London Pensions Fund Authority (LPFA) and Lancashire County Pension Fund are hiring a board to oversee their asset and liability management (ALM) partnership.
The funds announced earlier this month that they were going ahead with plans to pool combined assets of £10bn with the aim of saving at least £32m in costs and boosting performance.
They have now started the process to appoint a "highly experienced individual" as independent chair to sit alongside three non-executive directors. They will oversee the implementation of strategy, shape the direction of the organisation and ensure it operates efficiently.
Lancashire and LPFA will also each nominate a shareholder representative to the board from their pensions authorities to sit alongside the non-executive directors.
The pension service organisation will be initially known as Lancashire and London Pensions Partnership (LLPP) and is expected to be up and running by 1 April 2016. It is using executive search firm Korn Ferry to run the hiring process.
This is the first collaboration of its kind within the Local Government Pension Scheme (LGPS) and the funds hope to turn it into a £30bn-£40bn pension service organisation that could include other funds.
While attracting talent in-house from the private sector can be challenging, Lancashire County Pension Fund director George Graham told PP in July that "given this is a unique proposition, we would attract high quality candidates".
He added that it was about "quality of life" and "not always about the money".
"We are never going to be paying people a £1m basic salary and £1m bonus. But if people want to do something that's worthwhile in its own right and that has a value, and work in an environment that's open to new ideas and ways of investing," he said.
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