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London scheme repurchases stock from 1897

UK – The London Pensions Fund Authority has spent more than £18m to buy back stock – some dating back to the end of the 19th Century – that it inherited from the now-defunct London County Council.

The stock was issued by the council in 1897 and 1900 to pay for things such as tramways, Vauxhall Bridge, the lunatic asylum and tunnels, said authority finance director Amanda Walker.

The £3bn scheme had inherited the undated stock, which had no date set for redemption. She said the reason for the move was “housekeeping” and reflected the “basic economics of where we are”.

The authority tendered the repurchase on May 23 – saying the move would “assist it in the discharge of its responsibilities”.

There was a “huge range” of stockholders, mostly individuals and churches who had likewise inherited the stock, Walker added. The tender to take the stock back had had a “huge take-up”.

Meanwhile, Walker gave an update on the various tenders the scheme has underway. The RFP stage closed on May 27 and the fund has just met with consulting firm Hymans Robertson to establish a long list of managers. There were a huge number of responses, she said.

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