The Northern Pool, one of the country’s largest investment funds, has appointed a new chair after the last chairman unexpectedly died at Christmas.

Ian Greenwood will take over the £46bn investment pool, which is made up of the combined assets of the Greater Manchester, West Yorkshire and Merseyside local government pension scheme (LGPS).

Mr Greenwood, who will replace Cllr Kieran Quinn, is currently the deputy chair of the West Yorkshire Pension Fund and deputy chair of the Local Authority Pension Fund Forum, which represents 75 local government pension funds with assets of over £200bn.

‘I’m delighted to have been asked to take up this role. It is a huge honour and privilege, and one that I take very seriously,’ said Mr Greenwood.

‘Kieran will be a hard act to follow, but like him I firmly believe our approach will enable us to ensure we remain the most cost-effective and efficient pool in the local government pension scheme, underpinned by a simple but effective democratic governance structure.

‘This will ensure the Northern Pool maintains the good investment returns and low costs that have resulted in low contribution rates for the benefit of taxpayers.’

Brenda Warrington, chair of the Greater Manchester Pension Fund, commented: ‘Ian’s appointment is another important step on our pooling journey.

‘I’m confident he will continue Kieran’s good work, using investment to drive growth and innovating with our stakeholders to ensure sustainable and affordable pensions for workers who deliver vital public services in the interests of taxpayers.’

Paul Doughty, chair of Merseyside Pension Fund, added: ‘Ian’s experience and knowledge of the local government pension scheme will be invaluable in ensuring continuity and in helping the Northern Pool achieve its objectives at this time of significant change.

‘The Northern Pool is one of the largest of eight local government pools being set up in a bid to drive down costs and improve efficiencies. As such, it is committed to the highest standards of governance, asset safety and transparency in reporting.’