People moves: Border to Coast continues search for CIO; IPD’s new operating chief

Border to Coast Pensions Partnership – The investment pool is still searching for a chief investment officer following the exit of Daniel Booth at the end of January.

The UK pension pool, which is responsible for the investment of assets of 11 Local Government Pension Funds (LGPS) with collective assets worth more than £55bn (€63.8bn), appointed John Harrison as interim CIO for the second time at the beginning of the year.

In a fresh job advert posted this week, the pool stated it is looking for a CIO with “responsibility for developing and leading the range of investment capabilities which are delivered by both internal management and external mandates across multiple asset classes via FCA-regulated collective investment vehicles”.

The advert added: “This is a senior executive role, leading and inspiring a 70-strong investment management team for all of Border to Coast’s investment activities as well as actively contributing to the wider corporate strategy.”

The newly-appointed CIO would report to Rachel Elwell, the pool’s chief executive officer.

The successful candidate, the advert continued, will be an “accomplished investment executive showcasing highly developed leadership skills and will enjoy and prioritise inspiring, developing and leading team members, and engaging with both internal and external stakeholders”.

Border to Coast is also seeking someone with a genuine interest and experience in responsible and sustainable investment in addition to expertise in the UK regulatory environment with extensive knowledge of investment markets, covering a variety of different asset classes.

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Insurance & Pension Denmark (IPD) – Sara Brinks Larsen has been hired by the Danish pensions and insurance industry association as its new chief operating officer. She was most recently chief corporate affairs officer at AP Pension, and a member of its management board, and was in charge of areas at the commercial mutual pension fund including human resources, group secretariat, communication and compliance, IPD said.

Brinks Larsen is to help to strengthen IPD’s work with targets and target follow-up, the lobby group said, adding that she would also be taking over responsibility for the management secretariat, human resources and internal service from deputy director Louise Lange Thomsen, who had decided to leave after 15 years at IPD.

Brinks Larsen will start work in the new role on 15 September.

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B&CE – The provider of The People’s Pension has reinforced its commitment to investing responsibly with a new appointment to its investment business unit.

The organisation, which provides a pension to one in five UK workers, has appointed Leanne Clements as its new head of responsible investment. Joining from the independent financial think tank, Carbon Tracker Initiative, where she was head of stewardship for the UK and EU, Clements will develop B&CE’s approach to responsible investing in its management and stewardship of members’ investments.

Previously, she was campaign manager for The Association for Member Nominated Trustees and held senior responsible investment roles at multiple UK pension schemes.

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Evangelische Zusatzversorgungskasse (EZVK) – The supervisory board of the provider of occupational pensions for the German employees in the protestant church has appointed Georg von Hinüber as a new member of the board, starting on 1 October.

Von Hinüber, who will be responsible for the departments of insurance and members, succeeds Hans-Rudolf von Campenhausen, who has led the department as interim director since June.

Von Campenhausen will focus on his duties as managing board member of the pension fund for church employees and diaconal employers in Rhineland-Westphalia (KZVK) and the pension fund for pastors and church officials (VKPB) in Dortmund.

Von Hinüber has worked at the KZVK and VKPB since 2015, most recently as responsible legal counsel, head of the legal department and deputy for a board member. Prior to joining the pension funds, he was a consultant at Aon Hewitt and legal adviser to the Association for Municipal and Church Pensions (AKA).

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AMF/Riksbank – The Swedish blue-collar occupational pension provider is losing its chief of staff and deputy CEO, Aino Bunge, who has been appointed as the new deputy governor of the country’s central bank, the Riksbank.

Johan Sidenmark, AMF’s CEO, said: “While it is sad that Aino is leaving us, it feels good that we at AMF attract and cultivate such competence among our employees that they become relevant for such socially important assignments.”

AMF, which is Sweden’s second-biggest non-state pension fund, said it was starting the process of recruiting a new chief of staff immediately. Bunge, who has worked at AMF since 2019, will stay in her post for now to ensure an orderly handover to her successor, the pension fund said.

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Eastspring Investments – The asset management business of Prudential plc has appointed Bill Maldonado as CIO. He also joins the company’s executive management committee.

Maldonado joined Eastspring in September 2021 as head of equities, having previously served as the Asia Pacific CIO and global CIO, equities, at HSBC Global Asset Management. He has more than 30 years’ investment industry experience, leading a range of investment teams globally.

