London Treasury is delighted to welcome Jihan Santamaria as Deputy Director, London Treasury Liquidity Fund (LTLF). Jihan will lead the team undertaking the Principal Portfolio Manager activities for the LTLF and will become its Chief Investment Officer (CIO).
Jihan’s career to date spans twenty years as an investment professional across structured credit, private markets, and capital allocation within leading financial institutions. She began her career at Morgan Stanley progressing to the role of Vice President within Credit Derivative Product Structuring. Thereafter, Jihan spent over a decade in senior leadership positions at Permira Credit ultimately becoming a Managing Director and serving on the Investment Committee. At Permira Credit she directed strategic asset allocation, portfolio construction and performance overview across multiple funds. In addition to excellent investment management credentials, Jihan brings deep expertise in stakeholder and investor relations as well as market engagement.
Jihan joins London Treasury as we embark on our vision to 2030 to grow our business beyond the GLA Group, thereby securing the full benefit of the economies of scale and impact that London Treasury was created to deliver. We look forward to working with her to expand the partners in LTLF across London boroughs and local authorities.
At the same time, we say goodbye to the current LTLF CIO, Richard Tomlinson, who is leaving us this month. We are grateful to Richard for his important contribution to the LTLF – particularly, his key contribution to the project to transform the then GLA Group Investment Syndicate into the current LTLF as a Scottish Limited Partnership structure from 1 April 2023, thereby opening the LTLF to partners beyond the GLA Group.
Under Richard’s leadership, the LTLF has grown assets under management (“AUM”) to the current annual average of £4.0bn and the team has continued to evolve the investment strategy across the four allocations (Core Liquidity, RMBS, Strategic Lending and Strategic Investments) while delivering the target return of SONIA +40 bps on a rolling three-year basis.
Richard has overseen the incorporation of the GLA Responsible Investment Policy across the LTLF’s investment practices and the establishment of LTLF’s outreach activities to offer the benefits of the LTLF to local authorities in London and across the UK.
We say farewell with much gratitude to Richard and look forward to the next stage in the LTLF’s journey under Jihan’s leadership.
Sir Harvey McGrath, Chair of the board of London Treasury, said:
“April 2026 marked the three-year anniversary of the LTLF under its current structure. The board would like to express its gratitude to Richard Tomlinson for his important contribution in achieving the launch of LTLF back in 2023 and for his leadership to enable the progression of LTLF’s investment strategy and return objectives. We wish him much success in his future endeavours. As stewardship passes on to Jihan Santamaria, we look forward to supporting Jihan and the team in the next phase of growth.”
Richard Tomlinson, CIO of LTLF (departing), said:
“Having joined London Treasury to deliver the LTLF alongside Luke Webster and Solene Delion, the project to scope out, create and launch LTLF was a challenge that brought me a huge sense of achievement and satisfaction. It has been equally satisfying to receive the support of its investors and to see the very capable investment team develop its strategies, processes and reporting to adapt to a fund that is now open to any professional investor. I leave LTLF in Jihan’s capable hands and look forward to seeing it going from strength to strength and continuing to deliver exceptional value to the public sector.”
Jihan Santamaria, Deputy Director, LTLF, said:
“I am honoured to join London Treasury at such an exciting time of growth and opportunity, and to have the chance to lead the investment team of the LTLF. The LTLF plays an important role in supporting public sector organisations through prudent investment management, and I am looking forward to working closely with our partners across London and beyond. I would like to recognise Richard Tomlinson’s significant contribution in shaping the Fund’s development and creating a strong platform for its future growth.”
