UK - Martin Veasey has stepped down as investment director of the £8.4bn (€9.8bn) HBOS Final Salary Pension Scheme (HBOS FSPS), the company has confirmed.

A spokeswoman for Lloyds Banking Group, which acquired HBOS during the financial crisis, confirmed that Veasey had left in June, but declined to comment on any ongoing discussions concerning his replacement.

Veasey has been investment director of the scheme for more than three years, joining in December 2007.

Prior to this, he was chief operating officer of group market risk at the Royal Bank of Scotland.

In his 14 years in the industry, he has worked at Swiss Bank, as well as SG Warburg and PwC.

He also spent five years at Gartmore Investment Management - as head of investment risk and performance measurement - and Citibank.

He oversaw a turbulent time at the scheme, with its trustees attempting to delay the takeover of the banking group by Lloyds TSB in late 2008 after HBOS came close to collapse in September that year.

At the time, trustees said they lacked assurances the takeover would not affect accrued benefits.