we seek to find the most sustainable investment opportunities globally.

We have worked closely with, and managed, LGPS assets since 1990. Today, we have over 70 direct LGPS clients with mandates across all asset classes and are delighted to be a signatory to the LGPS Code of Transparency.

For more details, please contact [email protected]

Adams Street Partners has been recognized as one of the most respected and experienced global private markets investment managers, established in 1972 and 100% employee-owned. Drawing upon 45+ years of private markets experience, Adams Street manages $40 billion in assets for more than 400 institutional investors, including public and corporate pension plans, sovereign wealth funds, endowments, foundations and family offices. Adams Street invests across primary, secondary, co-investment, growth equity and credit strategies. We employ more than 200 people operating from ten global locations and have invested with 400+ general partners in 30+ countries and currently hold 480+ advisory board seats. Adams Street’s integrated platform is organized to capture and leverage information advantages across each of our investment disciplines. With our shared network in both private equity and private credit, we strive to generate actionable investment insights across market cycles. Transparency and responsible investment is an integral part of the firm’s culture. We support the Code of Transparency and its commitment to transparent reporting. For more information, please contact Ana Maria Harrison ([email protected]) or visit

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.

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 [email protected]

Founded in 2002, Alcentra is one of Europe's largest, longest-tenured specialist managers of sub-investment grade debt. As of September 2019 we manage over $40 billion across six complementary public and private market credit strategies. Headquartered in London, we have offices in New York and Boston with representatives in San Francisco, Singapore and Hong Kong. Our institutional client base includes marquee global investors from corporate and public pension plans, insurance companies, government entities, endowments and foundations, family offices and private banks.

Since inception, our US and European product range has thoughtfully and deliberately evolved into a broad, highly complementary set of investment strategies and products. Across our investment strategies, we employ a disciplined, value oriented approach to evaluating individual investments and constructing portfolios.

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 ([email protected])

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 ([email protected]) for more details.

Data as of 30 June 2017. Includes AuM of entities held for sale.

For 60 years, American Century Investments has focused on delivering superior risk-adjusted performance and exceptional client service. The firm is an independent, privately-controlled company that provides institutional-quality, actively managed solutions. James E. Stowers Jr. founded the firm in 1958 in Kansas City, Missouri, with the vision to help people become financially independent. As of December 31, 2018, American Century had $149 billion in assets under management across five major disciplines: Global Growth Equity, Global Value Equity, Disciplined Equity, Global Fixed Income and Multi-Asset Strategies. The firm maintains a global presence with offices in Kansas City, Missouri, California, New York, London, Hong Kong and Sydney. Delivering investment results enables American Century Investments to distribute over 40% of its profits, in the form of dividends, to the Stowers Institute for Medical Research which was founded by Jim and Virginia Stowers in 1994. American Century recognizes the importance of fully disclosing costs to our investors and supports the LGPS Code of Transparency.

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, [email protected]

AQR takes a systematic, research-driven approach, applying quantitative tools to process fundamental information and manage risk. Our clients include institutional investors, such as pension funds, defined contribution plans, insurance companies, endowments, foundations, family offices and sovereign wealth funds, as well as RIAs, private banks and financial advisors.

Investment decisions across all strategies are made using a series of global asset allocation, arbitrage, and security selection models, and are implemented using proprietary trading and risk-management systems. Both the traditional benchmark and market-neutral strategies are managed by the same portfolio teams and driven by the same underlying research.

The firm has 30 principals and 579 employees; over one-third of employees hold advanced degrees. We are based in Greenwich, Connecticut, with offices in Australia, Dubai, Hong Kong, India, Germany, and the UK. As of December 31, 2022, AQR had approximately $95 billion* in assets under management.

Transparency is an important part of our firm’s culture, and we are proud to be a part of this commitment to transparent reporting.

For further details please contact Daniel Heffernan ([email protected]).

*Approximate, includes assets managed by AQR and its advisory affiliates.


Founded in 2008, Ardea is an asset manager which specialises in pure relative value fixed income investing. The business has £7.1bn of assets under management as at 31 Dec 2019.

With a firm belief that fixed income markets are structurally and persistently inefficient, Ardea has built a robust and repeatable investment process around identifying and capturing these inefficiencies. Portfolios are constructed in a highly risk-aware manner to deliver returns which are independent of market direction and lowly correlated to bond and equity market returns.

Ardea is majority-owned by the staff, which fosters alignment and team stability, while Fidante Partners holds a minority stake in the business, providing back office support, administration, and distribution services to Ardea in order to enable the team to focus on what they do best – investing.

As a manager of sizeable pension fund assets, Ardea has a strong focus on delivering the best outcomes for LGPS members as long-term stewards of their capital. We also support the Code of Transparency and full and transparent reporting to clients.

Ardevora is an independent global equity boutique. We use cognitive psychology to make active fundamental investment decisions and institutional investors from around the world have entrusted us with their assets. Our sole purpose is to protect and grow our clients' assets over the long term, and we are committed to doing this in a transparent manner as signatories to the LGPS Code of Transparency.

We build portfolios that are consistently different to the market and our peers. This is because we don't try to value companies, forecast their results, or indeed meet management. Rather, we seek to identify mistakes, both our own and those of others. Having a process focused on mitigating mistakes reduces risks while the mistakes of others creates investment opportunities.

For additional information, please contact Johan Fogsgaard [email protected] and Hugh Rittner [email protected] or visit

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, [email protected]

Founded in 1992, Ashmore is one of the world's leading investment managers dedicated to Emerging Markets. We pioneered investment in Emerging Markets at a time when such opportunities were considered by many to be unusual and risky. We believe strongly in the potential of Emerging Markets and their importance as a major asset class. Ashmore's portfolio management and research teams have developed an investment approach based on over two decades of Emerging Markets experience.

Ashmore focuses on a number of Emerging Markets investment themes including External Debt, Local Currency, Corporate Debt, Blended Debt, Equities, Alternatives, Overlay/Liquidity and Multi-Asset. Today, Ashmore has an active, collegiate, team-based approach to investing that benefits from access to local markets with offices in Colombia, India, Indonesia, Peru, Saudi Arabia, Singapore, and the UAE.

Testament to our long term commitment to the Emerging Markets is the confidence which central banks, government, local government (including LGPS schemes) and corporate pension schemes, institutions and high net worth individuals have demonstrated by investing with Ashmore.

We are delighted to adopt the Code of Transparency to underpin our commitment to clear and transparent reporting for our clients.

For further information, please contact [email protected]

Aviva Investors is the investment arm of Aviva plc, a multi-national financial services company. The roots of Aviva’s asset management business in the UK can be traced back to 1971, and the formation of Geoffrey Morley & Partners, a provider of independent investment management services to pension solutions. In September 2008 Aviva Investors became the trading name for a group of asset management businesses owned by Aviva plc under a single management structure and brand.

Aviva Investors is a global asset manager with a broad range of expertise across asset classes, managing over £330bn of assets. We aim to deliver the specific and meaningful outcomes that matter most to today’s investor. We focus on what we do best, and on capabilities and propositions that build on our heritage in managing long-term savings. Our investment desks share a common investment goal and our investment services include: Credit strategies, Global and regional equity strategies, Multi-asset and macro strategies, real assets and a solutions business.


Acting for human progress by investing in what matters

Our approach combines embedded responsible investing principles, active management, and a long-term investment horizon. This enables us to uncover what we believe to be the best global investment opportunities across alternative and core asset classes.

We see partnership with our clients as a vital part of what we do. This helps us to create innovative investment solutions with a clear understanding of the opportunities and challenges faced by the LGPS.

We are 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: [email protected]

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 [email protected] or Piers Lowson [email protected] for more details.

Barings is a $305 +billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, we have the financial stability and flexibility to take a long-term approach. With 1,800+ professionals across offices in 16 countries, Barings’ global footprint gives us a broader perspective, access to a diverse set of opportunities and the ability to truly partner with our clients to invest across global markets. Barings is delighted to provide its support to the LGPS code of transparency. Please contact Neil Godfrey: [email protected] or Alex Harley: [email protected] for more detail *All figures are as of March 31, 2018.

Awaiting information

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 [email protected], Katie Jupp [email protected], or Peter Hunt [email protected] for further details.

BNP Paribas Asset Management is the investment management arm of BNP Paribas, one of the world’s major financial institutions. Managing and advising on assets of EUR 568 billion (as at 31 March 2018), BNP Paribas Asset Management offers a comprehensive range of active, passive and quantitative investment solutions covering a broad spectrum of asset classes and regions. With more than 500 investment professionals and around 400 client servicing specialists, BNP Paribas Asset Management serves individual, corporate and institutional investors in 72 countries around the world. Since 2002, BNP Paribas Asset Management has been a major player in sustainable and responsible investing. We are very pleased to support the LGPSAB Code of Transparency.

