| Boris Johnson, Mayor of London, upped the ante by declaring the combined schemes could form Britain’s first sovereign wealth fund. His hope is that a £180 billion “citizens’ wealth fund” would be capable of providing pensions for the UK’s ageing population, as well as plugging the country’s vast infrastructure spending gap. The schemes could save hundreds of millions of pounds a year in fees by merging, according to one academic, who adds: “We could build a lot of hospitals by doing this correctly.”
Edmund Truell, the veteran City dealmaker, has been enlisted by the mayor to persuade public pension funds to merge voluntarily. He has already been instrumental in encouraging the Lancashire and London local authority schemes to form a £10 billion partnership...............................................Full Article: Source
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