News

WPP Investment Management Company

All eight Constituent Authorities have now provided full approval to progress the build of WPP Investment Management Company (IM Co), including its submission to the FCA to obtain formal authorisation.   

The Government launched its Local Government Pension Scheme (LGPS) Fit for The Future Consultation on 14th November 2024, outlining a range of proposals to strengthen the management of LGPS investments in 3 key areas:

1. Reforming the LGPS asset pools, 

2. Boosting LGPS investment in their localities and regions in the UK,

3. Strengthening the governance of both LGPS Administering Authorities and LGPS pools 

As part of the consultation, the government asked each pool to consider and provide submissions outlining the viability of meeting the timescale of 31 March 2026 and each pool was invited to demonstrate a clear path to meeting the requirements outlined in the consultation document.

The WPP submitted a Business Case to Government at the end of February 2025, to make a case for continuing as a Welsh Pool and, therefore, continuing to realise the benefits the Pool brings to Wales. This was approved by Government in April 2025.

WPP proposes to establish a stand-alone Financial Conduct Authority (“FCA”) authorised investment management company (“IM Co”) in line with Government criteria and to move all WPP assets into IM Co management in line with the timescales outlined. The decision to build a WPP IM Co offers a unique opportunity to establish a material centre of excellence in LGPS investment in Wales creating valuable career opportunities whilst enhancing the financial services sector in Wales. 

All eight Constituent Authorities fully support the formation of IM Co and work is now progressing to build the company, including the preparation of the FCA submission.

The full Business Case and Fit for the Future submission can be found on the WPP website - Wales Pension Partnership website