All managers have discretion to buy and sell investments within the limits set by the Pension Fund Panel and their respective Investment Management Agreements. Each manager has been appointed with clear strategic benchmarks which place maximum accountability for performance against that benchmark on the investment manager.
The Bank of New York Mellon (BNYM) acts as the Fund's global custodian. They are responsible for safe custody and settlement of all investment transactions and collection of income and complete a monthly reconciliation of its own portfolio valuation to external fund manager reports. The bank account for the Fund is held with Lloyds Bank.
custody and settlement of all investment transactions and collection of income and complete a monthly reconciliation of its own portfolio valuation to external fund manager reports. The bank account for the Fund is held with Lloyds Bank. <table><tr><td></td><td>2023</td><td>2022</td><td>2021</td><td>2020</td></tr></table>
| Fund Manager | Mandate | Market Value 31 March 2025 £000s | % | Market Value 31 March 2026 £000s | % |
|---|---|---|---|---|---|
| Investments managed within the London CIV | |||||
| London CIV | Share Capital | 150 | 0 | 220 | 0 |
| London CIV | Diversified credit | 68,510 | 4 | 72,564 | 4 |
| London CIV - Baillie Gifford | Global Equity (Active) | 243,082 | 14 | 179,885 | 9 |
| Total inside the pool | 311,742 | 18 | 252,669 | 13 | |
| Investments managed outside of the LCIV | |||||
| Royal London | UK Corporate (Active) | 326,509 | 19 | 258,689 | 14 |
| UK Corporate (Pooled) | 13,367 | 1 | 12,483 | 1 | |
| BlackRock | Global Equities | 59,341 | 4 | 68,832 | 4 |
| Legal & General | Future World - Global Equities (Passive) | 350,431 | 21 | 335,063 | 18 |
| GPJA - ESGParis AlignWIdEq (Passive) | 377,290 | 22 | 426,470 | 22 | |
| Index Linked Gilts | - | - | 177,968 | 9 | |
| UK Property (Pooled) | - | - | 82,824 | 4 | |
| Brightwood | Private Debt (Overseas Pooled) | 7,673 | 0 | 15,936 | 1 |
| Churchill | Private Debt (Overseas Pooled) | 15,889 | 1 | 13,189 | 1 |
| HSBC | Private Debt (UK Pooled) | 4,600 | 0 | 4,121 | 0 |
| Permira | Private Debt (UK Pooled) | 27,117 | 2 | 28,154 | 1 |
| Henley | Unit Trust (UK Property Pooled) | 4,680 | 0 | 4,730 | 0 |
| Lothbury | UK Property (Pooled) | 4,288 | 0 | 951 | 0 |
| Hermes | UK Property (Pooled) | 46,198 | 3 | 33 | 0 |
| Standard Life | UK Property (Pooled) | 32,583 | 2 | 34,698 | 2 |
| Gresham House | Infrastructure (UK Pooled) | - | - | 15,251 | 1 |
| JP Morgan | Infrastructure (Overseas Pooled) | 57,389 | 3 | 61,738 | 3 |
| Darwin | Bereavement Services (UK Infrastructure Pooled) | 4,861 | 0 | 4,037 | 0 |
| Cash with Custodian | 34,464 | 2 | 101,962 | 5 | |
| Total outside the pool | 1,366,677 | 82 | 1,647,126 | 87 | |
| Total Investments | 1,678,419 | 96 | 1,899,795 | 100 | |