Noticeboard PEOPLE MOVES


Robert Waugh has been named as the next trustee chair of the L&G Mastertrust. When he replaces Der- mot Courtier in July, Waugh (pictured) will bring 35 years of invest- ment and pensions experience to the role,


having been chief executive and chief investment officer for the NatWest Group Pension Fund for the past 13 years. His in-tray at L&G will include diversify- ing the master trust’s assets, especially into private markets, for its 1.8 million members. Waugh has sat on the board of the PLSA’s cost transparency initiative and chaired a defined contribution scheme for The Royal Bank of Scotland. Master trust Life Sight has named Simon Ellis as its new trustee chair after Jane Platt stood down at the end of her second term.


NOTICEBOARD


The Royal Mail’s £8.8bn defined benefit pension scheme assets are now managed by Blackrock.


The trustees have outsourced the chief investment officer function to benefit from the asset manager’s scale and risk management expertise. The Royal Mail Pension Plan’s investment team have moved to Blackrock to continue managing the assets for the scheme’s 118,000 members. Elsewhere, two defined contribution pen- sion schemes collectively managing £26bn could jointly invest in natural cap- ital. Nest and Cushion have invited fund managers to suggest strategies that could provide a return while making a positive impact on the environment. Initially, the duo intend to focus on forestry due to its low correlation to equi- ties and bonds, while ecosystem services are not directly linked to market forces.


8 | portfolio institutional | March 2023 | Issue 121


Ellis is the chair of Morgan Stanley’s UK business and previously held senior roles at HSBC, Legal & General, Fidelity, Axa and Henderson Global Investors. Claire Bowyer is the new deputy chief exec- utive of Now Pensions. She sits on the board but remains a director of the UK arm of


Cardano, the defined contribution pen- sion provider’s parent company. In her new role, Bowyer (pictured) will focus on the commercial, investment and govern- ance aspects of the scheme. The People’s Partner- ship, which provides The People’s Pension to 6 million defined contribution savers, is looking for a new man-


aging director of investment after Jonathan Cunliffe (pictured) left the not-for-profit.


Cushion already has exposure to natural capital through its default fund, but the potential joint venture, which could be launched depending on interest, is designed to reduce fees.


Defined benefit de-risking specialist Pen- sion Insurance Corporation (PIC) has completed the final buy-in of a scheme sponsored by engineer IMI.


The £175m deal secures the benefits of more than 1,300 people, 97% of which no longer contribute to the scheme. PIC has now insured all of IMI’s £1bn pension liabilities through six buy-ins since 2016.


Legal & General has completed a £6.5m buy-in with the Amey Services section of the Citrus Pensions Plan, which is


a


defined benefit master trust comprising more than 30 sections.


The deal has secured the benefits of 70 retired and current workers of the manu- facturing services and engineering group. Two local government pension schemes


CALENDAR


Topics for confirmed upcoming portfolio institutional roundtables:


March – Emerging markets


April – Alternatives May


– Stewardship June


– Biodiversity July


– DC multi asset July


– Private markets September


– Defined contribution October


– Fixed income November


– Sustainable strategies


have backed an initiative that is working to increase the availability of affordable housing in the UK. Tyne & Wear Pension Fund and Scottish Borders Council have become the latest local authority pension schemes to invest in Affordable Housing Fund, an unlisted fund managed by CBRE Investment Management.


The fund has now secured nine such backers, which have joined 14 other inves- tors in collectively investing more than £500m of equity in increasing the stock of affordable rental and ownership resi- dential properties.


The fund has a pipeline of £400m work- ing in schemes, under development and completed, which could provide almost 2,100 homes, potentially housing more than 5,600 people. Half of these houses are being built in some of the economically deprived areas of the UK, which the fund managers hope will support the levelling up agenda.


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