Wales Pension Fund

About Us

The Wales Pension Partnership (WPP) was established in 2017. The WPP is a collaboration of the eight LGPS funds (Constituent Authorities) covering the whole of Wales and is one of eight national Local Government Pension pools.

We have a long, successful history of collaboration, including examples that pre-date the Government’s pooling initiative. We are proud of our unique identity as a Pool – our Constituent Authorities represent and span the entirety of Wales. Being democratically accountable means we provide the best of strong public sector governance and transparency.

Our operating model is designed to be flexible and deliver value for money. We appointed an external Operator and make use of external advisers to bring best of breed expertise to support the running of the Pool. The Operator is Waystone Management (UK) Limited and they have partnered with Russell Investments to manage the investments and assist in the reduction of investment management costs for all the Constituent Authorities.

We have a clear vision and are in control of the pace we take to ensure we meet our goals.

Latest Notices

Latest News

Monday 05 August 2024

Wales Pension Partnership awards Real Estate Investment contracts

The Wales Pension Partnership (WPP) announces the latest in its series of appointments to facilitate implementation of its Private Markets investment solutions.

The WPP will establish a WPP Real Estate investment proposition built around three pillars

UK Core Real Estate, to take existing pooled fund investments and transition them over time to an open-ended direct property investment portfolio.
International Real Estate, to establish an open-ended investment vehicle investing in funds and direct assets on a global basis.
Local / Impact Real Estate, to develop an investment programme utilising fund investments and direct asset investments in UK Impact strategies, with at least 50% of assets located in Wales.

Following the completion of a rigorous public procurement process, with the support of bfinance and Hymans Robertson, Private Real Estate Investment Managers have been appointed. The appointed managers are:

UK Core Real Estate – Schroders
International Real Estate – CBRE
Impact / Local Real Estate – Schroders

Cllr Elwyn Williams, Chair of the Joint Governance Committee commented:

“These appointments conclude the majority of the private markets investment managers for WPP. Real Estate is a core asset class for the 8 Welsh Constituent Authorities and these managers will provide the investments they need to meet their local strategic asset allocations.”

The Wales Pension Partnership (WPP) comprises the following LGPS funds: Cardiff and Vale of Glamorgan, City and County of Swansea, Clwyd, Dyfed, Greater Gwent (Torfaen), Gwynedd, Powys and Rhondda Cynon Taf.

Waystone Management (UK) Limited is re-appointed as the Wales Pension Partnership operator

The Wales Pension Partnership (WPP) is pleased to announce the re-appointment of Waystone Management (UK) Limited (Waystone) as its pool operator. The re-appointment of Waystone as the FCA authorised operator follows a rigorous procurement process run by the WPP and its advisors, Hymans Robertson and Burges Salmon.

All 8 Constituent Authorities in Wales are already jointly invested in £13bn (as at end of March 2024) of pooled assets with Waystone across a range of investment strategies.

Waystone, which is the largest independent Authorised Corporate Director (ACD) in the UK, will continue to operate an Authorised Contractual Scheme (ACS; a tax efficient UK collective investment vehicle) on behalf of the WPP. The ACS has ten sub-funds across equities and fixed income that meet the needs of the Authorities, enabling them to execute their respective asset allocation strategies. With the support of Russell Investments, Waystone will continue to deliver significant fee savings.

Chris Moore, Director of Corporate Services at Carmarthenshire County Council, commented ’As the host authority for WPP we are delighted that Waystone was successful again and look forward to continue working with the team’.

Karl Midl, Country Head, United Kingdom, said: “We are delighted to have been reappointed to act as Operator to the ACS for the benefit of the WPP’s investment pool. Our continued partnership is testament to the exceptional service our team has provided over the last six and a half years, and we look forward to continuing to support the WPP’s needs as they too continue to evolve and grow.”

Rachel Wheeler, Global Product Head of Regulated Fund Solutions, said: “As the largest player in the UK market, we bring unparalleled operational resilience, ensuring robust services for our clients. We have a long and successful history of collaboration with the WPP and we’re excited to explore new opportunities for expanding our partnership in the years to come.”