Noticeboard PEOPLE MOVES
The Universities Super- annuation Scheme (USS) is looking for a new chief executive after
Bill Galvin announced he will
stand down next year. Galvin (pictured) has led the retirement fund for workers in higher education for 10 years. Zedra Governance, for- merly PTL Govern- ance, has appointed Kim Nash as managing director.
She took up her new
role at the start of November where she is focusing on developing the firm’s offer- ing and strengthening its trustee and gov- ernance expertise. Nash (pictured) replaces Richard Butcher,
NOTICEBOARD
Scottish Widows has invested £500m in ESG-compliant bonds. The insurer has invested the capital in Blackrock’s Global Corporate ESG Insights Bond fund, which targets high- grade bonds that fund a sustainable out- come. This means it avoids thermal coal, tobacco, controversial weapons and issu- ers which violate the UN Global Compact Principles. Scottish Widows is the first investor to back the fund, which is the second such vehicle that Blackrock has created in con- sultation with the insurer. Railpen, which manages £37bn of retire- ment funds for the workers on Britain’s railways, has invested an undisclosed sum to re-develop a mental health facility in Sunderland for the Cumbria, North- umberland, Tyne and Wear NHS Founda- tion Trust. The Monkwearmouth Hospital, where the trust has more than 30 years to run on its lease, will be replaced by a modern
8 | portfolio institutional | November 2022 | Issue 118
who held the role for 12 years. He becomes client director but has reduced his work- ing week as he moves closer to retirement.
An actuary by training, she has worked for the firm for 10 years, joining the board in 2017. And Nash has also become chair of The Aon Master Trust. She succeeds Roger Mattingly, who steps down from the board.
Keith Scott of Law Debenture also joins the board. He brings more than 25 years of investment experience to the master trust hav-
ing been a trustee, corporate pension director and investment manager. Scott (pictured) is currently an independ- ent trustee on eight boards and chairs sev- eral investment committees.
35,000-sq ft site that will provide special- ist services. Railpen has also bought a 309,000-sq ft office development in Cambridge, which has two proposed office blocks. Pension Insurance Corporation (PIC) has lent £102m to supply trains to Corelink Rail Infrastructure, which will lease them to the operator of the West Midlands’ rail network.
This is the insurer’s first investment in trains and consists of two new electric multiple unit fleets to be built by Alstom and one diesel multiple unit fleet, which has already been built by CAF. All of the trains are expected to enter service by the end of next year at the latest with the intention of reducing overcrowding on the network.
PIC has also lent £55m to Clanmil Hous- ing Association. The debt, which will be drawn down over two years and has a range of maturities stretching over 32 years, will help the association lower its interest payments allowing them to com- plete their planning process.
CALENDAR
Topics for confirmed upcoming portfolio institutional roundtables: December – Biodiversity January – Fixed income February – Real estate March – Emerging markets April – Stewardship May – Private markets June – Defined contribution July – Social impact investing September – Diversity October – Sustainable strategies
In what has been another busy period for PIC, which insures defined benefit pen- sion schemes, it has also invested £105m in building a 130,000-sq ft net-zero office in Manchester that will be let to the gov- ernment for 25 years. Legal & General has agreed a £13m full scheme buy-in for the Jarvis Group’s pen- sion plan, which secures the benefits of more than 90 people, including 72 retir- ees who worked for the 117-year-old con- struction business. Zedra has bought independent trustee provider Clear Pen. This is the firm’s fourth acquisition in the UK pension market following takeovers of Inside Pensions, PTL Governance and Caledonian Trustees. Zedra’s chief executive, Ivo Hemelraad, said that as the UK regulatory system has become increasingly complex, so too has running a pension scheme. He added that these acquisitions are about ensuring the firm is equipped to support schemes meeting these challenges.
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