Noticeboard PEOPLE MOVES


The BT Pension Scheme has made three appointments to its trustee board. Emily Clark, Nigel Cotgrove and David Viles joined the board in early April, replacing Billy McClory, Jim McInally and John Wroe, who all retired in March. The Pension Protection Fund has promoted Sara Protheroe to its board. The chief cus- tomer officer becomes an executive director after 15 years with the fund that protects savers in troubled defined benefit schemes. Master trust TPT Retirement Solutions has strengthened its operations by welcoming two new faces to its senior team. Philip Smith joins as defined contribution (DC) director from PwC, where he held a similar role, while Joy Mahon arrives from Aviva to become head of DC. The Pensions Regulator has three new non-executive directors around its board- room table.


Chris Morson and Katie Kapernaros joined the board at the beginning of April on four-year terms,


replacing Margaret


Snowdon and Tilly Ross, while Sarah Smart has been re-appointed. The Society of Pension Professionals, which represents advisers and service providers to workplace pension schemes, has named Fred Emden as its first chief executive. Emden leaves the Royal College of Obstetricians and Gynaecologists to take on the role, where he spent eight years as deputy chief executive. Border to Coast, the pool for 12 local gov- ernment pension


schemes including


Teesside and Lincolnshire, has appointed three non-executives. Andrew November, John Holtby and Jeffrey Watson replace retiring non-executive directors Enid Rowlands and Sue Ellis. The pool is work- ing to fill the final boardroom vacancy. Local Pensions Partnership has named Chris Rule as its new chief executive. Rule, who held the role on an interim basis, has


CALENDAR Upcoming


portfolio institutional roundtables:


May ESG June


Defined contribution September


Responsible investing


October Multi asset


November Emerging market debt


December Outlook 2021


been managing director and chief invest- ment officer of Local Pensions Partner- ship’s investment arm (LPPI) since May 2016. Finally, Richard J Tomlinson has been pro- moted from deputy chief investment officer of LPPI to chief investment officer.


NOTICEBOARD


LGPS Central has launched an invest- ment-grade bond fund. The £1.2bn Global Investment Grade Corporate Bond Fund has been funded by the local government pension schemes of Nottinghamshire, Staffordshire, Derbyshire and Worcestershire.


The fund will be managed by Fidelity International and Neuberger Berman, which beat off competition from more than 70 other asset managers to win the mandate.


RPMI Railpen, the investment manager for the £30bn railways pension scheme, has strengthened its property portfolio through buying Camden Works, an office scheme in the London borough. Camden Works covers almost 45,000-sq.ft of office space across three neighboring former warehouse buildings. The scheme meets Railpen’s core property investment


10 | portfolio institutional April 2020 | issue 92


themes of being situated in an area of unique appeal with good transport links. Railpen has also made its second direct investment in renewable energy through buying a controlling stake in an opera- tional wind farm on the west coast of Scotland.


It bought 90% of Carraig Gheal Wind Farm in Argyll and Bute from renewable energy developer GreenPower Interna- tional for an undisclosed sum. Carraig Gheal has been operational for seven years and generates enough energy to power around 32,000 houses. This is Railpen’s kind of asset, it has an operational track record, is sustainable and generates long-dated, asset-backed income. Railpen also owns the Tralorg Wind Farm in South Ayrshire, which it bought last year. Both assets are held in Railpen’s Long- term Income Fund, which specialises in real estate and infrastructure investments.


The National Trust, the Joseph Rowntree Foundation,


Guardian Media and the


NESTA Trust have backed a sustainable emerging markets fund. The $250m (£202.9m) Comgest Growth Emerging Markets Plus fund has been launched after securing seed funding in January.


The fund has a zero-tolerance approach to fossil fuel extraction, reserves and power generation and expects its managers to engage with portfolio companies on ESG issues.


Legal & General completed eight de-risk- ing transactions in March for pension schemes in the UK and US, despite the uncertainty caused by Covid-19. Market disruption leads to widening credit spreads and an increase in the value of gilts improves buy-in and buyout pricing. These pension risk transfer deals ranged in size of between £2.6m to £80m and totalled £261m.


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