In his new role, Maldonado will be responsible for Eastspring’s range of investment strategies and products, spearheading the business’ platform across equities, fixed income and multi-asset strategies.

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Keva – Finland’s largest pension fund, Keva has created the new role of chief economist and appointed Joonas Rahkola to fill it. Rahkola, who started work at the €66.8bn provider of municipal pensions on 5 September, has been special economic political adviser to two prime ministers and has worked as an economist at the SAK, the Central Organisation of Finnish Trade Unions.

Keva said the new role would involve examining the occupational pension system and Keva as part of the public economy – and producing information and analysis to support the firm’s operations and its member communities.

Rahkola will report to communications director Reija Hyvärinen, Keva said.

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Insight Investment – The asset manager has named Alexander Kleinkauf as business development manager in Germany. He has served at Insight since August, responsible for the development and implementation of investment solutions for German institutional investors.

Before joining Insight Investment, Kleinkauf worked at Mercer, where he was a senior investment consultant for three years, advising institutional clients. Prior to that, he was a senior actuarial analyst at Willis Towers Watson, from 2016 to 2019. His focus was on advising German companies on actuarial issues and the valuation of pension obligations according to German and international accounting standards.

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Eurosif – Aleksandra Palinska has been hired as the new executive director of Eurosif. She will take up the post on 19 September 2022 and will lead the implementation of Eurosif’s long-term strategy to help shape and accelerate the development and implementation of the EU Sustainable Finance Agenda.

Palinksa has more than 10 years of experience in EU public policy and regulation. Her expertise covers sustainable finance, financial markets regulation, company law and corporate governance. She joins from Finance Watch, a Brussels-based NGO, where she has been leading the sustainable finance workstream and representing the organisation to the Platform on Sustainable Finance and EFRAG’s Sustainability Reporting Board.

Her expertise and knowledge of the European regulatory and policy agenda will be crucial to successfully lead Eurosif and deliver its long-term strategy.

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Putnam Investments – Jacquelyn VanderBrug has been named head of sustainability strategy for the firm, a new position that will report to Putnam president and CEO Robert Reynolds. VanderBrug will also join the company’s operating committee.

In helping to drive Putnam’s work in the sustainability arena, VanderBrug will lead a host of key ESG-focused business functions, such as stewardship, engagement, and partnerships, and ESG strategy and integration. She will work closely with an array of internal partners, including Katherine Collins, head of sustainable investing, and Catherine Saunders, head of corporate sustainability.

A respected 30-year industry veteran, thought leader and author, VanderBrug joins Putnam from Bank of America, where she most recently served as head of sustainable and impact-investment strategy.

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BNP Paribas Asset Management – Mark Richards has been named as head of flexible and absolute return within the firm’s multi-asset, quantitative and solutions (MAQS) investment division. He is based in London and reports to Maya Bhandari, global head of multi-asset.

In his new role, Richards will be responsible for the performance of BNPP AM’s flexible and absolute-return funds and ensuring the alignment of portfolios with the views of the investment committee. He will also work closely with the other teams within MAQS to exchange investment ideas, as well as contributing to the development of the broader MAQS product range as it expands its innovative offering.

Richards joined from Jupiter Asset Management, where he was a senior fund manager responsible for identifying and implementing key investment themes across a range of flexible and multi-asset strategies. Prior to Jupiter he held buy-side strategist roles at JP Morgan Asset Management and PIMCO, and sell-side strategist roles at Credit Suisse and ING, having begun his career as an economist at Lombard Street Research.

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Judicial Pension Board (JPB) – The UK’s Lord Chancellor has approved the appointment of Russell Agius as a member of the JPB for three years.

Agius has been advising on pension schemes for over 28 years. He is a partner at Aon. He spends most of his time advising trustees but also has various corporate appointments. He has carried out secondments with the Department for Work and Pensions, the Pension Protection Fund and The Pensions Regulator.

The JPB is responsible for helping the Lord Chancellor to manage and govern the Judicial Pension Schemes.

The Commissioner for Public Appointments regulates the appointment of JPB Members and recruitment processes comply with the Governance Code on Public Appointments.

