Matt Betts has left Brunel Pensions Partnership for the £6.3bn (€7.2bn) Avon Pension Fund as the latter prepares to join Local Pensions Partnership Investment (LPPI) in a pool reshuffle.
Brunel, which has most recently been employing some 75 people, will be wound down over the coming months as its 10 pension fund clients decamp to other pools after the government rejected Brunel’s bid to meet new investment and governance requirements as part of so-called ‘Fit for the Future’ reforms in the local government pension scheme.
Last year, LPPI emerged as the leading contender to take on Brunel Pension Partnership’s investment infrastructure and earlier this year it revealed that it was looking to hire 18 staff, prioritising applicants from Brunel, and to open an office in Bristol, where Brunel is based.
Betts worked as manager of equity portfolios at Brunel, where he was from its launch. Avon said he brings “extensive experience” in investment pooling, investment portfolio construction and responsible investment.
In his new role as group manager of funding, investment and risk at Avon, Betts will oversee the fund’s investment strategy, finance and funding functions, and will be a member of the senior management team.
He succeeds Liz Woodyard, who retired in September after more than 20 years of service to the fund.
Betts said: “The opportunity to help shape the fund’s long‑term investment strategy, particularly as it moves to a new pooling arrangement, was a major draw for me. The fund has a strong reputation for innovation and responsible investment, and I look forward to building on that foundation for the benefit of our members and employers.”
Avon said Betts’ background will be particularly valuable as Avon Pension Fund transitions to its new pool, LPPI, in April.
