Waystone reappointed by the Wales Pension Partnership as pool Operator
- Waystone selected as pool Operator by the Wales Pension Partnership (WPP)
- The WPP is made up of eight Constituent Authorities covering the whole of Wales
Waystone, a leading provider of specialist services to the global asset management industry, today announces that it has been reappointed by the Wales Pension Partnership (WPP) to operate a collective vehicle for the sole use of the Local Government Pension Scheme (LGPS) funds in Wales for a further period of five years.
The reappointment of Waystone as the FCA authorised Operator follows a rigorous procurement process run by the WPP and its oversight advisers, Hymans Robertson. All eight Constituent Authorities in Wales are already jointly invested in £13bn (as at end of March 2024) of pooled assets across a range of investment strategies.
Waystone’s role as Authorised Corporate Director
Waystone, which is the largest independent Authorised Corporate Director (ACD) in the UK, will continue to operate an Authorised Contractual Scheme (ACS) on behalf of the WPP. The ACS has ten sub-funds across equities and fixed income that meet the needs of the Constituent Authorities, enabling them to execute their respective asset allocation strategies.
With the support of Russell Investments, Waystone will continue to deliver an optimised and efficient service model. This is made possible by Waystone’s size and scale, bringing ongoing efficiencies and lower charges to funds.
Statements from key stakeholders
Karl Midl, Country Head, United Kingdom, said: “We are delighted to have been reappointed to act as Operator to the ACS for the benefit of the WPP’s investment pool. Our continued partnership is testament to the exceptional service our team has provided over the last six and a half years and we look forward to continuing to support the WPP’s needs as they too continue to evolve and grow.”
Rachel Wheeler, Global Product Head of Regulated Fund Solutions, said: “As the largest independent ACD in the UK market, we bring unparalleled operational resilience, ensuring robust services for our clients. We have a long and successful history of collaboration with the WPP and we’re excited to explore new opportunities for expanding our partnership in the years to come.”
Chris Moore, Director of Corporate Services at Carmarthenshire County Council, commented: “As the host authority for WPP we are delighted that Waystone was successful again and look forward to continue working with the team.”
About Waystone
Waystone is a leading provider of institutional governance, administration, risk and compliance services to the asset management industry. Partnering with institutional investors, investment funds and asset managers, Waystone builds, supports and protects investment structures and strategies worldwide.
With over 25 years’ experience and a comprehensive range of specialist services to its name, Waystone is now supporting asset managers with more than US$2Tn in AUM. Waystone provides its clients with the guidance and tools to allow them to focus on managing their investment goals with confidence.
About the Wales Pension Partnership
The Wales Pension Partnership (WPP) was established in 2017. The WPP is a collaboration of the eight LGPS funds (Constituent Authorities) covering the whole of Wales and is one of eight national Local Government Pension pools.
It has a long, successful history of collaboration, including examples that pre-date the Government’s pooling initiative. It is proud of its unique identity as a pool and being democratically accountable means it provides the best of strong public sector governance and transparency. The WPP’s operating model is designed to be flexible and deliver value for money.
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