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 ([email protected]) for further details.

Border to Coast Pensions Partnership is a pool of 12 Local Government Pension Scheme funds with collective assets under management of c. £47bn. Border to Coast will be investing on behalf of Bedfordshire, Cumbria, Durham, East Riding, Lincolnshire, Northumberland, North Yorkshire, South Yorkshire, Surrey, Teesside, Tyne and Wear and Warwickshire. As a customer-owned and customer-focused organisation, Border to Coast is committed to providing clear, concise and fully transparent reporting to its customers and other stakeholders. Border to Coast is also a strong advocate of responsible investment and holding companies to account on environmental, social and governance issues and views that transparency in reporting is a key part of this. Border to Coast expects the same values from those asset managers with whom we work. Find out more at

Contact Andrew Stone or Mathew Dawson at [email protected]

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 Contact: Matthew Trebilcock, Client Relationship Director, [email protected]

Canada Life was founded in 1847, our parent business is part of the Great-West Life Group, which manages £750 billion in assets, across the globe. In our 100-strong London office, Canada Life Investments manages more than £37 billion in fixed income, property and equities, as well as a comprehensive multi-asset range. We believe we are able to offer the size and financial strength of a large global institution, as well as the customer focus and service levels of a boutique organisation.

For more Information on Canada Life Investments, please contact James Stoddart at [email protected]

Details to follow

Capital Dynamics has longstanding relationships with many LGPS investors and fully supports the LGPS Code of Transparency. Capital Dynamics is an independent global asset management firm focusing on private assets including private equity, private credit, and clean energy infrastructure. Capital Dynamics offers a diversified range of offerings and customized solutions for a broad, global client base, including the LGPS. The firm oversees more than USD 17 billion in assets under management and advisement.

Capital Dynamics’ roots go back to 1988, the year our predecessor (Westport Private Equity) was founded in the UK. Our headquarters were established in Zug, Switzerland in 1999. The firm employs approximately 160 professionals globally and maintains offices in New York, London, Paris, Tokyo, Hong Kong, San Francisco, Munich, Milan, Birmingham, Dubai and Seoul.

In 2020, Capital Dynamics was awarded the highest rating (A+) from the Principles for Responsible Investment for (i) Strategy & Corporate Governance, (ii) private equity strategy, and (iii) clean energy infrastructure strategy.

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 [email protected] or Louise Barnard [email protected] for more details.

CBRE Global Investors is a global real assets investment management firm with £84.1 billion under management. The firm sponsors investment programmes across the risk/return spectrum for investors worldwide on behalf of over 550 institutional investors in real estate and infrastructure. In the UK, CBRE Global Investors is dedicated to property asset management and has operated in the UK since 1972.

CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), and harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services company for the benefit of its investors.

Our purpose is to achieve our clients’ performance targets consistently, to conduct our affairs with integrity and to report them accurately and clearly. We believe income, not only capital value growth, will be the dominant component of total returns and so we aim for above-average income yields for all our funds. Risks must be understood before they can be managed and we operate within a rigorous risk framework to meet our clients’ risk/return requirements.

Please contact Alice Wilcox [email protected] for more details.

Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. With $24 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, best in class execution and investment are driven by more than 80 professionals in New York, Charlotte and Chicago. More information can be found at

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 [email protected] for more details.

CQS is a credit-focused multi-strategy asset manager founded in 1999.

Our Firm’s deep experience allows us to offer solutions for investors across a range of return objectives and risk appetites. CQS is an active asset manager with expertise across corporate capital structures including corporate credit, structured credit, asset backed securities, convertibles, loans and equities. We are committed to delivering performance and high levels of service to our investors.

CQS has offices in London, New York, Hong Kong and Sydney. Our investors include pension funds, insurance companies, sovereign wealth funds, funds of funds, endowments and foundations, and private banks.

For further information please contact [email protected], +44 207 201 6900.

Awaiting information

Dalmore Capital is an independent fund management company that seeks to provide its institutional investors with access to long-term investment opportunities in limited volatility infrastructure assets.

The firm was formed in 2009 by Michael Ryan, John McDonagh and Alistair Ray, each of whom has significant experience in making and managing infrastructure investments. The founders have worked together in previous firms for many years.

The investments made by Dalmore Capital are in infrastructure assets that are involved in the provision of essential public services. This includes schools, hospitals, roads, utilities, trains, waste treatment and renewable energy generation.

Dalmore’s primary investment focus is on assets located in the UK, although Dalmore also manages assets in Ireland, Continental Europe and Canada.

Dalmore manages over £5.2 billion of capital sourced from leading institutional investors globally. Its funds have invested in over 130 infrastructure assets through commingled discretionary funds and co-investment vehicles.

Darwin Alternative Investment Management Limited offers innovative, alpha-driven investment solutions and aims to provide long-term investors with stable absolute returns which can enhance capital and provide predictable levels of income.

The Darwin approach combines the very best of strategic thinking with that of traditional fund management evaluation. We understand that investors need regular streams of income that they can rely on, but recognise that traditional sources such as cash and bonds do not always provide the best solution. Our investment solutions are designed to ensure that investors can meet their payment liabilities.

At Darwin Alternatives, we believe that diversification away from mainstream assets is key to generating the best possible returns for an investment portfolio. We therefore offer investment strategies that are completely uncorrelated with traditional asset classes such as equities, bonds and property.

With €833 billion of assets under management (September 2022), 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 [email protected] or [email protected] for further details.

Established in 1930 in San Francisco, Dodge & Cox is one of the most experienced and largest independent money management firms in the world. The firm provides professional investment management services to individuals, advisors, corporations, retirement funds, and tax-exempt institutions through funds and separate accounts, including the Dodge & Cox Worldwide Funds, which are available in the UK. Dodge & Cox’s independence allows the firm to make decisions we believe to be in the best long-term interests of clients and shareholders. The firm's investment philosophy is built on traditional principles: maintaining a long-term focus, conducting independent research, and employing a rigorous price discipline. Dodge & Cox is pleased to adopt the LGPS Code of Transparency.

DTZ Investors is a pan-European real estate investment and asset management company. Our team of over 100 property specialists manage more than €10bn of direct and indirect property. As part of Cushman & Wakefied, with over 300 offices worldwide, we enjoy excellent local market knowledge and immediate access to stock across the globe.

LGPS are a significant and important part of our client base in the UK. LGPS business matters to us and our risk management, corporate governance and reporting procedures have been developed over our 50-year history with LGPS clients in mind. We have signed up to the LGPS Investment Code of Transparency because we appreciate this is an important issue to our LGPS clients. We are delighted to say that adhering to the Code has meant no material change to our processes, as transparency is one of our core values.

Energy, Sustainability and Governance (ESG) issues form an important part of our investment and assets management process. We have been a UK PRI signatory for four years and achieved an ‘A’ rating in Strategy, Governance and property for 2017 and 2018. We have also participated in the Global Real Estate Sustainability Benchmark (GRESB) for four years, improving year on year.

East Lodge Capital Partners LLP is a London-based alternative investment firm that was founded by Alistair Lumsden in August 2013. The East Lodge Capital Credit Opportunities Master Fund, Ltd. was launched in April 2014 and invests primarily in Global Structured Credit and European Direct Lending strategies. The strategy has a broad mandate, and can invest in any area of the structured credit universe where the investment team believes there are compelling opportunities. The firm currently manages asset of approximately $1.6bn with clients including public funds in the US and institutional investors in North America and the Middle East and has recently launched a long only fund focused on the European structured credit markets. East Lodge Capital is committed to the LGPS market and is please to adopt the Code of Transparency to encourage full and transparent reporting to clients. Contact: Kerry Duffain [email protected] for more details.

Awaiting Information

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; [email protected],

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. Fidelity International and Fidelity Canada are jointly responsible for total client assets of £570.1 billion across Asia Pacific, Europe, the Middle East, South America and Canada. 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 [email protected] or [email protected]

Fiera Capital Corporation is an independent global asset management firm with approximately c.£100bn in AUM as at 30th June 2023. The company has a 20-year track record of delivering returns through customised multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients in Europe, North America and key markets in Asia. Fiera’s European headquarters is in Mayfair, London, houses an equity focused asset manager, with a highly qualified team of dedicated investment professionals at its heart, and is also home to colleagues in the Fiera Real Estate UK and Fiera Infrastructure business divisions. By offering access to private market strategies, our belief is the blend of private and public market solutions, will help provide our clients with innovative investment ideas in this changing world. Fiera Real Estate is a global real estate investment management firm with over £5.0bn AUM as at 30th June 2023. The company provides direct real estate investment opportunities to institutional investors and high net worth investors and have over a 30-year track record of delivering returns. Fiera Capital provides Fiera Real Estate with access to global investment market intelligence, which enhances its ability to innovate within a framework that emphasises risk assessment and mitigation. For more information, please contact Mandy Adamou at [email protected]

First Sentier Investors is a global asset management business with experience across a diverse range of asset classes and specialist investment sectors. We are stewards of over USD143 billion (Source: Commonwealth Bank of Australia financials as at 31 December 2018) in assets managed on behalf of institutional investors, pension funds, wholesale distributors, investment platforms, financial advisers and their clients worldwide. We are headquartered in Sydney and operate in Europe, Asia and the US.

