On the 18th July the Brunel Pension Partnership (“Brunel”) formally incorporated its operating company – the Brunel Pension Partnership Limited (“BPP Ltd”).
Subject to FCA authorisation, BPP Ltd will act as the operating company for the management of the assets of the founding members’ Local Government Pension Scheme assets.
BPP Ltd will provide a range of portfolios in which its clients can invest and will be responsible for selecting investment managers, monitoring performance and reporting back. Eventually assets of some £27.5 billion will be under BPP Ltd’s control.
PwC has been the lead financial adviser to Brunel from the outset of the Government’s asset pooling agenda.
Mark Packham, PwC Director, commented, “PwC is proud to be lead financial advisor to the Brunel Pension Partnership. We’ve undertaken a wide range of financial and related work since the Brunel Authorities started the project and it has been a pleasure to support the development of a clear and collaborative operating model.”
PwC is active in advising several of the LGPS asset pools and we have used this knowledge to help Brunel achieve their aims of establishing the most cost effective solution.
PwC initially were able to advise on the appropriate structural options and developed this to play a key role in establishing a formal business case for change that each Brunel Authority needed to approve. This included detailed financial projections and early establishment of projected operational costs.
We have also assisted Brunel in their senior level recruitment, and helped formulate HR policies including the Remuneration Policy. We are currently supporting on defining the IT requirements and procuring suppliers for the new company, including driving the IT elements of the FCA application process. We continue to support with financial modelling and operational cost support.
The project is a significant undertaking and has involved working closely with advisers from other specialist firms and various representatives from each Brunel Authority and their elected Councillors.
Dawn Turner, Chief Executive Officer of BPP Ltd, commented, “PwC’s support throughout the process has been invaluable. They have advised us in a number of essential areas and have brought a very wide range of expertise to the project. By forging close working relationships with our other advisers, often under demanding timescales, PwC has helped us achieve a significant key milestone.”