LGPS Central has chosen BMO Global Asset Management and Western Asset Management Company to run its upcoming £660m (€712m) multi-asset credit fund.

Each fund manager will receive half of the total mandate.

More than 80 managers from across the world had expressed an initial interest in tendering for the mandate.

The investment pool, established to manage the assets of eight Midlands-based local authority pension funds with some £45bn in assets between them, turned to IPE Quest earlier this year for help with the manager search.

“Our search included criteria on expected performance, a consistent investment process, value for money, full transparency and a commitment to strong ESG integration,” said Gordon Ross, CIO and investment director for fixed income at LGPS Central.

“Both BMO and Western Asset displayed all these traits and have proven themselves to be worthy winners of this mandate. We look forward to working with them.”

LGPS Central currently has around £20bn in assets under management and advice.

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