We have 17 investment teams operating across Equities, Fixed Income, Alternatives and Multi-Asset. Each investment team comprises experienced specialists and analysts who set their own investment philosophy and are not constrained by one overarching investment style or process. The common threads which exist between our teams are the strong sense of responsibility they have as stewards of our clients’ assets and their long-term investment horizons that align with the investment timeframes of our clients.

Stewart Investors is an investment team within First Sentier Investors which manages portfolios on behalf of clients in Asia Pacific, Emerging Markets, Worldwide and Sustainable Development equity investment strategies. The team has a distinct culture and investment philosophy that is unchanged since the launch of their first investment strategy in 1988.

The principle of stewardship has remained central to Stewart Investors’ investment philosophy. We are long-term investors and have held some shares for over 20 years - when we make an investment, we regard ourselves as buying shares, on behalf of our clients, in a real business. Our investment style is inherently conservative and by focusing on the potential downside as well as on the upside when making any investment decision, the risk to long-term client returns is significantly reduced. Capital preservation is as important to us as capital growth. We adopt an absolute return mindset to avoid being carried away by indiscriminate euphoria.

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: [email protected].

FountainCap Research & Investment (Hong Kong) Co., Ltd. is a long-only equity fund manager focusing on global long-term opportunities that benefit from China's fundamental transformation. We have a relentless focus on researching and understanding the dynamic changes of the Chinese economy. We read China not as a large homogenous country but a composition of 33 states (provinces), each with its own economics and demographics as well as its own cultural status. Having an in-depth understanding of the varying social and economic development factors within different tier cities in China not only can help validate the growth prospect of existing industry leaders but can also lead to the discovery of opportunities that are often not understood or not identified by the public. We employ a bottom-up approach in selecting stocks of quality companies with strong fundamentals that we can hold over the long run. All of these translate into an investment portfolio that is well positioned to capture China’s ongoing growth and transformation.

We fully support clear and transparent reporting to our clients and we are committed to the Code of Transparency. For more information please contact [email protected].

Franklin Templeton Investments is one of the world’s largest dedicated asset management companies. For more than six decades, we have been committed to delivering exceptional risk-adjusted returns over the long-term. A single-minded focus on investment excellence supported by a global presence and perspective enables us to offer a breadth of solutions that few can match. Franklin Templeton’s institutional business development and client servicing teams have considerable experience in providing tailored services to local authority and corporate pension funds, consultants, charities, and other institutional investors.

We are delighted to support the LGPS Code of Transparency and are committed to providing our clients with full and transparent reporting of costs.

For more information please contact Chris Orr ([email protected] / 020 7073 8552).

We are an independent global asset management firm built by investors, for investors. We excel by focusing on truly active management of differentiated investment strategies. Founded in 1983, we invest our clients’ capital using active strategies across discretionary, systematic and specialist solutions. As our industry evolves, we develop new products with global appeal and attractive risk-adjusted returns to adapt to our clients’ changing needs. We are a truly global firm in scale and resources, yet small enough to remain nimble and flexible to meet clients’ needs. By focusing on superior investment returns, a differentiated product offering, global distribution strength and operating efficiency we seek to deliver sustainable growth for all stakeholders.

As a committed partner to the LGPS, we are delighted to support the Code of Transparency. Visit for further information or contact [email protected].

GCM Grosvenor is a global alternative asset management solutions provider with $76 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. It is one of the largest, most diversified independent alternative asset management firms worldwide. The Firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Syndey, serving a global client base of institutional and high net worth investors including a long-standing track record and experience working with LGPS clients.

GCM Grosvenor views Environmental, Social and Governance (ESG) issues as key elements of our investment strategy and an important aspect of our fiduciary responsibility to clients. Such principles apply to all investments across our alternatives platform. We are pleased to support the LGPS Code of Transparency and provide transparent cost reporting to our LGPS clients. For additional information, please contact: Florence Fox-Andrews at [email protected], +44 203 727 4458.

Genesis is a single strategy boutique manager focused on Global EM equity investments for sophisticated institutional clients. Portfolios are composed of a diversified set of long-term investments in quality businesses purchased at attractive prices. Founded in 1989 and based in London, Genesis is owned and operated by ten Partners, nine of whom are Portfolio Managers. Genesis is an affiliate of NYSE-listed AMG.

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 [email protected] or David Thomas [email protected]

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 [email protected].

HarbourVest is an independent, global private markets investment specialist with over 35 years of experience and more than $69 billion in assets under management, as of June 30, 2020. The Firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in commingled funds or separately managed accounts. HarbourVest has more than 600 employees, including more than 145 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $42 billion to newly-formed funds, completed over $25 billion in secondary purchases, and invested over $18 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, actionable insights, and proven results.

HarbourVest is a longstanding private markets partner for the LGPS, having worked with more than one-third that have experience investing in private markets. The LGPS represent 61% of all committed capital from our UK-based investors, with more than $6.3 billion committed to HarbourVest funds across all private markets strategies and geographies since 1991. HarbourVest is a proud signatory of the LGPS Code of Transparency.

Please contact Emily Archer [email protected] for more details of visit our website”

Harris Associates L.P. was founded in 1976 by dedicated investment professionals who believed that delivering successful investment results for clients requires a consistent investment philosophy, a commitment to superior investment research, and a high level of customer service.

We believe Harris distinguishes itself in its steadfast conviction to invest where we see the greatest value. This conviction, backed by discipline and consistency, forms the foundation of our philosophy: to pursue superior results over time by investing as owners in high-quality companies at a significant discount to their true economic value.

We put our philosophy into practice with a rigorous, fundamental research process. One distinctive aspect of our process is our generalist approach to finding and evaluating potential investments. Our experienced Research team analyzes value opportunities on an absolute basis, without regard to country, sector or industry. Our long-term investment horizon allows us to steer clear of the emotion of day-to-day stock price movements and instead concentrate on enduring business fundamentals.

Another advantage at Harris is that our portfolios are focused to enable our best ideas to exert a meaningful effect on performance.

Finally, we believe all of our clients deserve individual attention, and to that end, we strive to provide the highest quality of care while helping them pursue their investment objectives

Hearthstone was founded in 2009 as the UK’s first specialist residential property fund manager. It launched the TM home investor fund in 2012 and The Housing Fund for Scotland in 2014. In 2016, Hearthstone Investments Ltd entered into a joint venture with what is now the senior management team of Hearthstone Investment Management Ltd to launch a new business focused on managing institutional funds in this sector. Hearthstone’s consolidated Assets under Management are over £410 million.

For more information about Hearthstone and its services, please contact Michael Dinsdale: [email protected]

Hermes GPE LLP (‘Hermes GPE’ or ‘the LLP’) is a leading independent investor in global private markets. The business is a joint venture between its management team and Hermes Fund Managers Limited, an established investment management firm majority-owned by Federated Inc.

Headquartered in London, as at 31 December 2018 the firm employed 61 (2017: 51) staff globally, incorporating investment professionals, a finance and operations team, and investor relations teams. Hermes GPE is authorised and regulated by the Financial Conduct Authority in the United Kingdom and is an approved Alternative Investment Fund Manager, an approved promoter with the Guernsey Financial Services Commission, a Registered Investment Adviser with the United States Securities and Exchange Commission and has a financial services exemption with the Australian Securities and Investment Commission. Hermes GPE (Singapore) Pte Ltd, a subsidiary, is regulated by the Monetary Authority of Singapore. Hermes GPE (USA) Inc, a subsidiary, is a Registered Investment Advisor with the United States Securities and Exchange Commission. The LLP was established in accordance with the Limited Liability Partnership Agreement dated 24 December 2009 (the ‘Limited Liability Partnership Agreement’ or ‘LLPA’) as amended from time to time. The Partnership was registered in England & Wales on 21 September 2009.

