London CIV marks one year of success

The London CIV, the collaborative venture set up by 33 London local authority pension funds is celebrating its first year with £2.5 billion in assets under management at five sub-funds.

The venture is one of the first asset pools set up by LGPS members and was started on a voluntary basis. London CIV chief executive, Hugh Grover, commented: “By the end of this financial year we aim to open another four funds taking assets under management close to £4 billion, delivering net annualised fee savings of more than £3.5 million. Being at the leading edge of pension fund pooling and delivering this scale of progress since launch is an enormous achievement by the London CIV team and our many colleagues across the London authorities, and something we should all be proud of.”

London Councils chair, Councillor Claire Kober, added: “When the concept of the CIV was first approved by London Councils’ Leaders’ Committee in 2014 some were undoubtedly sceptical that it would ever be delivered. Now, a year after launch and with every London authority involved, it’s a real example of pan-London collaboration at its best. I congratulate everyone on this remarkable achievement, which is already delivering benefits for the authorities, local tax payers and our pension fund members.”