Noticeboard PEOPLE MOVES


BT Pension Scheme Management has named Wyn Francis as its new chief investment officer (CIO). He replaces Frank Naylor who is to retire after 16 years of service to the firm that manages £57bn of assets. Francis takes up his new role immediately, while Naylor works on other projects until his retire- ment in June.


The new CIO joined the scheme in 2008 as head of investment risk. Six years later he became deputy chief investment officer responsible for manager selection and the LDI portfolio. Before BT he was a consultant director at PwC and KPMG and spent more than a decade as a derivatives trader and a port- folio manager for Credit Agricole and Credit Lyonnais. Local Pensions Partnership Investments (LPPI) has promoted Louise Warden to head of real estate. Warden (pictured), who takes up her new post


immediately,


joined the asset manager for local govern- ment schemes in Lancashire, Berkshire and London as a real estate manager in 2019. Her previous roles include managing the property portfolios of West Yorkshire Pen- sion Fund and working for the sovereign wealth fund of Abu Dhabi. Meanwhile, LPPI’s parent group, Local Pensions Partnership, is looking for a


NOTICEBOARD


LGPS Central started the new year with a bang by launching a £630m Global Active Emerging Market Bond fund. The fund, which will be managed by M&G Investments and Amundi, is backed by the local authority pension schemes of Chesh- ire, Leicestershire, Nottinghamshire and the West Midlands.


8 | portfolio institutional | February 2021 | issue 100


new chair after Michael O’Higgins announced he is leaving the pool in the summer. He has been chair of the £20bn local gov- ernment pension scheme pool since its formation in 2015.


A quartet of independent trustee services providers kicked off the new year by strengthening their teams. First, Dalriada Trustees has hired its 12th professional trustee in as many months with Sarah


Brough


(pictured) joining the firm. Ross Trustees has al-


so expanded its team with the appoint- ment of Richard Cousins as trustee director. Cousins joins from PwC where he was a partner for more than 20 years and led its pension funding group. Prior to this he was a pensions actuary at Sedgwick Noble Lowndes.


In the same month, Shay Owode quit Lin- coln Pensions to join 2020 Trustees as a senior trustee consultant. And Independent Trustee Services has also added additional expertise its offer- ing. Reports claim that Louise Grindley has left Barnett Waddingham to become head of professional operations at the trustee specialist. Elsewhere, the Universities Superannua- tion Scheme (USS) has welcomed Russell Picot as a trustee board director. His CV includes being a trustee of HSBC’s pen- sion scheme and Willis Towers Watson’s


The Aberdeen City Council Transport Fund has secured the retirement payments of 1,360 of its members after agreeing a £230m buy-in with Rothesay. Legal & General had a busy January in the de-risking market. It has agreed a £544m full buy-in of four pension schemes spon- sored by Evonik UK in a deal covering the benefits of more than 3,600 members. It also insured £30m of benefits in a full-


CALENDAR Upcoming


portfolio institutional roundtables: February


– Responsible investing February


– Fallen angels March


– EM debt


March – ESG virtual conference for UK consultants


April – Fixed income


May – Green bonds June


– Passive investing & stewardship July


– LGPS


September – CDI


October – Property/infrastructure


November – Diversity


LifeSight master trust. Finally, the PLSA has welcomed six new faces to its policy board. RPMI’s John Chilman, HSBC Pension Trust’s Lisa Young-Harry, Aon’s Paul McGlone, Phil Brown from The People’s Pension, Sarah Luheshi from the Pensions Policy Insti- tute and JP Morgan Asset Management’s Sorca Kelly-Scholte will be helping to set the association’s policies.


scheme bulk annuity transaction with end-of-life charity Marie Curie’s final salary scheme. It then agreed a £400m assured payment policy – which protects schemes against changes in asset yields, interest rates and inflation – with its own scheme, the Legal & General Group UK Senior Pension Scheme. The deal de-risks the benefits of almost 600 members.


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