Principal activity

The LLP acts as an investment manager and advisor, specialising in developing bespoke and diversified portfolios for clients that provide access to global private markets via fund investments, co-investments and direct investments in buyouts, growth businesses, infrastructure and renewables assets. In the main, these investments are made by funds managed by Hermes GPE which are subscribed to by clients. Such funds are long-term in nature, typically making and realising investments over a 10 to 20 year period. The Hermes GPE platform comprises of two distinct businesses, one investing in private equity and the other in infrastructure. The overriding objective is to offer clients the best and most relevant investment opportunities that match their risk / return criteria.

Business model

Hermes GPE is a leading specialist investor in global private markets with a track record which spans over 25 years and manages £8.2bn (2017: £8.0bn) of capital for leading global pension funds and institutional investors.

The private equity team has built up specialist fund and co-investment programmes which have generated gross returns of 1.6x and 13.0% IRR (‘Internal Rate of Return’) and 1.6x and 16.8% IRR respectively. Realised co-investments have generated gross returns of 1.8x and 21.2% IRR. The infrastructure team have established a shared platform for long term direct equity infrastructure investments, enabling institutional investors to access bespoke infrastructure investment solutions. The flagship infrastructure fund has generated gross returns from realised and unrealised investments of 10.5% IRR and a 9.0% cash yield.

The LLP manages private equity investments in 196 funds and 116 co-investments and infrastructure investments in 11 direct investments and two funds. The LLP generates revenues from management and advisory fees which it receives from clients in respect of these mandates.

HSBC Global Asset Management is the asset management division of and wholly-owned by HSBC Holdings plc, one of best capitalised and well reputed financial services organisations in the world. We offer LGPS clients a range of global and local investment capabilities including equity, fixed income, liquidity, alternative and multi-asset strategies and very much welcome the introduction of the Transparency Code. We believe that HSBC Global Asset Management is well placed to provide a globally-consistent, disciplined, investment process across our capabilities in order to deliver positive outcomes for our clients.


IFM Investors is a global institutional asset manager established in 1994 by Australian industry superannuation funds. Our purpose is to invest, protect and grow the long-term retirement savings of working people. We prioritize the interests of like-minded investors around the world, including pension funds, government entities, universities, family offices, insurers, endowment funds and foundations. IFM manages £116 billion for more than 600 such institutional investors globally across Infrastructure Equity, Debt Investments, Listed Equities and Private Equity. IFM is one of the largest Infrastructure managers in the world, with more than £60 billion under management across Infrastructure Equity and Debt.

IFM has managed LGPS capital since 2011. Today, capital entrusted to us by LGPS schemes from across the UK exceeds £2.5 billion. Transparency is embedded in IFM’s culture and we are delighted to publicly affirm this by committing to the LGPS Code of Transparency. All figures as at 31 December 2023.

Please contact IFM’s EMEA Investor Relations Team should you require any further information: [email protected]

Founded in 1998, Impax Asset Management (“Impax”) is a specialist asset manager focused on investing in the transition to a more sustainable global economy.

Capital markets will be shaped profoundly by global sustainability challenges, particularly climate change, environmental pollution, natural resource constraints, demographic and human capital issues such as diversity, inclusion and gender equity.

These trends will drive growth for well-positioned companies and create risks for those unable or unwilling to adapt.

Fundamental analysis which incorporates long-term risks, including environmental, social and governance (ESG) factors, enhances investment decisions.

Impax invests in companies and assets that are well positioned to benefit from the shift to a more sustainable global economy. Across investment portfolios, Impax seeks to invest in higher quality companies with strong business models that demonstrate sound management of risk. Impax offers a well-rounded suite of investment solutions to global investors, spanning multiple asset classes seeking superior risk-adjusted returns over the medium to long-term. Impax manages funds and accounts in four areas: actively managed long-only equity, fixed income, real assets and smart beta.

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’s association with Local Government Pension Schemes goes back 20 years, providing focused investment strategies and initiatives that recognise the specific needs of this sector. With a long-established reputation serving UK clients, Invesco is one of the world’s leading independent investment firms and manages £722bn in assets and operates in 25 countries (May 2018).

Through our pure focus on investing, breadth of investment capabilities and global organisation, Invesco is well positioned to help clients achieve their long-term financial objectives. We offer diversified strategies spanning equities, fixed income, multi asset, real estate and alternatives, together with outcome-orientated portfolios to reflect investors’ specific constraints, liabilities and objectives.

Invesco has implemented Environmental, Social and Governance (ESG) strategies for 30 years, and we believe integrating ESG practices into our activities can positively impact the value we provide - and help ensure a sustainable environment for future generations. We promote responsible investing through industry forums including PRI, and encourage companies we invest in to adopt ESG practices. Invesco are pleased to have been early signatories of the LGPS Code and fully support the Scheme Advisory Board’s move to set a gold standard in cost transparency.

Please contact [email protected], [email protected] or [email protected] – or visit

IPM is a systematic investment manager offering global macro investment solutions to institutional investors worldwide. We analyze fundamental data to develop investment strategies that strive to deliver long-term attractive risk-adjusted returns with low correlation to other assets and strategies. Our HQ is in Stockholm Sweden, a city that is internationally recognized for its dynamic, innovation-friendly culture and we have additional offices in London and New York.

IPM believe in the sharing of information and transparency has always been at the core of our relationship with clients. IPM are delighted to sign up to the Code of the Transparency. Find out more on and contact us at [email protected].

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 ([email protected]) and Oliver Miller ([email protected]).

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.

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 [email protected] / 020 3817 1151

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.

Kempen Capital Management is an Amsterdam headquartered asset manager, with offices in London and Paris. Kempen is wholly owned by Van Lanschot Kempen, one of the Netherlands oldest financial institutions, founded in 1737. Kempen Capital Management was formed in 1991 and offers a range of specialist active investment strategies across equities, fixed income and alternatives and manages over €75 billion for its clients. Our client base comprises institutional, wholesale and wealth management allocators predominantly in Continental Europe, North America and the UK, including a number of long established LGPS relationships in the latter.

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, infrastructure, real estate, energy and credit, with strategic partners that manage hedge funds. KKR was founded in 1976 and aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at and on Twitter @KKR_Co. As part of its continued efforts to proactively engage with stakeholders and its commitment to report transparently to its LGPS clients, KKR is pleased to support the Code of Transparency.

Since 1848, Lazard has remained a trusted advisor to governments, financial institutions, public and private pension schemes, financial advisors, and individuals around the world. Our clients are discerning, and seek high-quality and versatile investment solutions; we provide an array of strategies to meet their diverse objectives. Our investment professionals operate independently and collaborate globally, vetting our best ideas through rigorous analysis to deliver the return patterns our clients expect. We have a global presence with 14 offices worldwide, a team of over 250 highly skilled and experienced investment professionals and £161.2 billion invested on behalf of our clients around the world, as at 31 March 2018.

We are delighted to sign up to the Code of Transparency providing clear and transparent reporting of costs for our LGPS clients.

Contact: [email protected]

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 [email protected] for more details.

LGPS Central Limited, one of the 8 operators of Local Government Pension Scheme investment pools, is an FCA regulated fund manager which launched in April 2018. With offices in Wolverhampton and Matlock, LGPS Central Limited has approximately £13bn of assets under management and employs 46 staff. The Company manages the investment assets of its 9 Partner Pension Funds – Cheshire Pension Fund, Derbyshire Pension Fund, Leicestershire Pension Fund, Nottinghamshire Pension Fund, Shropshire Pension Fund, Staffordshire Pension Fund, West Midlands Integrated Transport Authority Pension Fund, and the West Midlands Pension Fund. The combined assets of these funds is approximately £40bn, invested on behalf of over 900,000 scheme members across over 2000 employers. For further information, please contact Callum Campbell – [email protected]

Lindsell Train is an asset management firm that specialises in the management of Global, UK and Japanese equity portfolios. The Firm was founded in 2000 on the shared investment principles of Michael Lindsell and Nick Train, who have now worked together for over 25 years. The aim of Lindsell Train is first to protect and then to grow the real value of our clients’ capital over the long term. Lindsell Train maintains a small and simple organisational structure in order to foster a working environment that allows the investment professionals to concentrate on investment issues. Lindsell Train’s client base is diversified by both client type and client geography. As at 30th June 2019, Lindsell Train managed in excess of £20 billion.

The company continues to be majority owned by the two founders. We believe that employee ownership is important because it allows us to maintain the integrity of the business principles on which the firm was founded. We are delighted to support the Code of Transparency. At the heart of our investment approach is a belief that avoiding costs, incurred through what we view as unnecessary portfolio turnover, can materially enhance returns over longer periods of time.

Contact: Jessica Cameron at [email protected]

Link Fund Solutions offer industry-leading services to traditional and alternative funds in the UK, Ireland, Luxembourg and Jersey. As one of Europe’s largest independent AIFM and fund ManCo, we manage £85bn of fund assets and support over 100 investment managers. We have over 40 years’ experience in the funds industry dedicated to building and maintaining strong partnerships, leveraging our specialist knowledge to support asset managers and controllers of financial assets. In an ever-changing regulatory environment our clients and partners can rely on us to provide expert solutions that help successfully grow their business.

