Noticeboard PEOPLE MOVES


Scotland’s second largest local govern- ment pension scheme has welcomed a new head of investment. Emmanuel Bocquet (pictured) becomes Lothian Pension Fund’s chief investment officer from November. He replaces Bruce Miller at the £9.6bn scheme, who is retiring but will remain at the scheme until January to ensure a smooth transition.


Bocquet will join from pension fund con- solidator TPT Retirement Solutions, where he has spent the past seven years building and managing portfolios for multiple schemes. Prior to TPT, he spent more than 10 years at the investment management arm of National Grid’s UK pension scheme. Helen McEwan has become a trustee of the Legal & General Mastertrust.


She joined from USS, where she was chief pensions officer, and re- places Moira Beckwith, who stood down after six years on the board.


NOTICEBOARD


BAE Systems’ defined benefit pension schemes have completed Britain’s largest outsourced chief investment officer (OCIO) agreement. The trustees have handed the management of their £23bn of assets to Goldman Sachs.


The in-house investment teams of the BAE Systems Pension Scheme and BAE Systems Executive Pension Scheme will join Goldman Sachs by the end of the year. Meanwhile, the trustees behind five pen- sion schemes sponsored by property and construction group Keir have appointed Schroders as its OCIO to manage their combined £1.2bn of assets.


8 | portfolio institutional | October 2023 | Issue 127


McEwan (pictured) is also the senior inde- pendent director and investment commit- tee chair at Exeter, which provides income protection, medical and life insurance products. Professional trustee provider Independent Governance Group has continued to strengthen its team through the appoint- ment of three new members. Nicole Mullock and Jo Holden join as trus- tee directors while Aziz Jalil becomes associate director.


Mullock has a 20-year track record of working with trustees and large corporates having held positions at GSK, Waters Corp and Buck.


She has worked on buy-ins as well as led pension scheme governance teams. Holden (pictured) spent four years as a non-executive trustee director of Charter- house Pensions. Before that, she was head of governance at the HSBC DC Mas- ter Trust. Holden will focus on govern- ance and risk management.


Investment management and asset liabil- ity management specialist Jalil has held leadership positions at Credit Suisse, Mer- cer, Russell, KPMG, Aviva and Athora.


Also outsourcing its CIO function is the Northumbrian Water Pension Scheme. It has selected Cardano to govern the scheme’s £830m worth of asset allocations. This will include reducing sustainability risk across its debt and equity holdings and managing the scheme’s liability hedging portfolio, which will be man- aged by Cardano in-house on a segregated basis. Pension Insurance Corporation (PIC) has invested an undisclosed sum in a plot of land where it will build a 147-home retire- ment community. The project in Brent Cross, London, will be built under the Mayfield Village brand and is part of a wider project that could


CALENDAR


Themes for upcoming portfolio institutional events: October


– Fixed income roundtable November


– DC investing roundtable November


– Sustainable strategies roundtable


December – Real assets roundtable 25 April 2024


– Private markets conference


Finally, LawDeb has strengthened its offering by naming Scott Pinder as its new head of corporate sole trustee. Pinder joined the trustee specialist last year following a 15-year stint at Willis Tow- ers Watson, where he was a director. The appointment comes at a time when more and more schemes are appointing a corporate sole trustee to oversee their gov- ernance in the face of growing regulatory demands.LawDeb acts in this capacity for around 60 schemes.


add 7,000 homes to the housing stock in the area.


The deal was completed through a part- nership between Senior Living Invest- ment Partners, of which the defined ben- efit scheme risk insurer is a member, and retirement property investor Audley. This is the second such deal funded by the two following the acquisition of Head- ley Court, Surrey, in July. Finally, the Association of British Insurers’ Pension and Assurance Scheme has de- risked all its longevity liabilities following an £18.4m deal.


The buyout, which was backed by Just, secures the benefits of all the scheme’s remaining 16 pensioners and 118 deferred members.


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