Noticeboard PEOPLE MOVES


Richard Butcher has been re-appointed chair of the PLSA. He extends his tenor leading the association that represents Brit- ish pension schemes until next autumn. Butcher (pictured) will be joined by two new faces on the PLSA’s board. Carol Young,


director of reward and employment at NatWest, joins as a member non-execu- tive, while Dave Coplin becomes an inde- pendent non-executive.


NOTICEBOARD


London CIV is expanding its responsible investment offering by launching a global equity fund. The pool for 32 councils in the capital has chosen Morgan Stanley Investment Management as LCIV Global Equity Core’s investment manager. The fund seeks to generate capital growth and income over the next five to 10 years by targeting quality companies that pro- duce low levels of greenhouse gases. The aim is for the fund’s carbon footprint to be 95% lower than the MSCI World index. The manager will also exclude tobacco and alcohol stocks.


This fund is the result of London CIV developing a responsible investment team in the past year, which is led by Jac- queline Jackson. £30bn pool Brunel Pension Partnership has launched a Diversifying Returns fund. William Blair, Lombard Odier, UBS Asset Management and JP Morgan Asset Management beat off more than 100 firms to be appointed managers of the £1.2bn fund.


Diversifying Returns will offer downside protection in times of market stress to act as a stabiliser when returns elsewhere in portfolios come under pressure. It uses the Sterling Overnight Index Aver- age as a benchmark and aims to beat the


10 | portfolio institutional November 2020 | issue 98


They have been selected due to their stra- tegic and commercial expertise and take their positions on three-year terms. Cop- lin brings digital technology experience to the board having recently served as a sen- ior manager at Mircosoft. Young and Coplin replaced Patrick Heath- Lay and John Dembitz, who left the board early in November.


Scottish Widows has welcomed


Clare


Salmon to its inde- pendent governance committee. Salmon (pictured) is a


risk-free rate by between 3% and 5% a year.


It will invest in equities, debt and com- modities and be exposed to interest rates, currency, value, carry, momentum and quality risk premia.


Brunel has also awarded a £325m climate and environment equity mandate to Nor- dea Asset Management. Border to Coast Pensions Partnership has appointed two China equity managers. UBS Asset Management and FountainCap Research and Investment will supplement the public sector scheme pool’s Emerging Market Equity fund, reflecting the grow- ing importance of the world’s second larg- est economy.


Between £300m and £500m could be allocated to the managers depending on the appetite of Border to Coast’s partner funds and market movements. The pension scheme for current and for- mer workers at high street retailer Marks & Spencer has completed a £360m buy-in with Phoenix. This is the Marks & Spencer Pension Scheme’s third such deal with Phoenix, which has now secured £1.3bn, or 30%, of its liabilities.


BHS Senior Management Scheme has exited its assessment by the Pension Pro- tection Fund (PPF) after closing a £2.5m de-risking deal with Legal & General. The


CALENDAR Upcoming


portfolio institutional roundtables:


December Fallen Angels


non-executive director of CMC Markets and chair of its remuneration committee. Her previous roles include leadership positions at Prudential, Centrica, the AA, RSA, ITV and Royal London.


transaction means that the benefits of all the scheme’s members have been secured.


The Old British Steel Pension Scheme has moved a step closer to ending its PPF assessment after agreeing a buy-in with Pension Insurance Corporation. The £2bn deal could lead to a full buyout next year, which would guarantee the ben- efits of all its more than 30,000 mem- bers. This would end two years of uncer- tainty that started when Tata Steel UK, the scheme’s sponsor, announced a restructuring. The trustees of Ibstock Pension Scheme have written another chapter in its de-risking journey after signing a £340m buy-in with Just.


The deal covers the benefits of more than 1,800 workers for the construction mate- rials supplier, or around half the scheme’s liabilities. The ITN Pension Scheme has re-appointed Aon as its fiduciary manager. The firm has managed the assets for the £400m scheme for those providing news to ITV, Channel 4 and Channel 5 since 2013. Finally, Thames Water’s defined contribu- tion scheme has joined Aon MasterTrust. The scheme for 5,000 former and current employees of the UK’s largest water com- pany is joining the trust which is home to around £2.5bn of assets.


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