Link Fund Solutions acts as the operator for both the ACCESS and Wales solutions (ACS).

Liontrust is a specialist asset manager that takes pride in having a distinct culture and approach to managing funds and portfolios. Liontrust, which has £17.9 billion in assets under management (as at 18 November 2019), started operating in 1995 and was listed on the London Stock Exchange in 1999. We are an independent business with no corporate parent, our head office is on the Strand in London and we also have offices in Edinburgh and Luxembourg. Our fund managers are independent thinkers and have the courage of their convictions in making investment decisions. Each fund management team applies distinct and rigorous investment processes to the management of funds and portfolios that ensure the way we manage money is predictable and repeatable. Our fund managers have the freedom to manage their portfolios according to their own investment processes and market views without being distracted by other day-to-day aspects of running a fund management company. Staying true to their documented investment processes helps to create an in-built risk control for our fund managers, especially in more challenging environments, by preventing them from buying stocks for the wrong reasons. We aim to treat investors, clients, members, employees, suppliers and other stakeholders fairly and with respect. We are committed to the Principles of Treating Customers Fairly (TCF) and they are central to how we conduct business across all our functions.

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 Emma Dodwell [email protected] or 'Investment Performance & Analytics’ [email protected]

Lombard Odier Asset Management (Europe) Limited is part of the Lombard Odier Group, which has been wholly owned and funded by its partners since its establishment in 1796. Our clients enjoy the benefits of our heritage, and our combination of the best of conservatism and innovation. Our investment capabilities span Fixed Income, Convertible Bonds, Equities, Multi-Asset and Alternatives.

We are proud to be signatories to the LGPS Code of Transparency and are fully committed in partnering with the LGPS on the journey towards greater sustainable investment strategies. The three pillars of sustainability, namely sustainable financial practices, sustainable business practices and sustainable business models, are integrated into our strategies alongside clear communication and reporting.

For further information, please contact Ritesh K. Bamania, Head of UK and Ireland Institutional Clients and Solutions – [email protected]

Awaiting information

Longview Partners is a specialist asset management company, focused entirely on the management of global equity portfolios. The firm was founded in 2001. Its client base is almost entirely Institutional with clients in the UK, North America, Australia and Asia. Longview’s transparent and robust investment process is highly disciplined. The process is bound by strict investment criteria, ensuring that only quality companies, with solid business fundamentals and attractive cash-based valuations, are purchased. In constructing its Global Equity portfolio Longview focuses on global companies with a market capitalisation greater than $5 billion and sufficient trading liquidity. Longview also strives to invest in predictable companies and to avoid investing in companies that are sensitive to external forces beyond their control, such as macroeconomic factors. The output of the investment process is a concentrated, yet diversified, portfolio of typically 35 names, unconstrained by geography or sector.

Longwall Venture Partners LLP is a venture capital firm based on the Harwell Campus, near Oxford, which currently manages three Enterprise Capital Funds (£145MM AUM). Longwall invests in innovative, UK-based, early stage companies in the healthcare, science and engineering sectors that have the potential to disrupt an existing market or gain a material share of a new market. We are committed to providing our clients with transparent reporting and pleased to support the LGPS Code of Transparency.

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 [email protected].

Lord, Abbett & Co. LLC is an independent, privately held investment manager headquartered in Jersey City, New Jersey. As of 30 September, 2018, the firm has approximately $169 billion in AUM.

The firm offers a variety of fixed income and equity strategies to individual and institutional investors. Lord Abbett was founded on November 18, 1929. For nearly 90 years, Lord Abbett has thrived under the leadership of only 10 managing partners. During this time, we have forged a culture of integrity that guides our actions and built a legacy of experience that shapes our perspective.

As an investment-led firm, Lord Abbett’s approach is based on a philosophical belief in active management characterized by teamwork and collaboration, a commitment to research–both fundamental and quantitative–and an adherence to risk management. As an investor-focused firm, Lord Abbett is committed to providing every client with its independent perspective, breadth of resources, and a range of intelligently designed investment strategies.

We are very proud to be a signatory of the Code of Transparency, which reflects our commitment to offering clear and transparent reporting to LGPS fund clients.

Please contact Jon Dawson ([email protected] ) for further details.

Madison Capital Funding LLC (“Madison”) is a direct lending finance company focused on the corporate financing needs of private equity sponsored companies in the U.S. middle market, which generally consist of corporations with $50 million or less of EBITDA. Madison primarily competes in the lower middle market, which is defined as issuers with $25 million or less of EBITDA. Madison provides enterprise-value, cash flow financing solutions for leveraged buyouts (“LBOs”), acquisitions, recapitalizations, and general corporate capital needs.

Madison was formed as a subsidiary of New York Life Insurance Company (“NYL”) in 2001 by a group of experienced professionals drawn from a number of leading investment banks and lending institutions. Madison is a wholly-owned subsidiary of NYL, and its subsidiary, New York Life Insurance and Annuity Corporation. Madison’s non-member manager is New York Life Investments Alternatives LLC (“NYLIA”). NYLIA, a recently formed investment advisory firm, supervises and controls three relying advisers: Madison, GoldPoint Partners LLC, and PA Capital LLC.

Awaiting information

MacKay Shields specializes in fixed income credit and less efficient segments of global equity markets where proprietary research can generate attractive client oriented outcomes. We manage USD 123.9 bn. in AUM (as of 7/31/2019) across mainly seven independent portfolio management teams: Global Fixed Income, MacKay Municipal Managers, High Yield, Convertibles, Leveraged Loans, Fundamental Equity and Systematic Equity.

Founded in 1938, our firm was acquired by the New York Life Insurance Company in 1984 as the foundation to its multi-boutique investment advisor model. The model, which was designed to combine the benefits of nimble and independent investment boutiques with the strength of a financially strong partner, has been key to MacKay’s success for more than 25 years. As an institutionally focused asset manager, we are committed to partnering with our clients to deliver tailored equity and income solutions based on their goals and objectives.

MacKay Shields is delighted to be a signatory to the Code of Transparency and providing clear and transparent reporting of costs for our Local Government Pension Scheme (LGPS) clients. For more information please contact Madeleine Fulst: [email protected].

Legal Disclosure:

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: [email protected] / [email protected]

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 [email protected] or Peter Douvos [email protected]

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 [email protected] for more detail.

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 Charles Elson [email protected] or Jonathan Anayi [email protected]

Manulife Asset Management is a global active investment manager with a long history of investing in public markets and real assets. We currently manage in excess of £301billion1 across both public and private markets, and have more than 475 investment professionals operating in 16 countries and territories. With investment roots dating back more than 100 years, our investors can benefit from our deep market knowledge in the US, Canada, Europe and Asia.

Manulife Asset Management is proud to adopt and endorse the Code of Transparency and are committed to providing clear and transparent reporting to LGPS clients. Contact [email protected] for more information.

1 AUM in GBP as of 30 September 2018, rounded to the nearest billion. Source: Manulife 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.

MFG Asset Management is a specialist funds management business based in Sydney that manages global equities, global listed infrastructure and Australian equities strategies for high net worth, retail and institutional investors. MFG Asset Management is a wholly owned subsidiary of the ASX listed Magellan Financial Group Limited (ASX code: MFG).

MFG Asset Management’s portfolio construction process integrates rigorous bottom-up stock analysis (incorporating its assessment of quality and value) and detailed macroeconomic research within a robust risk management framework. MFG Asset Management incorporates macroeconomic research and a risk management framework to reduce portfolio aggregation risks (over correlation to a single company, industry or macroeconomic risks) and macroeconomic event risks (a major macroeconomic event that could significantly and adversely impact the value of the portfolio’s investments). Formal risk management limits are important in determining the overall construction of the portfolio.

Our team of qualified and experienced investment professionals manages more than £22 billion* in global equity and infrastructure strategies for clients based around the world. We have worked closely with, and managed, LGPS assets since 2013 and are delighted to be a signatory to the LGPS Code of Transparency.

* As at 30 April 2023

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 ([email protected]) or David Holding ([email protected]).

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: [email protected]

Mirova is an investment manager dedicated to responsible investment. Through a conviction-driven investment approach, Mirova’s goal is to combine value creation over the long term with sustainable development. Mirova’s talents have been pioneers in many areas of sustainable finance. Their ambition is to keep innovating to propose the best tailored and most impactful solutions to their clients.

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 [email protected] for more detail.

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: [email protected]. Our website can be found at:

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.

