Noticeboard
People moves
The asset management arm of British Air- ways’ pension schemes is looking for a new chief executive after Michelle McGregor Smith announced that she is to retire, a spokesperson has confirmed. McGregor Smith ends her 14-year reign at the division, which manages around £25bn of assets, at the end of August. Also moving on is Dawn Turner, who after four years is stepping down as chief execu- tive of Brunel Pension Partnership. Turner has been central to establishing the £30bn local government pension scheme pool, but believes that a different style of leadership is needed to turn the pool into an investment management company. The board is now working to find a replace- ment before she steps down in September. Meanwhile, several professional trustee providers have been on a recruitment drive in the past few months. Dalriada Trustees strength- ened its expertise by adding Judith Fish (pictured) to its team of professional trustees.
The former head of pension risk at San- Noticeboard
Defined benefit (DB) scheme de-risking specialist Pension Insurance Corporation (PIC) has invested £40m in Eildon Hous- ing Association.
The Scottish Borders-based social housing specialist will use the funds to build 750 affordable homes by 2021. The debt is secured against some of Eildon’s properties and matures in 2053 and 2055. The £11bn retirement scheme of the Co-operative Group has invested around £290m in a sustainable multi-asset fund. Legal & General Investment Management’s Future World now houses the bulk of the retailer’s £315m defined contribution (DC) assets. The fund considers issues such as climate change, diversity and governance standards when investing.
The Smiths Group pension schemes has completed its eighth bulk annuity deal as part of its phased-in de-risking strategy. The deal has passed £176m worth of liabili- ties to Canada Life, its second such deal with the retirement scheme for workers of the engineering group. Hearthstone
Investment Management,
which manages capital for seven local authority pension funds, has bought more than 100 homes in three deals totalling £31m.
The transactions are part of its strategy to buy and manage residential assets for pro- fessionals, families and key workers in high-demand areas.
The fund invests on behalf of council pen- sion schemes in Merseyside, Tyne and
10 | portfolio institutional | June–July 2019 | issue 85
Wear, Derbyshire, Nottinghamshire, Staf- fordshire, Teesside and the West Midlands. Brunel Pension Partnership is looking for managers for an equity sub-fund targeting smaller companies. The fund could be worth between £100m to £400m. A formal tender for the sub-fund will take place on August. Finally, Border to Coast is looking for asset managers to handle a sterling investment- grade credit fund. The deadline for propos- als has closed and further details will be issued soon. This follows the appointment of Harris Associates, Investec, Lindsell Train and Loomis, Sayles & Company in June to manage a global equity alpha fund, which could be worth £4.5bn when it launches later this year.
tander UK, who has also held roles at HSBC and Deloitte, has worked as a trus- tee, scheme actuary and corporate adviser over the past 25 years.
Also looking to meet growing demand for independent trustee services is BESTrus- tees, which has welcomed three new faces to its team. Darren Jefferson, Lisa Mundy and Mark Taylor bring new experience and expertise to the firm, while Taylor adds a presence in the West Midlands to its network. Jerry Gandhi has been appointed a trustee director at 2020 Trustees. He joins from Schneider Electric where he has been pensions manager since 2014. Gandhi’s other appointments include retirement scheme roles at RSA Insurance and NOW: Pensions. Capital Cranfield has unveiled Kevin Wesb- room as the newest member of its profes- sional trustee team.
Elsewhere, Mike Ridley (pic- tured) has been named as the Pension Protection Fund’s (PPF) first head of restructuring.
Calendar
Upcoming portfolio institutional roundtables:
18 September Responsible investing
07 November Real assets
The former banker spent more than 30 years at Barclays, where he specialised in distressed debt.
The role was created following a rush of insolvencies and restructurings for the PPF involving Arcadia, Debenhams, Mother- care, Toys R Us, Tata Steel, Kodak and Carillion.
Mark Thompson (pictured) has been named as the chief investment officer of Lon- don CIV, the pool for the 32 council pension schemes in
the capital. He starts his new role in September ending more than eight years at HSBC’s £32bn UK pension
schemes. Michael Pratten has been interim investment chief since May.
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