London CIV has achieved over £25m of gross savings for the year as of March 2022, according to its annual review.
London CIV is one of the eight UK Local Government Pension Scheme (LGPS) asset pooling companies and caters for 32 shareholders in the City of London and London boroughs.
The annual review stated that the pension pool has made net savings of £18m and total cumulative net savings of £54m as of March 2022.
Mike Craston, chair of the London CIV board, said: “We are ambitious to achieve more savings and add more value, and work with client funds to achieve that.
“This does require some compromise as we can only achieve economies of scale and leverage the combined scale of the London LGPS if the size of our funds is maximised.”
The review also highlighted that London CIV has pooled 59% of London LGPS total assets and has £13.9bn of holdings under management in active funds.
Mike O’Donnell, CEO at London CIV, said: “As of 31 March this year, London CIV has 20 funds with an investment value of £13.9bn including two Paris aligned funds and a renewable infrastructure fund.”
O’Donnell also said the review shows the pension pool’s focus on responsible investment and the part it plays in achieving London CIV’s target of reaching net zero by 2040.
He added: “During the period from March 2021 to February 2022 we launched five funds, with responsible investment as a key theme throughout and now have a total of six climate conscious funds.”
O’Donnell said London CIV will continue to develop new funds and identify how it can refresh existing ones to meet shareholders aspirations.
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