In March 2021, Morgan Stanley completed the acquisition of Eaton Vance, including its market-leading affiliates Calvert Research and Management and Parametric Portfolio Associates LLC, allowing the Firm to bring even more value to clients through an expanded array of diverse and complementary investment offerings across public 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 James Owen [email protected]

Muzinich & Co is a privately owned, institutionally focused investment firm specialising in public and private corporate credit. Founded in 1988, we have headquarters in New York and London with a further 8 offices across Europe and Asia. We offer a broad range of corporate credit strategies across both developed and emerging markets and currently manage over $33bn, including multi-asset credit; global high yield and investment grade bonds; syndicated loans; emerging market credit; and private credit direct lending. We work closely with pension funds and their advisors to provide tailored credit solutions that best meet their cash flow generation needs or return-seeking objectives. We are very proud to be a signatory of the Code of Transparency, which reflects our commitment to offering clear and transparent reporting to LGPS fund clients.

Contact: Simon Males (+44 (0) 20 3693 0467, [email protected]).

Natixis Investment Managers serves financial professionals with more insightful ways to construct portfolios. Powered by the expertise of more than 20 specialised investment managers globally, we apply Active Thinking® to deliver proactive solutions that help clients pursue better outcomes in all markets. Natixis ranks among the world’s largest asset management firms (USD 999.5 billion AUM).

Neuberger Berman was founded in 1939 to do one thing: deliver compelling investment results for our clients over the long term. This remains our singular purpose today, driven by a culture rooted in deep fundamental research, the pursuit of investment insight and continuous innovation on behalf of clients, and facilitated by the free exchange of ideas across the organization.

As a private, independent, employee-owned investment manager, Neuberger Berman is structurally aligned with the long-term interests of our clients. We have no external parent or public shareholders to serve, nor other lines of business to distract us from our core mission. And with our employees and their families invested alongside our clients—plus 100% of employee deferred cash compensation directly linked to team and firm strategies—we are truly in this together.

From offices in 35 cities worldwide, Neuberger Berman manages a range of equity, fixed income, private equity and hedge fund strategies on behalf of institutions, advisors and individual investors worldwide. With more than 600 investment professionals and more than 2,100 employees in total, Neuberger Berman has built a diverse team of individuals united in their commitment to client outcomes and investment excellence. Our culture has afforded us enviable retention rates among our senior investment staff and has earned us citations in the top-ranked firms (among those with 1,000 or more employees) in the Pensions & Investments “Best Places to Work in Money Management” survey each year since 2013.

Newfleet Asset Management is a long-tenured team of fixed income specialists employing a multi-sector approach. Identifying relative value is the cornerstone of our philosophy and process. We seek to achieve consistentexcess returns through active sector rotation combined with disciplined risk management.

Newfleet's suite of Multi-Sector Strategies vary by investment objective, exposure to below investment grade and non-U.S. securities, and duration. The strategies aremanaged by a single team and share a consistent philosophy and a process that is actively managed, relative value-driven, research intensive, and opportunistic. A focus beyond core sectors seeks to add value. Newfleet fully supports the LGPS Code of Transparencyand is proud to be a signatory.

For more information please contact Paul Timlin [email protected]

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.

Nikko Asset Management is one of Asia’s largest asset managers, providing high-conviction, active fund management across a range of Equity, Fixed Income and Multi-Asset strategies. In addition, our complementary range of passive strategies covers more than 20 indices and includes some of Asia’s largest exchange-traded funds (ETFs). In the pursuit of excellence, we approach everything we do with an entrepreneurial mind-set, transforming intelligent insights into innovative, relevant investment opportunities for our clients. Leveraging our unique combination of a global perspective, we aspire to create sophisticated and diverse solutions that set new standards in the asset management industry.

As the stewards of our clients’ capital, Nikko Asset Management is delighted to adopt and support the LGPS Code of Transparency and its commitment to clear and transparent reporting.

Ninety One provides investment products managing approximately £128.5 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 what continues to be an evolutionary period for the LGPS there is rightly a focus on the effective and efficient strategy implementation across all the pools to improve cost and collaboration across the sector. As a LGPS Client Team, we continue to also support Partner Funds with important educational development of members and wider initiatives with a number of Pools.

For more information contact [email protected] or [email protected]

The Nomura group of companies was founded in 1873. By the early 1920s it had grown to be a dominant force in Japanese financial services. Building on this success, the Group expanded globally in the 1950s. The Group's investment management activities are represented by Nomura Asset Management, which is Japan's largest independent investment manager. Headquartered in Tokyo, Nomura Asset Management has dedicated investment management operations in London, Frankfurt, Singapore, Hong Kong, Shanghai, Malaysia and New York, offering a wide range of investment strategies across equities, fixed income, multi-asset and alternatives. Assets under management total over $400 billion and the organisation employs over 1200 people globally, including over 300 investment professionals. Nomura Asset Management counts among its clients many leading public and corporate pension funds, central banks, endowments, foundations, financial institutions, mutual funds, and individual investors globally. In the UK we have longstanding relationships with a number of LGPS funds and are committed to supporting the Code of Transparency.

Awaiting information

Oaktree is one of the world’s leading alternative asset managers. We seek to deliver superior investment results while keeping risk firmly under control. The firm was established in 1995 by a team of people who had been investing together since the mid-1980s. Today, Oaktree comprises more than 1,000 employees in 19 cities and 14 countries.*
We manage $140 billion on behalf of a wide variety of investors, including many of the largest and most sophisticated institutions and intermediary firms around the globe.
In 2019, Brookfield Asset Management acquired a majority interest in Oaktree. Together, Brookfield and Oaktree provide investors with one of the most comprehensive offerings of alternative investment products available today. While partnering to leverage one another’s strengths, Oaktree operates as an independent business within the Brookfield family, with its own product offerings and investment, marketing, and support teams. To learn more about Brookfield, please visit

As of September 30, 2020 *Includes offices of affiliates of Oaktree-managed funds. Oaktree is headquartered in Los Angeles.

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.

Pantheon is a leading global private equity, infrastructure, real assets and debt fund investor that invests on behalf of approximately 600 investors, including public and private pension plans, insurance companies, endowments and foundations. Founded in 1982, Pantheon has developed an established reputation in primary, co-investment and secondary private asset solutions across all stages and geographies. Our investment solutions include customized separate account programs, regional primary fund programs, secondaries, co-investment, infrastructure, real assets and debt programs. Pantheon has four decades’ experience of investing in private markets, including on behalf of Pantheon International plc, established in 1987. As at September 30th, 2019 Pantheon had $47.1 billion assets under management and we currently have around 320 employees located across our eight international offices. Our employees include 97 investment professionals. Pantheon is majority-owned by Affiliated Managers Group Inc. (“AMG”), alongside senior members of the Pantheon team.

Pantheon is proud to have partnered with LGPS since 1990. We are committed to providing transparency of costs and are delighted to support the LGPS Code of Transparency.
Please contact Andrew Bush [email protected] for more details or visit

Partners Group is a global private markets investment manager, serving over 1000 institutional investors. We have USD 130 billion in assets under management and more than 1,600 professionals across 20 offices worldwide. We realize potential in private markets by financing and developing great companies, desirable real estate and essential infrastructure. We create value in our investments through active and long-term responsible ownership.

Since inception, we have invested USD 185 billion in private equity, private real estate, private debt and private infrastructure on behalf of our clients. By combining global reach with local expertise across private markets, and with a focus on responsible ownership, we create lasting value in our investments. Together with our ability to make use of all available investment strategies across private markets, this enables us to build superior portfolios for our clients and to weather changing market conditions.

Our long-term view has encouraged a corporate culture of commitment, accountability and entrepreneurship, and has established us as a true value creator among entrepreneurs and corporate leaders.

For more information, please contact Hemini Mistry: [email protected] or visit

Further information to follow shortly.

Permira Credit is one of Europe’s leading specialist credit investors. Founded in 2007 as the private credit business of Permira, the global private equity firm, Permira Credit manages more than €10bn of AuM across its three core strategies of direct lending, structured credit and CLO management. Its direct lending funds seek to invest in resilient and growing companies in the European mid-market, with ESG risks integrated throughout the investment process.

Permira Credit has longstanding relationships with LGPS member fund investors across its funds. We are delighted to adopt and endorse the Code of Transparency and are committed to providing clear and transparent reporting to our investors.

Please contact [email protected] for or visit for more details.

PiP Manager Limited, which manages PiP Multi-Strategy Infrastructure LP, was acquired by Foresight Group in August 2020.

Founded in 1984, Foresight Group is a listed infrastructure and private equity investment manager that specialises in providing investment opportunities in difficult-to-access private markets to both institutional and retail investors using ESG-oriented strategies. As at 30 September 2020, Foresight Group had AuM of approximately £6.8 billion and managed 292 infrastructure assets and 104 private equity investments on behalf of 33 Foresight investment vehicles.

