Noticeboard PEOPLE MOVES
Workplace pensions provider Nest has welcomed two new faces to its investment committee – the first appointments from outside of the trustee board. Jennie Austin and Jaap van Dam have been appointed to expand the expertise of the committee, which oversees the scheme’s investment strategy. Chris Hitchen, chair of Nest’s investment committee, welcomed the new appointments. “Their deep experience and international perspectives will really help Nest as it grows into a large-scale investing institution.” Austin said that the UK pension industry is at a fascinating junction.
“There are a range of investment approaches, such as climate funds and factor investing, where I can offer my expertise and help
shape the right
approach to deliver the best member out- comes,” she added. van Dam described Nest as “extremely important” in delivering a pension to many British workers who would other-
wise have difficulty entering the pension system. “The rapid growth of Nest over the coming decades will require impor- tant decisions around investment man- agement. I am a great admirer of the intellectual rigor Nest applies to its prac- tice - from the behavioural choice design to
the investment solutions it
implements.” Christopher Woolard has been named interim chief executive of the Financial Conduct Authority (FCA). The executive director of strategy and competition, who also sits on the regulator’s board, has been put in temporary charge after Andrew Bailey quit to replace Mark Car- ney as governor of the Bank of England. The UK’s largest pension scheme in terms of assets under management has appointed a new chair. Universities Super- annuation Scheme (USS), which has £63bn under management, has made Dame Kate Barker its trustee chair follow- ing Sir David Eastwood’s retirement. Brunel Pension Partnership has appointed Laura Chappell as its new chief executive. Chappell, who started the role in January,
CALENDAR Upcoming
portfolio institutional roundtables:
May ESG
June CDI July
Defined contribution
September Factor-based investing
October Multi asset November
Responsible investing
Dec/Jan 2021 Emerging market debt
was previously the £30bn pool’s chief compliance and risk officer and has been acting chief executive since September.
NOTICEBOARD
Auto-enrollment specialist Nest is looking to appoint infrastructure managers as part of a strategy to increase its exposure to alternative assets.
The £8.3bn defined contribution (DC) scheme has invited asset managers to ten- der for unlisted or direct infrastructure fund mandates. While Nest has not disclosed a volume for the mandate, a spokesperson revealed that the scheme is looking for managers specialising in global infrastructure, UK- based infrastructure or renewable energy. Interested parties have until 17th Febru- ary to apply through the Bravo Platform. National Grid UK Pension Scheme is look- ing to increase access to cleaner forms of energy in the UK after allocating £185m to
10 | portfolio institutional February 2020 | issue 90
fund renewable power projects. The 25-year mandate will be managed by clean energy investor Octopus Renewables. The firm, which manages more than £3.2bn of assets, will be looking to invest the funds in solar and onshore wind farms in the UK. Public sector retirement fund pool Border to Coast Pensions Partnership has named PIMCO as the lead manager of its multi- asset credit (MAC) fund.
The high-yield fund is expected to be launched early next year where it will tar- get cash plus 3% to 4% a year. The pool is to award four further manage- ment mandates for the fund, which could be worth between £250m and £500m each. It is searching for expertise in high yield bonds, leveraged loans, emerging market debt and securitised credit.
Finally, Lloyds Banking Group Pensions Trustees has de-risked £10bn of its pen- sioner liabilities after closing longevity insurance and reinsurance agreements. This deal is structured with Scottish Wid- ows as the insurer and Pacific Life Re as the reinsurer. Trustee chair Harry Baines said that this agreement will protect the scheme from the financial risk of an unexpected increase in life expectancy and make it more secure for all members. “The selection of Scottish Widows and Pacific Life Re followed a fair, robust and transparent review of the longevity insur- ance and reinsurance options available across the market and their respective propositions delivered the best combina- tion of benefits to meet our brief,” he added.
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