Mike Jensen, co-chief investment officer at the Local Pensions Partnership (LPP), is to exit his role and transfer to Lancashire County Council, one of the LPP’s founders.

Jensen was a key instigator of the LPP, a partnership between the Lancashire Pension Fund – where he was CIO – and the London Pension Fund Authority (LPFA). He has been co-CIO alongside LPFA’s Chris Rule.

Jensen will be Lancashire County Council’s director of investments and will continue to work with LPP as an adviser, the partnership said in a statement. In his new role he will be responsible for leading Lancashire’s treasury management team.

“It has been a pleasure to have been so closely involved in the launch and growth of LPP,” Jensen said. “We have made enormous progress in a relatively short time, and I know that the team we have built will enable the LPP to go from strength to strength in the future.”

Geoff Driver, council leader, added: “At a time when Lancashire County Council is facing a very challenging financial situation, it is more important than ever for the people of Lancashire that we secure the best possible return from the council’s investment activities, which is why we have created this new position of director of investments.”

The LPP tie-up was officially given the green light by UK regulators in 2015, before the country’s government officially announced its intention for local authority pension schemes to pool their assets.

The partnership has already launched pooled funds for infrastructure, private equity and global listed equity. It has stated its intention to launch credit, fixed income, and total return funds in the near future.