It operates an integrated asset management business with comprehensive capabilities as well as cross-over synergies between its two operating segments - Foresight Infrastructure, an infrastructure asset management team focused on the renewable energy and infrastructure sectors, and Foresight Private Equity, a private equity and venture and growth capital investment management team focused on investment in UK regional SMEs.

Foresight Group is headquartered in Guernsey and its principal office is in London. Foresight Group operates from 12 offices in the UK, Guernsey, Italy, Spain, Australia and Luxembourg. Its international offices and London office focus on renewable energy and infrastructure investment, while its UK offices, including London, focus on private equity investment. Foresight Group has a highly experienced team of 236 FTE employees, including 115 investment, portfolio and technical professionals as at 30 September 2020.

PGIM Fixed Income is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, New Jersey, London, Tokyo and Singapore. As of June 30, 2019, the firm has $809 billion of assets under management including $346 billion in institutional assets, $142 billion in retail assets, and $321 billion in proprietary assets. Over 700 institutional asset owners have entrusted PGIM Fixed Income with their assets.

PGIM Fixed Income is a United States business operating as a unit within PGIM, Inc. (formerly known as Prudential Investment Management, Inc.) (“PGIM”). PGIM is the largest investment adviser within Prudential Financial, Inc. (“PFI”). As of June 30, 2019, PGIM had $1.2 trillion in assets under management across their real estate, equity, public fixed income, and private fixed income businesses and is ranked 10th among IPE’s top 400 asset managers.*

For more information contact: Sarah McMullen at email: [email protected]

*Source: IPE Research-Top 400 Asset Managers, June 2018, based on 12/31/2017 assets under 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 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.

PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. The firm draws on the collective power of our experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day. As of 31 December 2018, the firm managed US$89.6 billion across global asset classes for sophisticated investors around the world.

For further information please contact Robert Eamey ([email protected])

Awaiting information

Pyrford is a boutique asset management company based in London. Founded in 1987, Pyrford manages over £7.1 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 multiple 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 Matt Claydon on [email protected] for more details.

Pzena Investment Management is an independent, equity investment manager. Pzena has, since its inception more than 20 years ago, adhered to a classic value, research-driven investment approach, rigorously applied. We do not tolerate “style drift,” which we believe sacrifices long-term premium returns. As of December 31, 2018, we manage approximately £26 billion in regional and global equity portfolios on behalf of a substantial and diversified client base including pension funds, wealth managers, endowments, foundations and high-net-worth individuals. We have a strong and long-tenured team of investment and operational professionals working together toward a common goal of long-term success.

Quinbrook has longstanding relationships with many LGPS investors, with Quinbrook’s Founders managing investments for local authorities for over a decade. Quinbrook Infrastructure Partners is an award winning, ‘value add’ investment manager with a specialist sector focus on investment in the development, construction, financing, operations and management of low carbon and renewable energy supply, storage, grid stability and related infrastructure assets and businesses. Quinbrook aims to be a leader in the energy transition, and seeks to invest where the energy future is heading and not where it’s been. Value creation is a key target and as such Quinbrook looks for high ESG impact investments that aim to create and preserve jobs, support and enrich local communities, reduce or avoid carbon emissions and contribute meaningfully to stimulating local business and enterprise.

Quinbrook fully supports the LGPS Code of Transparency and is proud to sign up to the initiative.

For more information, please contact Mark Burrows: [email protected]

“Quoniam is a partner-driven, active quantitative asset manager founded in Frankfurt am Main, Germany. We have successfully applied our investment philosophy for 20 years. Using modern investment engineering, we strive to deliver first-class performance results for our institutional investors. Quoniam offers equities, fixed income and multi-asset strategies, and client relations are managed from Frankfurt and London (UK) with direct access to key investment professionals. Based on our expertise, we manage more than EUR 30 billion for investors worldwide. Our corporate concept is unique: the managing partners hold a direct stake in the company and every employee is able to indirectly participate in its success. This assures that their motivation is aligned with our clients’ long-term performance objectives. Quoniam is an independently operating asset manager with the freedom to devise creative solutions. As a member of Union Investment Group we benefit from a solid financial basis. With over 120 experienced people in Frankfurt and London, we are focused on providing our clients with successful investment solutions.

For more information please contact Barbara Wokurka ([email protected]) or visit”

With offices in the UK, Canada, US and Hong Kong, RBC Global Asset Management is the asset management division of the Royal Bank of Canada. Continuing our long history of managing client portfolios, we believe in providing each of our stand-alone investment teams with the tools and resources they need to deliver strong risk-adjusted returns for our clients with ESG considerations embedded into our investment decisions. We also believe in a close alignment of interests with our clients to ensure we build long term partnerships that deliver on our client’s expectations.

From our office in London we are pleased to manage accounts for a range of clients including LGPS, corporate pensions, insurance, family offices and foundations. We are therefore proud to support the LGPS Transparency Code and fully recognise the importance of improved transparency around the disclosure and reporting of costs. For more information please contact Heidi Gunkel ([email protected]) or visit

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 ([email protected]) or telephone (+44(0)1753 852 222).

Redwheel is a specialist, independent investment organisation. Our active investment heritage is built on a foundation of innovation, origination and high conviction.

Our business was established in 2000 with a simple ambition: to create an environment in which exceptional fund managers can operate in a manner that allows them to maximise the benefits of their skills over the long-term.

We have always remained true to that ambition. Today, we have more than 150 people aligned to that goal, including 56 dedicated investment professionals working across seven independent investment teams.

There are three key attributes that define who we are: Autonomy Independence Ownership

None of these are unique, but together they make us a distinctive fund management business with a strong, supportive culture and a genuine focus on the long-term. These core elements of our business combine to deliver a robust and sustainable culture, which is crucial for our future success.

Contact: Joanna Lancaster [email protected]

Awaiting information

Robeco is a pure play asset manager founded in 1929 and has been a trusted advisor to LGPS clients for over 13 years. Headquartered in the Netherlands, Robeco has a presence in 15 countries worldwide and manages £148 billion in assets¹ for institutional and individual investors. Through our fundamental, quantitative and sustainability research, Robeco offers investors a compelling range of active investment strategies and services, covering a spectrum of asset classes.

As a strong advocate of responsible investing, ESG factors have been integrated into Robeco’s investment processes for over 20 years. Our in-house active ownership team uses voting rights and strategic engagement with companies in which we invest to maximise our sustainability impact. In 2018 we obtained an A+ score for all modules of our PRI Assessment and were named LAPF Impact Manager for both 2017 & 2018. Visit for further information or contact [email protected] ¹As of June 2018

Established in 1988, Royal London Asset Management is one of the UK's leading fund management companies, providing investment management solutions to both wholesaleand institutional clients such as the LGPS, corporate pension schemes, not-for-profit organisations and the insurance sector. We invest in all major asset classes including equities, fixed income, multi asset, property and cash. Within our range of equityand fixed income strategies, we also offer portfolios managed with a sustainable investment approach.

We manage in excess of £6bn on behalf of 70 local authorities, including three LGPS pools, seven LGPS funds and 60 local authority treasury clients (as at 31 March2023). For LGPS pools, we offer a suite of capital growth and liability matching solutions with fully integrated ESG analysis and climate metric reporting. For local authority treasurers, we offer a range of cash and short dated fixed income funds, helpingto meet their security, liquidity and income objectives.

For more information on RLAM’s LGPS capabilities, please contact [email protected]

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.

Drawing on more than four decades of experience in manager research and portfolio construction, our aim is to deliver the required investment objectives with strong risk-adjusted return characteristics our clients need. Our powerful toolkit of implementation techniques are designed to:

Support a multi-manager sub-fund structure

Preserve performance within its intended strategy

Reduce unnecessary risks, especially at the total sub-fund level

Our culture is to behave with non-negotiable integrity and by doing so aspire to a higher set of values than is required by law. We support the importance of the LGPS Code of Transparency and its quest for greater reporting transparency and are proud to be a signatory.

Contact: Carolyn Tsalos ([email protected])

We are a London-based asset management group, managing £14 billion (as at 30.09.2018) on behalf of a variety of institutions (including Local Government Pension Schemes), charities, private clients and intermediaries around the world. A long term global approach is the starting point for our investment strategies and the real driving force behind our pioneering global thematic investment process. We look to pinpoint the drivers of global change and to capture the most compelling investment opportunities from these trends. Combined with our belief that engaged ownership and considering environmental, social and governance factors creates more sustainable returns for investors we seek to construct concentrated and robust portfolios. For clients looking to apply a bespoke threshold to ESG issues, we offer a variety of approaches from exclusions to active engagement.

