Brunel Pension Partnership has confirmed it has ceased trading and is winding down before entering liquidation later in the year.
The UK-based investment pool has also requested cancellation of its Financial Conduct Authority (FCA) permissions from the regulator on 1 July, with its Authorised Contractual Scheme (ACS) closing on 30 June.
A message on its website states: “Following the successful transfer of our partner funds, and their £42bn AUM, to their new pools. Brunel Pension Partnership has agreed with the FCA to cancel its FCA permissions and, from 1 July, is no longer authorised to carry out regulated activities.
“Brunel has worked with LGPS Central, LPPI and London CIV to deliver a coordinated and efficient transition process, keeping the best interests of members and our 10 client pension funds at the heart.”
A spokesperson for Brunel also confirmed that the pool is going through the process of winding down, with a view to handing over to a liquidation partner later in the year.
This comes as Brunel was told by the UK government to close down, after its proposals to meet new minimum standards set out for local government pension pooling were rejected.
At the moment, 26 employees still list Brunel as their current position, down from 75 employees at the beginning of the year.
The majority of ex-employees have found a new home at Local Pensions Partnership Investment (LPPI), which has also taken over the majority of orphaned partner funds.
Last year, LPPI emerged as the leading contender to take on Brunel’s investment infrastructure, which at the time managed seven equity pooled funds, passive equity and private markets for 10 pension fund clients based in the West of England.
LPPI has also since opened a new office in Bristol, where Brunel was previously located.
Key staff that joined LPPI from Brunel include Joe Webster, previously chief operating officer as chief data and technology officer; Roelie van Wijk, previously investment non-executive director as non-executive director; Vaishnavi Ravishankar, previously head of stewardship as engagement manager; and Chris van der Merwe, previously responsible investment manager as senior responsible investment analyst – integration.
Staff have also found a home in LGPS Central, which hired four ex-Brunel employees, and London CIV, which hired two, and Wales Pensions Partnership hired one.
Matt Betts, previously manager of equity portfolios, has found a new home at Avon Pension Fund.
