Case Study

Restructuring an Investment Portfolio

Our local authority client was an administering authority of the Local Government Pension Scheme ("LGPS") in respect of the investment restructuring of the Fund it administered within the LGPS.

The local authority's investment panel had conducted a beauty parade and had selected five new investment managers. It wanted consistency in the contractual terms of appointment but did not have resource in house to amalgamate the terms and conditions it needed to insert into investment managements agreements that would be acceptable to all five of the investment managers. Thanks to our advice, the investment management agreements were all agreed and signed. Careful negotiation with the custodian of the assets enabled an appropriate risk assessment to be put in place which addressed the concerns of the legal department of the local authority, and enabled the powers of attorney to be signed.