For more information please contact – [email protected] or [email protected]

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 [email protected] or Geoff Day [email protected] for more detail.

Source: Schroders. All figures quoted as at 30 June 2017 except * As at 31 March 2017.

About SEI

After 50 years in business, SEI (NASDAQ:SEIC) remains a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of Dec.31, 2018, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $884 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $307 billion in assets under management and $573 billion in client assets under administration. For more information, visit

About Fiduciary Management

SEI’s Institutional Group is the first and largest global provider of Fiduciary Management services. The company began offering these services in 1992 and currently manages over 480 fiduciary management clients worldwide. SEI became the first to offer a fiduciary management solution that integrates assets, liabilities and overall organisational finances by incorporating risk management, investment advice, implementation, oversight, trust/custody, and a unique modelling process.

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 [email protected] for more details.

Established in 2000, Stafford is an independent boutique investment firm offering investors wide exposure to real assets (infrastructure, timberland and agriculture and food) and private markets (private equity & private credit), mainly through secondaries and co-investments. Offering investors a wealth of experience, a solid track record of returns and deep sector expertise, our team focuses on unique opportunities for investors.

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: Jenny Yoe [email protected].

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.


SGA is a growth orientated, benchmark unconstrained equity manger, based in Stamford, CT. USA and established in 2003.
Our approach is designed to generate excellent absolute and relative returns, through a single sustainable philosophy, strategy and team. We align client objectives with differentiated global businesses that offer predictable, sustainable growth and have the ability to generate significant return over a long time horizon, capitalising on short-term inefficiencies. We invest with conviction based solely on responsible opportunity and not benchmark active weights. We welcome and embrace the LGPS Code of Transparency which aligns closely to our inherent standards on clear reporting.
For more information please contact David Shapiro [email protected]

Founded in 1990, SVM Asset Management (originally Scottish Value Management) is a privately-owned investment management business, based in Edinburgh. SVM was established on a straightforward premise: We wanted to create an environment where talented investment professionals would have the flexibility to run funds to the best of their ability. This means providing a culture in which good ideas can flourish and where rigorous, analytical thinking is prized. Our focus is on equities and we run UK, European and Global mandates for our retail and institutional clients. Our size gives us the agility to buy the best opportunities and sell when the potential has been reached. We also believe strongly in responsibility and transparency with our clients. People appoint us as custodians of their long-term wealth and we take that responsibility very seriously.

T. Rowe Price International Ltd is a member of the T. Rowe Price Group, Inc. group of affiliated companies. T. Rowe Price Group, Inc. is a global independent investment management firm, managing over £801 billion across a range of fixed income, equity and multi-asset strategies to provide investment solutions for our clients that enable them to meet their investment objectives.

Since we were founded over 80 years ago, our active management approach has been based on a culture of teamwork, fundamental investment research and taking a long-term perspective. This has helped us deliver consistent, repeatable outperformance while at the same time carefully managing risk.

We are a worldwide organisation with over 7,100 employees operating out of 16 countries. We have over 415 employees based in London, having first established an office in 1979.

T. Rowe Price International Ltd is fully supportive of the LGPS Code of Transparency.

Figures as at 31 March 2019

For additional information please contact: Paul Gallagher [email protected] / 0207 651 8396 or [email protected] / 0207 002 4507 for more details.

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 [email protected]

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.

TwentyFour Asset Management LLP is a fixed income specialist founded in 2008 by a group of leading fixed income professionals and currently manages over £16 bn on behalf of corporate and local authority pension schemes, as well as other institutional and wholesale clients.

We offer highly transparent products that benefit from a rigorous detail-oriented investment approach, aiming to achieve superior risk-adjusted returns whilst retaining a strong focus on capital preservation.

The Firm has positioned itself from the outset as a ‘hybrid’, credit specialist asset management firm. As such, the Firm’s overall philosophy is to function with the culture and infrastructure of an institutional asset management firm whilst at the same time maintaining the flexibility to use alternative investment techniques where appropriate. Accordingly, the Firm has the capability to use a wide range of investment tools to ensure it can achieve the best possible returns for our clients while adhering to strict investment guidelines.

TwentyFour are delighted to support the Code of Transparency, which reflects our commitment to transparency throughout our business.

Contacts: Alistair Wilson, [email protected] and Nicola Pearson, [email protected]

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 [email protected] or Digby Armstrong [email protected].


Unigestion is an independent, specialist asset management company providing innovative, tailored solutions for investors worldwide. We believe that intelligent risk-taking is key to delivering consistent returns over time. This core conviction underpins our investment approach across our four areas of expertise – equities, private equity, liquid alternatives and multi asset.

Our focus on understanding and anticipating risk as a means to outperform sets us apart. By taking risk in a measured, informed way, we aim to deliver the performance our clients expect. Risk management is embedded at every stage of our investment process. It’s part of our DNA, our culture and defines everything we do.

Headquartered in Geneva, Unigestion has a global presence that extends across Europe, North America and Asia. We are privately held, with an ownership structure designed to preserve our long-term independence and benefit all stakeholders. With key employees and investors as shareholders, we aim to ensure our business is fully aligned with the needs of our 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 our client service team ([email protected] ) for more information.

Union Investment is one of the leading asset managers in Europe, with a comprehensive range of strategies for institutional investors. We have seen strong growth in recent years and achieved a new high in assets under management of €326 billion (30th March 2018). Headquartered in Frankfurt, Germany, with over 3000 employees and 200 investment professionals, we focus on providing active investment strategies in select asset classes where we have deep expertise.

Union Investment’s heritage as a co-operative financial services provider is long and deep. As a co-operative company, we strongly believe in doing business in a responsible manner for our clients, shareholders, employees and the wider community. Therefore our asset management expertise and business model is and has always been provided through a responsible and transparent lens for decades. We are convinced that having this approach has led to a stable and successful company since the 1960s and one that has weathered a multitude of financial, economic, social and political cycles. As such we welcome the initiative for greater transparency in the asset management industry and commit ourselves to this end by becoming a signatory. For further information please contact Faheem Malik (Tel: +44 207 776 6150 Email: [email protected]) or Astrid Joost van der Spek (Tel: +49 69 2567 2117 Email: [email protected])

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 [email protected] or James Trietline on [email protected]

Established in 1988, Vontobel Asset Management is a global investment manager responsible for managing over £83 billion (as at 31st December 2018) for our clients. We are a multi-boutique investment manager, with specialist, focused investment teams delivering innovative and transparent investment solutions across equities, fixed income, multi-asset and alternative asset classes. Our aim is to generate added value for our clients and our investment expertise is rooted in our passion for active asset management.

Since opening our London office in 2008 we have managed over £2 billion on behalf of more than 50 UK Pension Schemes and have been appointed to several LGPS framework agreements. We offer segregated and pooled investment management for a diverse range of institutional investors in the UK and overseas, both in the public and private sectors. We are delighted to support the Scheme Advisory Board’s Code of Transparency.

For more information, please contact Sheridan Bowers, Head of UK & Ireland. Direct line: 020 7255 8321 Email: [email protected]

Walter Scott was established in 1983 to offer global equity portfolio management to institutional investors around the world. The firm operates from Charlotte Square in Edinburgh and, since its foundation, has had a simple objective − to preserve and grow its clients’ assets over the long term, by identifying those companies capable of sustaining the highest rates of wealth generation. The consistency of Walter Scott’s investment philosophy and process has become a hallmark of the firm. Its success over more than 35 years has rested upon its robust team-based approach and its innovative and independent research.

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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 [email protected].


Western Asset is one of the world's leading investment management firms. Its primary business is managing fixed-income portfolios, an activity we have pursued since 1971. From offices in Pasadena, New York, Sao Paulo, London, Zurich, Singapore, Hong Kong, Tokyo and Melbourne, Western Asset performs investment services for a wide variety of global clients. Our clients include charitable, corporate, health care, insurance, mutual fund, public and union organisations, and client portfolios range across an equally wide variety of mandates, from money markets to emerging markets. As at 31 May 2023 Western Asset Management’s assets under management were £390 billion.

We are committed to adhering to LGPS’s Code of Transparency by providing clear and transparent reporting of costs to our LGPS clients. For more information please contact Daniel Blass ([email protected]).

WHEB Asset Management is a specialist fund management business owned and managed by some of the most experienced practitioners of sustainable investment in the sector. The business is focussed on a single investment strategy. We seek to generate superior returns from global equities by investing in companies providing solutions to some of the most serious environmental and social challenges facing mankind over the coming decades. Our corporate mission in support of this aim is to “advance sustainability and create prosperity through positive impact investments”.

Contact: George Latham ([email protected] or +44 203 219 3414)