UK - Peter Tait, formerly investment manager of Nestlé UK Pension Trust, has been named as the head of the confectionery company's new pension asset management company.

He will be both chief executive and chief investment officer of the UK-based Nestlé Capital Management as CEO and CIO.

The UK-based company will be in charge of the asset management for Nestlé Group pension schemes as of January 2007.

In June, Jean-Pierre Steiner, director of corporate pension and risk services at the Swiss food group, had told IPE about the creation of a new company with an asset management subsidiary. "We've just created a new company, Nestlé Capital Advisors, to provide services to all our pension funds around the world," said Steiner.

According to the Swiss official journal Nestlé Capital Advisors changed its name to Nestlé Capital Management over the summer.

Nestlé Capital Management will start its operations on 1 January 2007 "with 20 employees, including a compliance officer and 15 professional investment managers, with assets under direct management of more than £3.2bn (€4.8bn) invested mainly in developed equity and bond markets," a company announcement on the change in investment management for Nestlé's Robusta Fund stated.