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People moves


The pool managing the retirement assets for nine councils in the Midlands has appointed an experienced pension industry veteran as its inaugural chief executive. Mike Weston now leads LGPS Central after step- ping down as chief execu- tive of Pensions Infra- structure Platform in January. He also has a


seat on the pool’s board. Weston (picture) is also a trustee of the Institute of Cancer Research’s pension scheme. His previous roles have included chief investment officer of the Daily Mail and General Trust Pension Funds as well as a director at Hermes. Weston said that pooling provides an important route to deliver investment effi- ciencies


and opportunities to partner


funds. “Much progress has already been made, but there is more to do,” he added. Chair of LGPS Central’s joint committee,


Mandates


LGPS Central, the pool managing £20bn of assets for local government pension schemes in the Midlands, has picked Fidel- ity and Neuberger Berman to manage its new bond fund.


The global fund will focus on investment- grade company debt. The size of the man- date has not been disclosed, but it will be equally split between the asset managers. The duo were selected


for their global


reach, strong UK presence and robust pro- cesses, the pool’s fixed income investment director Gordon Ross said. Fidelity’s head of UK institutional, Peter Hunt, added that the firm looks forward to building a strong partnership with the pool and its members. Neuberger Berman manages $15bn (£12.8bn) of investment-grade credit and has already worked with the pool’s partner funds in the private markets for some years.


10 | portfolio institutional | March 2019 | issue 82


The £711m Scottish Borders Council Pen- sion Fund has invested an undisclosed amount in a sustainability fund. The Glob- al Sustain Strategy, which is managed by Morgan Stanley, backs low carbon compa- nies and excludes tobacco or alcohol stocks from its portfolio. The deal is part of Scot- tish Borders sustainability strategy with its trustees believing that ESG factors could have a positive effect on the financial per- formance of an investment. Merseyside Pension Fund has appointed five managers to protect its equity portfolio against a downturn. Legal & General Investment Management,


Schroders,


Insight Investment, Eaton Vance and River & Mercantile will assist the scheme with its risk management. Merseyside has also backed a residential rental fund led by Hearthstone Investment Management, which has raised more than £200m to invest in the sector.


The Tyne and Wear Pension Fund was another new investor in the final funding round, bringing the number of local gov- ernment pension schemes (LGPS) backing Hearthstone Residential Fund 1 to seven. The original LGPS investors are Derby- shire, Nottinghamshire, Staffordshire, Teesside and the West Midlands. Hearthstone partner Cristoforo Rocco di Torrepadula said the firm raised more than expected. “Exceeding our target fund size is a powerful affirmation of our strategy and ability to source, acquire and manage desir- able properties in locations that offer sus- tainable employment, social and community infrastructure and that com- bine the aspirations of tenants with the sta- ble income returns expected by our institu- tional investors.”


The fund builds new housing and low-rise flats. Its portfolio includes properties in the Midlands, the North West and North East.


Councillor Ian Brookfield, said Weston’s pensions and investment management experience will benefit the partner funds through a focus on long-term performance and value for money. LGPS Central has also promoted John Burns to deputy chief executive. He will continue as chief of operations and finan- cial officer. The pool’s partner funds are the local coun- cils of Cheshire, Derbyshire, Leicester- shire, Nottinghamshire, Shropshire, Staf- fordshire, Worcestershire, West Midlands Pension Fund and the West Midlands Inte- grated Transport Authority, which collec- tively have around £45bn in assets. Defined benefit (DB) pension scheme con- solidator Clara-Pensions has appointed Ste- ve Groves to its board. He brings more than 20 years of the retirement industry experi- ence with him. He is also the chair of equity release specialists Key Retirement and Retirement Bridge.


Calendar


Upcoming portfolio institutional events:


03 April Panel discussion: Private equity


04 April Roundtable: ESG


20 June Roundtable: Factor investing


18 July Roundtable: Private debt


12 September Roundtable: Responsible investing


The UK’s largest pension scheme is look- ing for a new investment boss after Roger Gray announced that he is retiring. Gray has been chief executive of the invest- ment management arm of the £65bn Uni- versities Superannuation Scheme (USS) for the past decade.


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