The LGPS Central pool has appointed investment managers Fidelity and Neuberger Berman to share a mandate for a global investment grade corporate bond fund.
The pair will receive half of the mandate each after a tender exercise that attracted initial expressions of interest from 70 fund managers.
Gordon Ross, investment director for fixed income at LGPS Central, said:“ We chose these firms because of their global reach as well as their strong presence in the UK.
“It is clear they follow robust processes that are repeatable across all credit markets.”
LGPS Central Limited manages the pooled assets of nine Midlands-based local government pension schemes: Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, Worcestershire, West Midlands Pension Fund and the West Midlands Integrated Transport Authority.
The nine funds have approximately £44bn of investment assets collectively.
