Noticeboard PEOPLE MOVES
Alison Burns has joined RPMI as an inde- pendent non-executive director. Burns brings board level experience, hav- ing previously worked at Aviva, Equiniti, Hastings and the National House Build- ing Council to the investment arm of the £30bn railways pension schemes. LGPS Central, the pool managing asset for eight local authority pension schemes in the Midlands, has announced a series of appointments to its leadership team. Patrick O’Hara joins as director of respon- sible investment and engagement from USS’ investment arm, where he led ESG integration and stewardship in
public
markets. O’Hara brings a decade of ESG investing experience to the role of ensure that responsible investment is at the heart of the pool’s portfolios. LGPS Central has also welcomed Cara
NOTICEBOARD
BMO Global and Western Asset Manage- ment will manage LGPS Central’s £600m Multi-Asset Credit fund.
They beat 80 other firms to the mandate and will manage half the fund for the pool. A group of charitable foundations has backed an impact investor that houses the homeless. Joseph Rowntree Foundation, Virgin Money Foundation, Garfield Weston Foundation and Tudor Trust were some of the investors that provided a total of £58m to help Social and Sustainable Capital close in on its target of housing 10,000 homeless people.
Sticking with the social housing theme, Pension Insurance Corporation (PIC) has lent £65m to Pobl, a housing association in Newport, Wales. The funds will help build new homes during the next two years and refinance debt.
The insurer placed £35m of debt with Pobl seven years ago and this latest deal brings its exposure to social housing to more than £2bn.
Forrest as client relationship manager and Satvinder Saini as enterprise risk manager.
Margaret Snowdon has joined the trustee board of The Pension SuperFund. Snow- don is a pensions industry veteran with more than four decades of experience. She has been a non-executive director of The Pensions Regulator and vice presi- dent of the Pensions Management Institute.
Professional trustee services provider Dalriada has strengthened its offering through the appointment of Tiziana Per- rella as a professional trustee. Perrella has been advising pension schemes on their endgame for more than 20 years. She joins from Aon where she was a principal consultant in the risk set- tlement team and will advise Dalriada’s clients on bulk annuities or transfers to consolidators.
PIC has also lent £80m to North Star. The 40-year funding will refinance the North East of England-based housing associa- tion’s debt and build 600 new homes in the next eight years. The debt is secured against some of North properties.
Star’s 4,000
Elsewhere, PIC has appointed Wellington Management to manage its US local gov- ernment bond portfolio. The insurer started investing in US municipal paper four years ago and today has £700m of exposure.
Greensleeves Homes Trust, a charity that cares for the elderly, is to expand and modernise its services after raising £15m from the bond markets. The 10-year debt, which the company is paying 5% for, was oversubscribed and an additional £10m could be raised if needed to fund further growth. National Grid UK Pension Scheme has completed a £800m de-risking deal with Rothesay. This buy-in is its second such deal with the insurer and takes the liabili- ties insured to £3.6bn.
10 | portfolio institutional December–January 2021 | issue 99
CALENDAR Upcoming
portfolio institutional roundtables: February
– Responsible investing
March – Emerging markets April
– Fixed income
May – Green bonds June
– Passive investing & stewardship July
– LGPS
September – CDI
October – Property/infrastructure
November – Diversity
The trustees of the Northern Gas Net- works Pension Scheme have secured the benefits of more than 600 retirees follow- ing a £385m buy-in with Legal & General.
This is the first buy-in for the retirement scheme for the workers who supply gas across the North of England, and de-risks two-thirds of its members. Smiths Industries Pension Schemes, a £3bn retirement fund for current and for- mer workers of engineering giant Smiths, has completed a £146m bulk annuity deal with Canada Life. This follows a £142m buy-in for another of Smith’s UK pension schemes, the TI Group Pension Scheme, a few months earlier. Across Smith’s two schemes, 71% of the liabilities have been insured through 10 bulk annuity deals. Finally, Homestyle Pension Company has insured the longevity and investment risks of all the 1,300 members of its 2007 scheme thanks to a £103m bulk annuity deal with Aviva.
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