Noticeboard NOTICEBOARD


Border to Coast is to increase its invest- ment in private markets by £4bn, which will take its total exposure to £10bn. In the next 12 months, around £1bn will be invested in infrastructure, £705m in pri- vate equity and £985m in private credit. The package includes £1.35bn for climate- focused investments, which will target assets that make a materially positive impact on climate change. This will include investments in clean energy, car- bon capture, transport and lower carbon production processes as well as sustaina- ble food and water management. Legal & General is to invest £2bn of retire- ment funds in affordable housing over the next five years. This will add 10,000 homes to the UK’s affordable housing stock. The insurer has already committed almost £400m of pension money to such projects in the past two years. Pension Insurance Corporation (PIC) has lent a further £50m to the London School of Economics and Political Science (LSE). The 50-year debt will help fund its sus- tainable


projects, which PEOPLE MOVES


B&CE, the provider of workplace retire- ment scheme The People’s Pension, has appointed Dominic Fielding as its chief risk officer. Fielding has three decades of financial industry experience and joins from Swedish bank Handelsbanken. He has also held senior positions at Aviva and PwC as well as the Financial Ombuds- man. Fielding will oversee compliance, regulatory planning, business assurance and governance for the master trust, which has £17bn of assets under management. Elsewhere, defined benefit pension scheme consolidator Clara-Pensions has appointed a new chief executive. Simon True has moved into the hot seat, bringing with him 30 years of insurance experi- ence. His previous role was group corpo-


8 | portfolio institutional | May 2022 | issue 113 includes the


development of its first carbon neutral building. This follows the £129m invest- ment the insurer took part in for the LSE back in January to fund the construction of a 676-bed student residence in South- wark, London. Meanwhile, Legal & General has agreed a full buy-in of the pension scheme spon- sored by Gordonstoun School, where Prince Charles and the Duke of Edin- burgh were educated. The £6.6m deal secures the benefits of 30 deferred mem- bers and 65 retirees. The insurer has an existing


relationship with the scheme having managed its investments for more than 20 years.


The British arm of electronic testing and measurement equipment and software specialist Keysight Technologies has taken a further step in de-risking its pension scheme. The trustees of the Keysight Technologies UK Limited Retirement Benefits Plan have completed a £58m buy-in with insurer Just. This is the trus- tees’ second such deal with Just following a £250m buy-in last year. The two transac- tions have de-risked the benefits of all the scheme’s 900 members.


rate development director and group chief actuary at insurer Phoenix Group. True replaces founder Adam Saron, who led the firm through its regulatory assess- ment. He remains an adviser to the firm. Also welcoming a new chief executive is Ross Trustees. Andrew Bradshaw has stepped up from chief business develop- ment officer to lead the professional trus- tee and pensions services specialist. He has been a member of the board for 10 years and replaces Nigel Moore, who has decided to stand down and become vice chair. One of the first decisions of Brad- shaw’s reign has been to appoint three new trustee directors. Janet Branagh, Clare Kember and Geoff McKenzie bring a combined 60 years of experience to their roles. Branagh is a scheme governance expert who joined Ross two years ago.


CALENDAR


Forthcoming portfolio institutional events


Roundtables: May


– Endgame investing


June – Emerging market debt July


– Responsible investing September


– Defined contribution


October – 2023 outlook


Conferences: 11 May


– Diversity Hub webinar 06July


– ESG conference


Finally, PIC has signed a £380m buy-in with Air Canada’s UK pension scheme. The deal secures the benefits of 1,400 of the scheme’s members, 40% of which are yet to draw their pension.


Kember has been a trustee for 21 years and has been part of the business for seven years. McKenzie is a pensions man- agerial specialist who joined last year as a senior trustee manager. Finally, Independent trustee provider BESTrustees has strengthened its offering by welcoming two new faces to the execu- tive team. Colin Stewart and Jonathan Crowther have joined the firm as trustee executives. Stewart is an experienced pen- sions trustee and has more than 30 years’ experience of the industry. He was previ- ously managing director of Citibank Scotland. Crowther is an investment specialist and pensions consultant who has held a variety of senior roles with Willis Towers Watson, LGIM and Axa Investment Managers.


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