Noticeboard PEOPLE MOVES


A restructuring at the London Pensions Fund Authority has seen managing direc- tor Robert Branagh promoted to chief executive. The role has been re-introduced after a three-year hiatus as part of the next step in the £6bn pension fund’s development. Branagh had previously spent two years leading the fund as managing director alongside chair John Preston. Public sector pension pool Border to Coast has welcomed three new faces to its investment division. Daniel Loughney joins the fixed income team, James Thel- well becomes an alternatives portfolio manager and Luc Pascal has been hired as an assistant portfolio manager. Hernan Enriquez and Guy Norman have also joined as research managers. RPMI Railpen has named Mads Gosvig as its chief fiduciary officer. He now leads a team focusing on multi-employer invest- ment strategies at the business that man-


ages £25bn of assets for current and for- mer workers on Britain’s railways. Gosvig joins from ATP, Denmark’s larg- est pension scheme, where he was head of strategy. He was also chief investment officer of its UK subsidiary, Now Pen- sions, until it was sold in 2019, and has worked for Denmark’s central bank. Master trust The People’s Pension has welcomed Baroness Jeannie Drake and consulting actuary Mark Condron as trustees.


Drake is a former member of the Turner Pension Commission, which recom- mended the introduction of auto-enrol- ment, and has sat on the boards of the Pension Protection Fund and the Pen- sions Advisory Service. She was also act- ing chair of the organisation now known as Nest. Condron has 30 years’ experience at Mer- cer, where he was an actuary, senior part- ner and non-executive of its audit com- mittee. He is also an independent trustee of the Scottish & Newcastle Pension Plan.


CALENDAR Upcoming


portfolio institutional roundtables: June


Investing through Covid-19 July


Responsible investing September Factor-based investing October Multi asset November Emerging market debt December-January Outlook 2021


Steve Delo has been re-appointed as chair of the trustee board for a further three years, while Sue Lewis steps down at the end of her tenure. The Society of Pension Professionals has appointed James Riley as its president. The partner at pension scheme adviser Isio succeeds Aon partner Paul McGlone in the role. Riley’s two-year term at the helm of the trade body for those advising and support- ing pension schemes starts in June.


NOTICEBOARD


Public sector pension pool Border to Coast is looking to strengthen the exper- tise in its Emerging Market Equity fund by hiring a China specialist. The chosen manager, who is likely to be appointed in the third quarter, will control around a third of the fund’s assets, mak- ing the mandate worth between £200m and £300m. The pool is looking for a China-focused equity manager to reflect the fund’s increasing weighting towards the world’s second largest economy. LGPS Central has selected M&G Invest- ments and Amundi to manage its £900m Global Active Emerging Market Bond fund. The firms, which beat off interest from more than 70 applicants, will each manage half the mandate.


The pool also started running a discre- 10 | portfolio institutional May 2020 | issue 93


tionary £211m gilt mandate in-house for Nottinghamshire Pension Fund in May. Leonardo Electronics Pension Scheme has removed its longevity, investment and inflation risk through a £160m buy-in with Just.


This is the first such deal completed by the £1bn scheme for Italian aerospace, defence and security company Leonardo’s UK employees. The deal covers all


its


more than 1,200 members. This came a day after Just announced it had concluded two similar deals for the £400m NG Bailey Pension Scheme. The buy-ins, worth £49m and £17m, respectively, have insured pensioner lia- bilities in the scheme sponsored by con- struction and engineering group NG Bai- ley, in what were its second and third de-risking deals with Just following a £50m agreement in 2017. The Co-operative Pension Scheme has


removed the investment and longevity risk of 2,300 members through a £350m buy-in with Aviva.


This deal was completed under its umbrella contract, a pre-agreed struc- ture that allows for a swift transfer of risk to the insurer. This is the second de-risking transaction between the two parties this year, following a £1bn buy-in that covered the liabilities of 7,000 members of the final salary scheme back in January. Wales Pension Partnership, an investment pool for eight local authority retirement schemes, has appointed Robeco as its vot- ing and engagement provider. The Dutch asset manager will develop a voting policy across the pool’s £5bn of assets and will structure its engagement principles. This appointment is part of the pool’s commitment to responsible investing.


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