Noticeboard PEOPLE MOVES


The Church Commissioners for England has appointed Paul Jaffe, formerly of British Land and LaSalle Investment Management, to lead the integration of ESG into its property, land and infra- structure assets.


Independent trustee and governance specialist PTL has appointed Sam Bur- den as a trustee director. He has a 25-year track


record in the pensions industry working for Willis Towers Watson and KPMG. Burden (pictured) strengthens the firm’s defined contribution scheme expertise. The People’s Pension, a £17bn master trust, has named Mark Condron as its next trustee chair. The 30-year veteran of the pensions industry has served on the trus- tee board for two years and replaces Steve Delo in September, who will remain on the board until next year. B&CE, the organisation behind The Peo- ple’s Pension, has strengthened its invest- ment expertise with the appointment of


NOTICEBOARD


The BT Pension Scheme has awarded a $1bn (£800m) private equity mandate to Federated Hermes. The mandate, called Horizon III, will be invested over three years in megatrends that include net zero, demographic changes and technology. Also initiating a private equity strategy is Nest. It has appointed Schroders to help its members invest in the asset class. The master trust intends to have up to £1.5bn invested in growth and middle market deals by 2025. The longer-term aim is to have at least 5% of the workplace pension provider’s assets in private equity. These assets will be housed in Nest’s Retirement Date funds. Meanwhile, Nest has appointed Amundi to make its £24bn investment portfolio more efficient.


8 | portfolio institutional | June 2022 | issue 114


Shakeel Ahmad as head of risk and perfor- mance. Ahmad joins the organisation from F&C/BMO Global Asset Manage- ment, where he was head of investment risk. He previously held the same posi- tion at JP Morgan and was head of risk management for fixed income and FX at ABN Amro Asset Management. Railpen, which manages £37bn for the railways pension schemes,


has


welcomed Maura Sullivan (pictured) as a non-execu-


tive director. The deputy chief finance officer of Quilter has worked in financial services since the 1990s. Meanwhile, there are two new faces sit- ting in the London Pensions Fund Author- ity’s (LPFA) boardroom table. Mark Alli- son and Sophia Morrell are the latest board appointments at the £6.9bn local government pension scheme. Allison leads Merton Council, while Mor- rell is a director at UK Finance, a trade association for the banking and financial services industries. LPFA chair John Preston said Allison and


The asset manager will use derivatives to rebalance Nest’s target allocations more efficiently and equitise cash to improve investment performance. Nest has also increased its infrastructure exposure. GLIL Infrastructure LLP has raised £1.2bn in what is the largest fund- raising since it was established in 2015. The funds will be invested in the UK’s core infrastructure assets. The funds were provided by Nest along- side the local government pension schemes in Greater Manchester, Mersey- side, London, West Yorkshire, Lancashire and Berkshire.


GLIL has now raised £3.6bn, which has so far been invested in renewable energy, energy transition infrastructure, schools, hospitals, trains, water and ports. Pension Insurance Corporation (PIC) has invested £130m in expanding the UK’s


CALENDAR


Topics for confirmed upcoming portfolio institutional events:


Roundtables: June – Emerging market debt


July


– Responsible investing September


– Defined contribution October


– Infrastructure


November – 2023 outlook


Conferences: 06 July – ESG


Morrell bring political and communica- tions expertise to the scheme, which is needed as the industry continues to undergo major changes.


affordable housing stock. Raven Housing Trust, a not-for-profit, will use the debt to build 630 homes in the next four years. Most of the homes (57%) will be afforda- ble, while almost a third (30%) will be for shared ownership. PIC already has £3.3bn invested in the affordable housing industry. The retirement scheme for workers of office supplies provider Staples UK has completed a £47m buy-in. The trustees of Universal Office Supplies Pension Scheme secured the benefits of more than 175 deferred members and 85 retirees after agreeing a deal with Legal & General. The insurer also completed a buy-in at Trans-European Port Services (GB). The £4.4m deal secured the bene- fits of six of the scheme’s members who work for the haulage, warehousing and container storage.


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