With more than 15 years of experience in investment consultancy, Kieran previously worked at KPMG and HSBC Actuaries and Consultants, before joining JLT EB as Senior Consultant in 2013. Since then Kieran has been increasingly involved in LGPS consulting and now manages key relationships with a number of the firm’s largest LGPS clients, including the Clwyd Pension Fund, Merseyside Pension Fund and Lancashire Pension Fund.
Kieran led the JLT EB team that advised the £1.4 billion Clwyd Pension Fund on the appointment of Man FRM to manage its hedge fund allocation, following a full procurement exercise. This led to him working with the Cornwall Pension Fund to access the multi-asset platform they established specifically for LGPS Funds, which has helped the fund significantly reduce hedge fund costs.
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LT Employee Benefits has been active in the LGPS market since 2003, now maintaining relationships with 14 of the 89 UK Local Government Pension Funds. Its clients range in size from £1 billion to £6.5 billion of assets under management (AUM), and together LGPSs represent just over 12.5% of JLT EB’s investment consulting business.
With increasing pressure to contain costs, there is an ever greater incentive for LGPS to collaborate. This is leading to the development of more innovative ways to carry out procurement for investment managers and in the construction of specific LGPS vehicles. JLT EB is pioneering this area, having carried out in 2014 the first fully collaborative search on behalf of three LGPSs looking to invest in infrastructure, which drove down both search and manager fees.
Director John Finch, who previously oversaw JLT EB’s LGPS investment advisory team, comments:
“I am delighted to leave this role in Kieran’s capable hands. He has substantial expertise in investment consulting, and understands the specific needs of LGPS very well. Together with his excellent connections in this sector, he is a natural choice for JLT EB to drive its growth in this area.”
Kieran Harkin, Director, Head of LGPS Investment Consulting, says:
“The LGPS investment space is certainly going to be challenging in the years ahead, as Local Authorities’ ability to fund their pension schemes deteriorates and investment returns are hard to generate. As schemes are forced to appeal to new strategies and innovative products to meet their liabilities, there will be exciting opportunities for JLT EB to devise new solutions for our clients.”
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