• Home
  • About
  • Subscribe
  • LATIF
  • Conferences
  • Dashboard
  • Edit My Profile
  • Log In
  • Logout
  • Register
  • Edit this post

Room 151

  • 151 BRIEF

    What's New?

  • Soaring inflation and pay pressures to add £3.6bn to council budgets

    June 28, 2022

  • Underfunded social care reforms could ‘exacerbate workforce pressures’

    June 27, 2022

  • Nottingham City Council leader labels proposed intervention as “disappointing”

    June 27, 2022

  • Government preparing to intervene in Nottingham City Council

    June 23, 2022

  • Low earners at Surrey County Council receive 7.85% pay increase

    June 23, 2022

  • UK Infrastructure Bank launches plan to deploy £22bn of investment

    June 23, 2022

  • Treasury
  • Technical
  • Funding
  • Resources
  • LGPS
  • Development
  • 151 News
  • Blogs
    • David Green
    • Agent 151
    • Dan Bates
    • Richard Harbord
    • Stephen Sheen
    • James Bevan
    • Steve Bishop
    • Cllr John Clancy
    • David Crum
    • Graham Liddell
    • Ian O’Donnell
    • Jackie Shute
  • Interviews
  • Briefs

Mike Jensen departs LPP for second stint with Lancashire’s treasury team

0
  • by Colin Marrs
  • in 151 News · LGPS · Treasury
  • — 3 Oct, 2017

Mike Jensen

Mike Jensen has returned to Lancashire County Council’s treasury management team after a spell as chief investment officer at the Local Pensions Partnership (LPP) LGPS pool.

Jensen will take up a new position as the council’s director of investments, returning to the treasury department after two years away.

His appointment comes at a difficult time for the council: last year, accountancy firm PwC found that even if the authority is successful in meeting all of its cost reduction targets, it will have a cumulative deficit of £398m by 2021.

Lancashire County Council leader, Geoff Driver, said: “At a time when Lancashire County Council is facing a very challenging financial situation, it is more important than ever for the people of Lancashire that we secure the best possible return from the council’s investment activities, which is why we have created this new position of director of investments.”

The council says that the new role will see Jensen providing “entrepreneurial leadership and direct investment expertise” as well as developing and implementing the council’s treasury management strategy.

Jensen played a key role in the creation of LPP, which saw Lancashire pool its pension fund with London Pensions Fund Authority, anticipating the government’s subsequent focus on LGPS pooling as a means of reducing adviser fee costs.

He said: “It has been a pleasure to have been so closely involved in the launch and growth of LPP. We have made enormous progress in a relatively short time, and I know that the team we have built will enable the LPP to go from strength to strength in the future.

“With such solid foundations in place at LPP, I am now looking forward to returning to LCC to help develop the Treasury management function and to realise its capabilities.”

Jensen entered local government finance in 2002, when he was appointed treasury and pension fund manager for Cornwall County Council.

He has held a number of posts in the private sector, including spells at SG Warburg, Merrill Lynch Europe, UBS Investment Bank and Bank of America.

In an interview with Room151 in January, Jensen voiced confidence that the “LGPS, as an aggregate entity, is in better shape than the perception. I think it’s more sustainable than the perception and from here on in we can make it cheaper to manage than the past 30-40 years.”

A statement released by LPP in August showed that three people—including George Graham, formerly the council’s deputy county treasurer—had resigned as LPP directors in the past year.

Jensen is the second high-profile departure from a London based LGPS pool in recent months after former Hackney Council finance officer Jill Davys left the London CIV, where she had served as assistant director, client management.

Get the Room151 Newsletter

Share

You may also like...

  • Pension power: beyond net zero 4th Feb, 2022
  • MOTB speakers and attendees call for permanent IFRS 9 override 27th May, 2022
  • Building back better? 27th Apr, 2021
  • LGPS webinar: Central bank management of bond purchasing could affect all asset classes 1st Mar, 2021

Leave a Reply Cancel reply

You must be logged in to post a comment.

  • 151 BRIEFS – WHAT’s NEW?

    • Underfunded social care reforms could ‘exacerbate workforce pressures’
    • Nottingham City Council leader labels proposed intervention as “disappointing”
    • Government preparing to intervene in Nottingham City Council
    • Low earners at Surrey County Council receive 7.85% pay increase
    • UK Infrastructure Bank launches plan to deploy £22bn of investment
  • Room151’s LGPS Roundtables

    Biodiversity
    Valuations & Risk
    LGPS Women

  • Room151’s LGPS Roundtables

    Biodiversity
    LGPS Women
    Valuations & Risk
  • Latest tweets

    Room151 3 hours ago

    Gove at LGA: councils to receive two-year financial settlement: Michael Gove has announced that councils will receive a two-year financial settlement from next year to provide authorities with “financial certainty” and allow them to plan ahead. The… dlvr.it/ST0kSV pic.twitter.com/wxL3UM4sGO

    Room151 3 hours ago

    LGPS valuations: the digital journey: Rob Bilton explains how technology is helping to deliver one of the most complex data exercises in the world of public sector pensions. The 2022 valuations for LGPS funds in[...] dlvr.it/ST0kMq pic.twitter.com/VxjSPC2Uvo

    Room151 4 days ago

    Conrad Hall: ‘more sophisticated’ regulation needed for local government: The chair of the CIPFA/LASAAC Code Board has questioned the sophistication of financial regulation in local government and the continuing focus of the Department for Levelling Up,… dlvr.it/SSnPBV pic.twitter.com/G5d7JCWF8c

    Room151 6 days ago

    Slough Council approves plans to restructure finance department: Slough Borough Council has approved plans to restructure its finance department to enhance capacity and capability and to address a “significant weakness” in the function. The local… dlvr.it/SSf8DG pic.twitter.com/l5lmyHmkBg

    Room151 1 week ago

    Job Alert: Various Finance Roles: lnkd.in/eRKRvhJb pic.twitter.com/KkBrjXxAYD

    Room151 1 week ago

    MRP on capital loans: a step in the right direction: David Green says the latest government proposals on Minimum Revenue Provision should be welcomed by local authorities. There are still some unintended consequences, but the suggested approach for… dlvr.it/SSZ7JK pic.twitter.com/M1W9qVgYWN

    Room151 1 week ago

    MRP U-turn welcomed but ‘unintended consequences remain’: Local authority finance directors and treasury advisers have welcomed the government’s revised Minimum Revenue Provision (MRP) proposals, while pointing out that some unintended consequences still… dlvr.it/SSWvY0 pic.twitter.com/sGglpVNFs3

    Room151 1 week ago

    Mike O’Donnell: ‘progress on LGPS asset pooling needs to go further and faster’: The CEO at the London CIV pension pool has called for progress on pooling the assets of the Local Government Pension Scheme (LGPS) to accelerate. Mike O’Donnell told… dlvr.it/SSWvWV pic.twitter.com/rE1NjbMCCq

  • Register to become a Room151 user

  • Previous story Councils launch property investment schemes with £200m of PWLB money
  • Next story Disruptors: How technology will change the face of treasury

© Copyright 2022 Room 151. Typegrid Theme by WPBandit.

0 shares