Noticeboard PEOPLE MOVES


Lothian Pension Fund, which manages £8bn of assets for local government workers in and around Edinburgh, has appointed Gillian De Candole as a portfolio manager. The Cambridge graduate joins from Brunel Pension Partnership and she will initially focus on private market investments.De Candole brings more than 15 years of experience to the scheme gained during her time at Schroders In- vestment Management and the Environ- ment Agency Pension Fund. The Pension Superfund, a DB scheme con- solidator, has confirmed who will sit with managing partners Edi Truell and Luke Webster on its asset and liability management committee.


They will be joined on the board that pro- vides strategic advice to the fund’s invest- ment committee by Border to Coast chair Chris Hitchen and Aberdeen Standard In- vestments chair Martin Gilbert.


They will be working with Kari Stadigh, former president and chief executive of Nordic insurance group Sampo and the current vice chair of Nokia, and Wolf Becke, a director of Hannover Re. William Maltby, has served as vice chair of investment banking at Deutsche Bank and is now chair of NB Private Equity and Ekins Guinness, and Ian Edward, an investment banker, entrepreneur and private equity investor. He is currently non-executive director of Pizza Pilgrims and co-founded Hippo Inns. A restructuring at Smart Pensions has seen the master trust promote chief executive Andrew Evans to group CEO. The new in- ternational structure also sees co-founder Will Wynne become group managing di- rector. This new structure will assist Smart’s plan to expand its reach beyond the UK, Ireland and the United Arab Emirates into the US and Australia next year. Confirmation of who replaces Evans


CALENDAR Upcoming


portfolio institutional roundtables:


November Emerging market debt


December-January Outlook 2021


February Multi asset


will be announced soon, as will the name of the person who will lead its US busi- ness. Scottish Widows has welcomed three new faces to its master trust. David Butcher, who also joins the governance committee, brings 40 years of pensions experience to the trust, while Gerald Wellesley has 35 years in the industry. Former master trust lead at Hymans Robertson Sharon Bellingham joins as the person responsible for developing strate- gy and market engagement.


NOTICEBOARD


Scottish Widows has invested £2bn in decarbonising the economy. The pen- sions and insurance giant has provided seed capital to BlackRock’s Climate Tran- sition World Equity fund, which it also helped design. The fund’s investment strategy centres around scoring companies on how well they produce and manage energy, con- serve water, use clean technologies and dispose of their waste.


The final salary scheme sponsored by the University of Exeter is now taking invest- ment advice from Aon. The University of Exeter Retirement Ben- efits Scheme is a closed defined benefit pension plan managing £140m of assets for more than 3,000 of the university’s past and present non-academic staff. Salvus Master Trust has been named as the replacement default scheme for the


10 | portfolio institutional September 2020 | issue 96


Ascot Lloyd Pension Trust. The 10-year-old master trust for the independent finan- cial adviser quit the market last year and the appointment of Salvus follows a search for a provider that offers a range of investment choices and value for money. Another example of increasing consoli- dation on the DB market is the final sala- ry scheme of the 134-year-old Family Build- ing Society transferring into the TPT Retirement Solutions’ DB Complete Mas- ter Trust.


The £30m scheme brings 250 members to the trust, 66 of whom are active in a cash balance section.


It has been a busy few weeks for Legal & General’s bulk annuity team. First, it com- pleted its eighth de-risking transaction with the ICI Pension Fund worth £70m, which brings its exposure to the scheme’s members at £5.8bn. This latest deal cov- ers those who have retired since last year’s transaction. Then, it completed a


£530m buy-in at the Siemens Benefits Scheme.


This deal secures the benefits of more than 2,000 of its UK pensioners. The terms of the deal allow for similar future transactions to be completed quickly. Finally, the insurer agreed a £275m buy- in with the trustee of electrical giant Hitachi’s UK pension scheme. The agree- ment covers the scheme’s deferred mem- bers and retirees who were not covered by the original buy-in two years ago with Scottish Widows. Finally, Pension Insurance Corporation is to build 520 residential apartments for rent after it bought a site in Manchester’s city centre.


The £130m project, which has planning consent and will take four years to build, is to include more than 6,000 square foot of commercial space and 102 parking spaces.


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