Local authorities form tri-borough pensions team

A new tri-borough pensions and treasury team has been formed following a shared services agreement between Westminster, Hammersmith and Fulham, and Kensington and Chelsea councils.

The new team, which will handle combined pension funds of £1.5 billion and cash investments of £500 million, will be led by Jonathan Hunt, tri-borough director for treasury and pensions, who took up his role working across the three councils’ operations in January.

Each local authority will retain its own pension fund and cash investments but the management of the three councils’ funds – worth a total of £1.5billion and around £500million respectively – will be handled by a team based at Westminster City Council.

Jonathan Hunt, leader of the Westminster team, said: “Our newly-combined team will look at better ways of working and sharing skills, and will provide better resilience within the team.

“We are also looking to improve our efficiency in terms of the number of contracts we have, and we will look at attracting more competitive rates for our investments across the three boroughs.”

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