Noticeboard PEOPLE MOVES


Jason Wood is the new chief operations and technology officer at RPMI Railpen, which manages around £30bn of assets for the railways pension schemes. Wood (pictured), who has almost 25 years of financial services experi- ence, is responsible for ensuring Railpen’s oper-


ating platform runs seamlessly, is scalable and cost efficient. He quit as chief operating officer of investment manager Brooks MacDonald to take the role after Paul Nathan was pro- moted to managing director of strategic development. RPMI Railpen has also welcomed Michael Marshall


as head of sustainable


ownership. Marshall, who replaces Leo George in September, joins from LGPS Central, where he is director of responsible invest- ment and engagement. Also joining the sustainable ownership team is PLSA investment and steward-


ship policy lead Caroline Escott, who will engage with Railpen’s portfolio compa- nies, which includes voting at AGMs. She quits the industry body to take up her new role in mid August. Meanwhile, David Fogarty has left Mercer after more than 30 years to become a pro- fessional trustee at Dalri- ada Trustees. After holding several senior roles at the con- sultant, including lead-


ing its UK actuarial and investment busi- ness, Fogarty (pictured) has become a director of the independent professional trustee specialist.


Based in London, he will work with schemes that need risk management and investment expertise. Further trustee appointments are planned by Dalriada this year. Pensions for Purpose, an ESG and social impact platform, has strengthened its expertise through hiring Charlotte Tyrwhitt-Drake. Tyrwhitt-Drake brings 14 years of working with investment managers and consult-


CALENDAR Upcoming


portfolio institutional roundtables: October


Responsible investing


November Multi asset


December-January Outlook 2021


February Emerging market debt


ants to the organisation where she will help pension funds make social and envi- ronmental impacts. Finally, life assurance and pension fund consolidator Phoenix has named Michael Eakins as its first chief investment officer. He takes on the role once Phoenix’s acquisition of ReAssure has been approved.


Eakins, a former managing director for European


pensions and insurance at


Goldman Sachs, has held the same role at ReAssure for the past year.


NOTICEBOARD


The Tyne and Wear Pension Fund has allo- cated £650m to sustainable global equi- ties. The Future World Index Equity fund, which is managed by Legal & General Investment Management, favours compa- nies with high governance standards and which seek to make positive social or environmental impacts. Two pension schemes have invested £85m in an affordable-housing scheme. Nationwide Pension Fund has committed £60m to PfP Capital, the fund manager established by property manager Places for People, while Strathclyde Pension Fund provided £25m. This helped PfP to raise £140m, close to the £160m needed to build affordable homes in Scotland. Due to demand, the


10 | portfolio institutional August 2020 | issue 95


manager has increased the Mid-Market Rent Fund’s target to £240m. Despite the economic uncertainty, it has been a busy period for de-risking transac- tions. The pension scheme sponsored by the Brandsby Agricultural Trading Associ- ation has secured the benefits of its 120 members after completing a £13m deal with Legal & General Investment Man- agement, its fiduciary manager. IPC Media Pension Scheme, which is sponsored by Time UK, has completed a £290m buy-in with insurer Rothesay Life.


The deal covers the liabilities of 574 mem- bers of the scheme for the workers of sev- eral magazines, including Time. The Willis Pension Scheme, which is spon- sored by consultancy Willis Towers Wat- son, has completed a £1bn longevity swap


with reinsurance giant Munich Re that covers the liabilities of around 3,500 members. Finally, infrastructure and private equity investor Foresight has agreed to buy Pen- sions Infrastructure Platform (PiP) for an undisclosed sum.


The adviser and asset manager for pen- sion funds investing in infrastructure was established by the PLSA and the Pension Protection Fund with the backing of Brit- ish Airways’ retirement funds, RPMI Railpen and the local government pen- sion schemes of Strathclyde and the West Midlands. PiP owns 17 assets in areas such as energy and transport that have a net value of more than £700m. The deal strengthens the service’s resources to improve its sup- port to pension schemes.


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