Alex Gracian, CIO at the £4.8bn (€5.8bn) multi-employer, public sector London Pension Fund Authority (LPFA), has left to pursue other opportunities after just under two years in the role.

The fund confirmed Gracian’s departure and thanked him for his work in building the fund’s in-house capabilities during his tenure.

It had been expanding its in-house investment team as it looks to allocate more to illiquid assets, under the guidance of Gracian.

Susan Martin, chief executive at the pension fund, said: “I’d like wish Alex well for the future and thank him for the work he has done to build our investment team over the last 18 months.”

She said the fund would now seek a replacement and look to build on its foundations in in-house asset and liability management.

“It is an exciting time to join the LPFA,” she added.

“We have a clear investment strategy, which is part of our integrated asset and liability-management approach. 

“We are proud of our investment performance and our effective liability management.

“As part of our investment strategy, we are moving more of our investments into illiquids and seeking investments in housing and infrastructure.”

Gracian joined the fund as CIO in 2012, after being hired by then chief executive Mike Taylor.

Taylor subsequently retired the following year, suceeded by Martin.

Prior to joining the LPFA, he worked as head of equity portfolios at the Gulf International Bank.