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Noticeboard PEOPLE MOVES


Tracy Weller has joined the trustee board of NOW: Pensions. The appoint- ment of the 30-year pen- sions industry veteran


will strengthen the organisation’s offer- ing as she has held several senior posi- tions at various master trusts. Weller (pictured), who took her seat on the board in March, said that she is “pleased to be part of NOW: Pensions at a time when the sector is going through tremen- dous change which will shape the next generations”.


Independent trustee provider PTL has appointed Payam Kazemian as a client director. The Canadian Cambridge graduate brings 12 years of pensions investment experi- ence to the firm, especially in liability- driven investing. Payam joins from Citi, where he was a director, and has also held senior roles at Barclays, Deutsche Bank and Goldman Sachs.


NOTICEBOARD


Local government pension scheme pool Border to Coast Pensions Partnership has invested £540m in six infrastructure funds.


Squared, BlackRock, Stonepeak and Infranode as well as Project Ceres, an elec- tricity generation project in Sleaford, Lincolnshire. Border to Coast’s head of internal man- agement, Mark Lyon, said: “Infrastructure is a key asset class for our partner funds as they seek attractive investment opportuni- ties and diversification of risk.” This is the second time the £46bn pool has raised capital from some of its 11 part- ner funds invest in infrastructure after investing £760m in the asset class in April last year.


The funds are managed by Patria, I


10 | portfolio institutional | April 2021 | issue 102


Phoenix has named Dr James Wilde as its chief sustainability officer. He is the first person to hold this role at the group and is now responsible for helping the insurer make its investment portfolios carbon neutral by 2050. He held the same role at Lloyds Bank.


The insurer has also hired Tom Sumpster as head


of private debt


direct origination. Sump- ster (pictured) has more


than 20 years of financing experience for investors such as Santander, Royal Bank of Canada and Legal & General Invest- ment Management. RPMI Railpen has strengthened its in- house expertise by hiring Tom O’Kelly as head trader. The manager of £31bn of assets for the Railways Pension Scheme decided to internalise its trading desk as such activity has increased in recent years. O’Kelly has stints at Santander Asset Management, Dalton Strategic Partnership and Balyasny Asset Management on his CV. The trading desk is expected to be opera- tional in the summer.


Border to Coast has also committed more than £370m to private equity. The assets have been allocated to five private equity firms, bringing its exposure to this asset class to more than £3bn. The mandates have been awarded to KKR, Thoma Bravo, Nordic Capital, AlpInvest and Endless. Their areas of focus include mid-market, healthcare, technology, Asia and distressed. Lyon said that private equity provides a dif- ferent risk and return profile from the public equity markets. “With our experienced in-house team, we have been able to generate meaningful fee savings for our partner funds while accessing high-quality investment oppor- tunities with capacity constrained manag- ers,” he added. US car-maker General Motors has insured the benefits of around 1,400 members of


CALENDAR Upcoming


portfolio institutional roundtables:


May – Green bonds May


– ESG Event June


– Passive investing & stewardship July


– LGPS


September – CDI


October – Property/infrastructure


November – Diversity


Finally, Lothian Pension Fund is looking for a new chief executive after Doug Heron quit the role after two years. He is expected to remain at the scheme until the sum- mer to ensure a smooth transition before taking a similar role overseas.


its UK pension scheme. Vauxhall Associ- ated Companies Pension Fund struck a £53m annuity deal with Aviva. AXA UK Group Pension Scheme has insured the longevity risk of more than 16,000 members after completing a £3bn longevity swap with Hannover Re. Most of those insured (95%) are not currently pensioners. The Civil Aviation Authority has agreed a £110m buy-in with Legal & General for the CAA section of its pension scheme. The defined benefit (DB) pension scheme Sydney Packett & Sons, a family-owned insurer, has agreed a £5m buyout with Aviva which secures the benefits of all eight members of the scheme. Local government pension scheme pool ACCESS has appointed Minerva Analytics, a stewardship support service, to help develop its responsible investing strategy.


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