The CIO Chair

06. A CIO Perspective on LGPS Pooling and Long-Term Investing, With Richard Tomlinson

cio investment club Episode 6

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0:00 | 53:54

In this episode of The CIO Chair, Sean Thompson and Hartej Singh speak with Richard Tomlinson, Chief Investment Officer of Local Pensions Partnership Investments (LPPI). Richard oversees investment implementation for local government pension scheme (LGPS) funds, managing assets on behalf of workers across local authorities and public bodies in the UK.

Richard explains the origins and purpose of LGPS pooling, outlining how LPPI operates with full delegation to implement partner funds’ investment strategies. He shares what the day-to-day life of a CIO looks like in a large pooled environment, balancing strategy, governance, manager selection, risk oversight, and team leadership.

The conversation explores Richard’s career journey, from engineering at Cambridge to hedge funds, consulting, and ultimately public-sector asset ownership. 

The discussion spans private assets, UK investment opportunities, and the challenges of pricing long-dated risk. Richard shares a pragmatic view on housing, infrastructure, and corporate investing, emphasising transparency around return expectations and trade-offs.

The episode also explores team culture, delegation, and learning from past mistakes, including lessons from 2008. Richard closes by reflecting on leadership, AI’s evolving role in investment processes, and what it means to leave behind a strong institution rather than personal heroics.

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