Episode summary
Episode 356: Bonus Episode: Trevor Castledine Chief Client Officer of LGPS Central: Collaboration...
The Fiftyfaces Podcast
· · Hosts: Aoifinn Devitt · Guests: Trevor Castledine
Summary
Trevor Castledine says LGPS Central’s client and advisory function was built to make the pool more responsive to partner funds, not simply to replace external consultants. He describes the role as a long-term effort to strengthen relationships, earn trust, and give administering authorities a stronger voice in shaping the product set and future state design.
A central theme is how to balance client needs with the realities of pooling. Trevor says the team has tried to design the advisory function around a 4:1 client coverage model, and has hired people with consulting backgrounds so the service feels like a credible substitute for advice clients already understand. He also argues that the team must think like an owner on behalf of the client, while still helping the pool retain enough flexibility to avoid fragmentation.
He rejects the idea that being both client-facing and part of the pool creates an unmanageable conflict, saying the main safeguard is separation between advisory, portfolio management, and investment teams. He also welcomes external challenge, including a third-party oversight consultant, because the pool needs internal rigor, accountability, and a willingness to drop or adapt strategies that no longer serve partner funds.
Key takeaways
- Trevor Castledine says LGPS Central built the advisory role to earn trust from partner funds before advice is formally required, not just to meet a regulatory obligation.
- He says the pool is targeting a 4:1 client-to-adviser ratio, with three client directors initially covering five partner funds each.
- Trevor argues the advisory team must act as the internal voice of the client, especially on product design, responsible investment, and UK equity tilts.
- He says the main conflict risk is psychological, and the pool’s separation between advisory, portfolio management, and investment teams is meant to contain it.
- Trevor welcomes a third-party oversight consultant and says consistent internal challenge is essential as LGPS Central replaces external advice with in-house rigor.
Notable quotes
“the idea was to um to try and strengthen those relationships. Now I had uh part of my strategy to do that uh was to seek to move into a sort of a more advisory relationship role”
“if we were going to do something that clients really wanted to use rather than something that was enforced upon them, we would need to build something that was like a replacement for the advice that they've currently gotten”
“my team needs to be the voice of the client internally”
“I don't think there is I mean I think there subtle maybe some subtle psych or risks of psychological conflict of interest”
“We've always said since the very start that we would welcome and we hope that we uh get to to have interactions with a sort of a third party fucery oversight consultant”
How the episode opens
Good morning. We have a little treat for you this Friday morning. And every Friday morning for the next four weeks, we're going to be bringing you a collaboration that we worked on with Always a Pensions Angle podcast, Tom Parker, and his team at DG Publishing.
The first is a fascinating discussion with a lead member of one of the LGPS pools where he talks about the challenges that come with growth, but also the massive opportunity to forge a new kind of client relationship. Enjoy. Hey, hey, hey, good morning, afternoon, or frankly whatever time you find yourself listening to this podcast.
and welcome to the first of a five-part special, Always a Pensions Angle series, which we're running in partnership with the 50 Faces podcast. I am, of course, Thomas Parker, and I'm joined by my partner in crime, Mr. Nick Reev.
Hello. Hello, Tom. How are you doing? — I'm very well. You looking forward to this series?
I am indeed. Yes. Uh, so in this series, we're going to be hearing from five leading figures uh from across the LGPS uh ahead of what's going to be a radical shift for the sector.
And indeed it's a shift that's kind of already underway. Um our quintessential quintet uh is going to give us a fabulous insight um uh on the changes underway in various pools. And the first person is someone who's very familiar to a lot of LGPS listeners and uh a a store of um uh DG publishing events for for many a year.
Uh so Tom, unveil the first person.
Of course, it's Mr. Trevor Casteldine who has recently taken on the role of chief client and advisory officer at LGBS Central. Um so he sat down and indeed all of our quintessential quintet sat down with the wonderful Ethan Dev who is host of the 50 faces podcast um at the recent lapsive February event and she first asked him whether it was always the plan for him to move into the chief client and advisory officer role.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- client advisory function
- lpps growth challenges
- conflict between client and shareholder
- internal governance rigor
- lgps asset pool collaboration
Companies and tickers mentioned
- LGPS Central
- Lancashire County Pension Fund
- South Yorkshire Pensions Authority
- LGPS pooling entity LPPI
- DB Publishing
- DG Publishing
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
More from The Fiftyfaces Podcast
-
Episode 385: Roy Kuo of Galilei Family Office: Thinking like an Owner in the Family Office Arena -
Episode 384: Nadine Buckland of Zenzic Capital - Unlocking the potential of real estate debt -
Episode 383: BONUS EPISODE: Art as a Strategic Imperative - Vadim Grigoryan of Art Thinking -
Episode 382: Christian Abuide - The Future of WealthTech -
Episode 381: Anastasia Amoroso Chief Investment Strategist at Partners Group: The Importance of D... -
Episode 380: Joey Mason of Claret Capital on Venture Capital, Venture Debt and Europe's Need for ...
The Fiftyfaces Podcast, this episode and its artwork belong to Aoifinn Devitt. Octagon is not affiliated with the show; this page is an independent summary.
