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London Borough of Hammersmith & Fulham
London Borough of Hammersmith & Fulham Pension Fund pools assets through the London CIV, a shared investment vehicle serving 33 London boroughs.
London Borough of Hammersmith & Fulham
The London Borough of Hammersmith & Fulham Pension Fund launched in 1974 as part of the Local Government Pension Scheme, serving council employees across the West London borough. It is funded by mandatory employer and employee contributions and operates within the statutory LGPS framework. The fund participates in the Tri-Borough shared services initiative with the City of Westminster and the Royal Borough of Kensington and Chelsea, consolidating pension administration and treasury functions across three London authorities. Asset allocation spans public equities, fixed income, property, infrastructure, private equity, and venture capital. The fund is a shareholder and active participant in the London Collective Investment Vehicle, the authorized pooled investment vehicle that manages the majority of its assets. Prior to pooling, the fund invested directly; it now accesses markets primarily through London CIV sub-funds and retains relationships with specialist external managers. Known direct holdings include a ground rents portfolio with Alpha Real Capital, a leisure fund managed by Darwin Alternatives, and a community housing commitment via Man Group, reflecting a tilt toward UK real assets with social-infrastructure characteristics. Headcount is not publicly reported, though the Tri-Borough arrangement consolidates staff across three pension funds. The fund is a member of the Local Authority Pension Fund Forum for collaborative shareholder engagement and the Pensions and Lifetime Savings Association, the UK industry body. Governance rests with the borough's Pension Fund Committee, advised by an independent investment panel and the London CIV's officer team. The structural differentiator for Hammersmith & Fulham is mandatory pooling — since 2018, its investment decisions are substantially executed through the London CIV, an FCA-authorized operator that pools roughly £40 billion across London's 33 borough pension funds. This removes direct manager selection authority from the borough's elected members for most asset classes, shifting fiduciary governance to a shared platform while preserving the borough's liability for funding levels and employer contribution rates.
General information
Firm type
Pension Fund
Year founded
1974
AUM
$1.5B – $2.0B (Altss estimate)
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Sector focus
Frequently asked questions
How does the London CIV structure affect investment decision-making at Hammersmith & Fulham?
Since mandatory pooling took effect in 2018, the borough's Pension Fund Committee no longer directly selects external managers for most asset classes. Instead, it invests through London CIV sub-funds, which are governed by the CIV's board and advised by an independent investment team. The borough retains responsibility for strategic asset allocation and funding-level oversight, but day-to-day manager selection and monitoring sit with the CIV, a model designed to reduce fees and improve governance across all London LGPS funds.
What is the fund's exposure to illiquid assets?
The fund holds direct interests in UK property through Alpha Real Capital ground rents, Darwin Alternatives' leisure fund, and Man Group's community housing vehicle. It also commits to private equity, venture capital, and natural resources via London CIV sub-funds. The precise allocation to illiquids is not publicly detailed but forms a material component of the fund's long-term return strategy.
Who bears the liability if the pension fund falls short of its obligations?
The London Borough of Hammersmith & Fulham remains the ultimate guarantor of pension liabilities, regardless of how assets are managed through the London CIV. Employer contribution rates and funding-level monitoring remain the borough's direct statutory responsibility, giving ratepayers indirect exposure to the fund's investment performance.
How does the Tri-Borough arrangement work in practice?
Hammersmith & Fulham, the City of Westminster, and the Royal Borough of Kensington and Chelsea share pension administration and treasury functions through a shared services agreement. The three funds maintain separate legal identities and investment pools but consolidate back-office operations and some advisory resources, cutting costs across the three London councils.
Does the fund engage directly with portfolio companies on ESG issues?
The fund is a member of the Local Authority Pension Fund Forum, which coordinates shareholder engagement on behalf of UK public pension funds. Day-to-day stewardship activities pass through the London CIV, which publishes an annual responsible investment report and exercises voting rights on behalf of all member boroughs, including Hammersmith & Fulham.
What is the relationship between the pension fund and the borough council?
The pension fund is a statutory entity administered by the council under LGPS regulations, but its assets are held separately from the council's general funds. The Pension Fund Committee, composed of councilors, pensioner representatives, and independent advisors, governs the fund, with the council acting as the administering authority responsible for employer contributions and funding strategy.
Is the fund open to new external managers outside the London CIV?
The fund can appoint external managers for asset classes or strategies not covered by London CIV sub-funds, though in practice most new mandates now flow through the CIV platform to benefit from scale fee discounts and pooled governance. The borough retains the legal authority to go direct when the CIV cannot provide a suitable vehicle.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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