London CIV has taken 'an important step forward' according to Lord Kerslake, who takes up a new role as non-executive chair as the interim board of directors is replaced with permanent directors.
Bringing together 29 of the 32 London borough pension funds and the City of London Corporation – the London CIV is a collective investment vehicle designed to reduce costs and improve investment returns for Local Government Pension Scheme (LGPS) funds across the capital.
Chair of London Councils, Mayor Jules Pipe, who stepped down as London CIV’s Chair, said: “I’d like to thank the outgoing board members for all their work on moving the London CIV forward and offer my very best wishes to Lord Kerslake and the new board. Significant progress has been made in establishing the CIV over a remarkably short period of time and the benefits will be felt by all London boroughs.
“Even before it became fully operational, the CIV has begun to reduce investment costs – not just for the London boroughs, but across the LGPS."
Lord Kerslake said: “I am delighted to be taking up this role as chair with one of the most exciting projects in local government at the present time. London is already ahead of the pack – this is an important step forward. I look forward to leading the CIV through to its formal launch and full operations.”
The following directors have also been appointed:
- Lisa Arnold (non-executive director)
- Chris Bilsland (non-executive director)
- Brian Lee (executive director – Chief Operating Officer)
- Julian Pendock (executive director – Investment Oversight Director).
Hugh Grover continues as Chief Executive.