The Midlands-based pensions pool said the collaboration aims to bolster operational efficiency and further strengthen governance while providing long-term, scalable solutions for LGPS Central’s private markets offering.
Under this new relationship, State Street will initially support 13 funds managed by a combination of LGPS Central and its third-party managers in the form of fund administration, registration services, investor services and regulatory reporting services.
In addition, State Street will provide LGPS Central with a portfolio monitoring solution to support effective decision-making.
The pool said it has been working to migrate all existing funds to the State Street platform, including its infrastructure, private equity and private debt funds. It said it completed this migration in early January.
LGPS Central head of investment operations Neil Wain said: “State Street bring with them a wealth of expertise and automation capability, helping us to reduce operational risk and providing a robust system that supports and strengthens our private markets offering. We were particularly impressed with the system’s ability to support the scaling of our private markets growth: the system will enable us to easily expand the number of vintages and funds with little resource impact, providing efficiencies over the long term for our partner funds.”
State Street head of UK sales and client coverage Brian Allis added: “We are delighted to have been appointed by LGPS Central. Private markets are an increasingly important segment of institutional investor allocations as they seek diversified returns. As private assets are typically more complex and specialist than public asset portfolios, deeper expertise is necessary to ensure funds are being administered and managed in the most efficient ways possible.”