UK - David Nash, investment officer for the 2.8 billion-pound (4.02 billion-euro) London Pensions Fund Authority, has left the pension fund to join Hermes Pensions Management.

“I can confirm that David Nash has been employed by Hermes as an associate director within our Economics and Strategy Team, primarily to provide strategic investment advice to the Trustees of the BT Pension Scheme,” said a Hermes spokeswoman.

She added the role is a new one as “part of our strategy to build an in-house hedge fund team”.

Nash, who was part of a team of 10, has been replaced by Paul Kessel, who has joined the LPFA from an Australian pension fund management company. Kessel has taken up the job with the title of assistant investment manager.

The London Pensions Fund Authority, which came into being in 1989, is the largest Local Government Pension Scheme provider in London, with over 70,000 fund members.

It is currently undergoing a triennial valuation exercise which will set employer contribution rates from next year. In the 2004 Annual report, published in July, chairman Neil Newton stated that contribution rates to the fund would have to rise.