The Brunel Pension Partnership has transitioned £6bn of local government pension scheme (LGPS) assets to Legal & General Investment Management (LGIM).
As it marked a year since its launch, and nearly four months since it received Financial Conduct Authority authorisation, the 700,000-member LGPS pool handed over control of the assets as part of a passive equity mandate.
LGIM was granted the mandate in April, with £4bn of assets initially earmarked for the investment.
The pool will eventually manage around £30bn of LGPS assets from its 10 partner funds, with another £7.5bn expected to be allocated to active equities via FundRock Management Company, its rented authorised contractual scheme (ACS) operator.
Brunel chief executive Dawn Turner said this was "just the beginning" of the pool's journey to support its beneficiaries.
"This is an extremely exciting time for Brunel," she said. "The selection of LGIM resulted from a rigorous and diligent search, and we are pleased to be passing them the funds that they will be responsible for in partnership with Brunel.
"As a company, Brunel Pension Partnership may now be a year old, but in practical terms this is just the beginning of looking after the investments that support the provision of pensions for almost 700,000 beneficiaries."
As of 2017-end, LGIM had £56bn of assets under management across 55 LGPS funds.
Its head of local authorities James Sparshott said: "The LGPS is a significant part of our client base at LGIM and we are committed to providing low-cost investment solutions to meet our clients' needs.
"Using our scale and expertise, LGIM's dedicated transition management team is working closely with Brunel to efficiently transition assets."
Brunel is one of eight LGPS pools to have been set up since the funds were mandated to do so by the government in 2015. It comprises partner funds from Avon, Buckinghamshire, Cornwall, Devon, Dorset, Gloucestershire, Oxfordshire, Somerset, Wiltshire and the Environment Agency.
Last September, the pool named State Street as its third-party administrator and custodian, and also launched a search for a head of private markets to oversee more than £5bn of assets invested in this area, selecting former Derbyshire Pension Fund manager Richard Fanshawe in December.
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