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Appointments
Legal & General Investment Management has appointed Kim Brown as pension scheme director of the £10bn L&G
Mastertrust. Brown (pictured) joins in February from The Pensions Regulator where she was head of master trust authorisation and supervision. RPMI has promoted Michelle Ostermann to managing director of its £30bn railways pension schemes investment business. She replaces Julian Cripps, who retired in Decem- ber. Ostermann (pictured) moves up from the chief fiduciary officer role she started early in 2019.
The investment manager has also added new faces to its real asset team. Lewis Van- stone joins as deputy portfolio manager with Julian Allport and Alena Antonava appointed as investment managers.
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RPMI Railpen, which manages £30bn for current and former railway workers, has bought an onshore wind farm in Scotland. Tralorg Wind Farm in South Ayrshire is under construction and will power 15,000 homes when it becomes operational later this year.
The manager has also expanded its indus- trial portfolio after buying almost six acres of land in London. It intends to build ware- housing on the land in Waltham Cross, which is near the M25 and M11. Pension Insurance Corporation (PIC) and life insurer Phoenix have lent £250m and £65m, respectively, to the City of London Corporation as part of a £450m fundraising to back projects that include unifying Smithfield, Billingsgate and New Spital- fields markets. Border to Coast Pensions Partnership has launched a £5bn Global Equity Alpha fund. This takes the pool’s assets under manage- ment to around £15bn, excluding commit-
ments to private markets of £1.8bn that are currently being placed. Harris Associates, Investec Asset Manage- ment, Lindsell Train and Loomis Sayles are managing the fund. Eight of the pool’s 12 schemes invested in the fund with assets from 14 mandates transferring into it. Border to Coast has also launched a private debt fund a year ahead of schedule to meet demand. The global fund has secured almost £600m from eight of the pool’s partner funds to lend directly, against real assets as well as in speciality and distressed debt. Workplace pension provider Nest has handed a £500m global investment-grade bond mandate to Wells Fargo Asset Management. The US asset manager beat almost 50 other firms to win the active, segregated account with a currency hedge. Brunel Pension Partnership has launched an emerging market sub-fund.
10 | portfolio institutional | December-January 2020 | issue 89
The fund has secured £1bn from Brunel’s local government schemes and is looking to raise £1.2bn by the end of the year. It will be managed by Genesis Investment Management, Wellington Management and Investec Asset Management. They were selected for their clear approach to investing, a track record in emerging markets and evidence of considering ESG when making decisions. They also have dif- ferent
approaches to investing, which
should mean that they are unlikely to underperform at the same time. London CIV has secured £399m of seed capital for a new infrastructure fund. LCIV Infrastructure Fund is the 14th fund launched by London CIV, with funding provided by six local government council pension schemes in the capital . Finally, the £4bn UK Power Networks Group of the Electricity Supply Pension Scheme has appointed BlackRock as its fiduciary manager.
Independent professional trustee specialist Dalriada Trustees has welcomed Charles Ward as the latest member of its profes- sional trustee team. He joins from PwC and will be based in Birmingham. The UK’s largest defined benefit (DB) pen- sion scheme by assets has appointed a new head of fixed income and treasury. The £68bn Universities Superannuation Scheme (USS) has temped Ben Clissold away from BlackRock, where he managed $350bn (£265.8bn) of LDI assets. Clissold will manage a team covering gov- ernment bonds, corporate and emerging debt and foreign exchange among other duties such as treasury execution. The Pensions Regulator (TPR) is looking for a new head of automatic enrolment after Darren Ryder announced he is leaving the organisation after eight years. Ryder, who vacates the role in early 2020, was also head of compliance and enforce-
Calendar
Upcoming portfolio institutional roundtables:
March — Fixed income April — CDI May — ESG June — Emerging market debt July — Alternative investing September — DC October — Multi asset November — Responsible investing
ment during his time at the regulator. Finally, ending our appointments round up this month is Britt Hoffmann-Jones, who joins professional trustee and governance specialist PTL. As head of proposition development she will improve how the firm serves pension schemes. It is her first role since taking a break to raise her family.
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