Local Pensions Partnership Investments (LPPI) is the FCA regulated in-house investment team of the Local Pensions Partnership (LPP). It manages around £23.6bn of pension assets (as of 30 September 2022) for its partners and provides pension administration services to around 600,000 members, from 1,900 public and charity sector employers, across 17 pension schemes.

Launched in 2016 as a collaboration between Lancashire County Council (LCC) and the London Pensions Fund Authority (LPFA), LPP is an investment management and pension services provider for Local Government Pension Schemes and other public sector pension funds. It aims to help clients reduce pension deficits, improve investment returns and provide an excellent service to their members.

LPPI manages eight in-house investment pooling vehicles across seven asset classes: global equities, fixed income, infrastructure, real estate, private equity, credit and alternatives. Its aim is to invest its clients’ assets diligently, cost effectively, and responsibly. Its partner pension funds set their strategic asset allocation and risk parameters, with full delegation to LPPI to invest within that strategy. LPPI monitors the liabilities of the scheme alongside investing the assets – an asset and liability risk management approach. It allocates client funds to one of its investment pooling vehicles which are usually multi-manager vehicles, some of which includes internal management such as the Global Equities Fund. LPPI also overlays internal risk-based parameters for each asset class. The investment process is governed within a framework of decision-making bodies and clear delegations.

The LPPI Board is responsible for organising and directing the affairs of LPPI in a manner which is most likely to promote the success of the Company for the benefit of its shareholders in a way which is consistent with its Articles of Association and the Company’s objectives. In particular this includes, but is not limited to, providing oversight of LPPI’s investment activities and maintaining continued FCA authorisation. In exercising its duties, the Board will ensure that the interests of stakeholders are properly protected, in a manner consistent with the asset management prescribed responsibility.

The Chair leads the LPPI Board and is responsible for its overall effectiveness in directing LPPI in a manner that meets both shareholder and client objectives. The Chair must additionally manage relationships within a matrix environment to deliver these objectives. The Chair will formally report to shareholders via the LPP Group Board, and be in regular contact with representatives from LPFA and LCPF. The Chair has no executive responsibility for day-to-day matters; this is delegated to the Chief Executive Officer and LPPI Management Committee.

Key Responsibilities

1. Lead an effective Board that delivers against the agreed Terms of Reference and in accordance with LPPI’s Articles of Association, demonstrated by the following:
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2. Outside of the Board environment, the Chair will play a major role externally in promoting the LPPI purpose and business model. Audiences may include both existing and potential clients, government departments and peers
3. Effectively deliver and comply with the SMCR responsibilities

The new Chair will have extensive strategic leadership experience, at the Board or senior management level, within regulated small or mid-sized multi-asset fund managers in the UK. As such, they will bring a working knowledge of the medium-term priorities of the asset management industry, e.g. pension fund consolidation, Net Zero plans, and relevant new and upcoming regulations. While candidates do not need to have operated within a pensions business, they should bring experience and clear understanding of how pension fund assets are invested and managed, ideally with an appreciation for Local Government Pension Schemes specifically.

Candidates will have operated as a CEO, CIO, COO, CFO or equivalent roles within investment management firms responsible for serving multiple clients, or will have significant experience as a non-executive in such firms. While functional investment and governance experience will be important, candidates do not need to be deep experts in any single functional area and will not typically be involved in individual investment decisions; candidates should demonstrate their breadth of relevant strategic leadership experience and capabilities beyond a single functional expertise.

Applicants will also be skilled at managing different stakeholder groups, including staff, shareholders, local councillors, and central government. To this end, those with a well-established network within the public or third sector, and / or a reputation which facilitates access within this network, is desirable. Similarly desirable is experience of growing a business in an incremental and long-term manner.

Candidates will be experienced Non-Executive Directors and be able to step quickly into the role of Chair. It will be important that this person enables an inclusive, open and challenging environment in Board meetings and that they invest time and effort to build relationships outside of formal meetings with the Non-Executive Directors, shareholders, and key stakeholders, and seek to understand all perspectives. They will also be able to promote LPPI both internally and externally. Previous chairing experience, whether executive or non-executive in nature, is desirable.

Most importantly, the successful candidate will demonstrate a genuine belief in LPPI's purpose and strategy, bring a commitment to helping LPP grow within the agreed strategy and shareholder aspirations, and will be able to clearly articulate the key aspects of LPPI's strategy and areas of competitive advantage.

Sally Bridgeland, Chair
Chris Rule, CEO (LPP and LPPI)
Sarah Laessig, NED
Margaret Ammon, NED
Martin Tully, NED
Malcom Cooper, NED
Adrian Taylor, CFO
Richard J Tomlinson, CIO
Tom Richardson, CRO

This role is remunerated, and reasonable, pre-agreed travel expenses will be reimbursed.

Board meetings are held quarterly and are three to four hours in duration. These are usually held in March, June, September and December. There is also an additional February meeting for the approval of the next year’s budget.

There are also two strategy away-days during the course of the year, which are typically scheduled adjacent to formal Board meetings.

UK-London

LPPI welcomes applications from everyone regardless of age, gender, ethnicity, sexual orientation, belief or disability. All appointments will be made on merit, following a fair and transparent process. In line with the Equality Act 2010, however, the organisation may employ positive action where candidates from underrepresented groups can demonstrate their ability to perform the role equally well.