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Schroders – The firm’s German branch has appointed Emil Kaminski as business development executive, whose role will include supporting the sales team responsible for Central and Eastern Europe (CEE) and the Mediterranean region (MED). The team is managed from Frankfurt and covers a geographical area including Poland, Hungary, the Czech Republic, Slovakia, Romania, Kosovo, the Baltic States as well as Bulgaria, Croatia, Greece, Malta and Cyprus.

Prior to joining Schroders, Kaminski worked at PKO Bank Polski, in the private banking department and co-leading investment PKO BP Securities’ advisory service with responsibilities for portfolio management.

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NIO Partners – The Danish alternative investments specialist has named Marc Dellmann as chief sales officer and head of DACH, effective 1 September. Dellmann’s appointment marks a step in the expansion of NIO Partners in Germany, Austria and Switzerland.

Dellmann has the task of building the business in the DACH region, based in Zurich. The private markets specialist has established the new company NIO Partners AG for this reason. Dellmann will also work on expanding the firm’s activities to other markets in Europe. He previously worked at Munich Private Partners, Allianz, Apax Partners and UBS Asset Management, where he was head of private equity and infrastructure advising institutional clients.

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Rothesay – The UK’s pensions insurance specialist appointed Tom Pearce as CEO, taking on the role from Addy Loudiadis as she retires after 15 years leading the business. Loudiadis will remain engaged with Rothesay as founder director, a part-time non-executive position.

Since founding Rothesay in 2007, Loudiadis and Pearce have acted as CEO and managing director respectively, working in close partnership to build the business into the largest specialist in its sector with assets under management of over £60bn as at 31 December 2021. Rothesay now protects the pensions of more than 830,000 policyholders, paying out more than £230m in pension payments each month.

Loudiadis will continue in her role as a trustee of the Rothesay Foundation, the business’ charitable trust.

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Man Group – The global investment management firm has appointed Rob Leach as global head of capital markets and portfolio manager, a new role for the firm.

Leach joins at a time when equity markets globally are experiencing significant challenges and require increasingly thoughtful navigation, and as Man Group is responding to client demand for active investment management solutions in both the long-only and alternative spaces.

In his new role, Leach will be based in London and will focus on Man Group’s activity in capital markets offerings globally, with the aim of growing market share and client returns. With over 20 years of experience, he joins the firm from Jefferies where he was head of EMEA equity capital markets. His experience comprises roles at organisations including BlackRock, SAC Capital and UBS.

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Scientific Beta – The firm has set up offices in Melbourne and Sydney and has hired two senior investment professionals as part of an expansion into the Australian and New Zealand (ANZ) markets. Joining the Scientific Beta ANZ team in Australia are Susan Rodgers as business development director and Mike Aked as senior investment specialist.

David Wickham, Scientific Beta’s deputy CEO and global sales and client director, said: “We are very excited about Scientific Beta’s expansion to serve the Australian and New Zealand markets, especially in view of the quality of Susan and Mike as our new hires in the region. They both have the knowledge and expertise to ensure that Scientific Beta will be as successful in ANZ as we have been globally.”

Rodgers joins from State Street Global Advisors (SSGA) in Sydney, where she was senior account executive and vice-president, having previously worked with SSGA in London. She also worked in client service and business development roles with BZW Investment Management (UK and Australia) and Bankers Trust Asset Management. She is based in Sydney.

Aked was previously partner, head of research for Australia and global head of asset allocation at Research Affiliates. He has also worked with the University of Virginia Investment Management Company (UVIMCO), Sunsuper, and UBS Global Asset Management across the US, Europe, Asia, and Australia. He brings a wealth of academic and practical experience in fundamental, quantitative and factor investing across both single and multi-asset class frameworks. He is now based in Melbourne.

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La Française AM – The management company of La Française Group has appointed Thomas Dhainaut as head of equities – small and large caps, reporting directly to the chair and CIO of the management company, Jean-Luc Hivert.

This comes as part of ongoing efforts on the part of La Française AM to develop its climate-transition expertise first introduced on its equity range in 2015, before being extended to bonds and diversified products. As at 30 June 2022, more than 97% of the assets under management of sustainable equity funds open to subscription were compliant with Article 9 of the Sustainable Finance Disclosure Regulation.

Dhainaut brings 24 years of experience in asset management and stock picking to La Française. He began his career at Banque du Louvre in 1998 as head of financial products intermediation before moving on to become European equities fund manager at HSBC Private Bank France in 2001. In 2005, he joined the equity management team of Sycomore Asset Management where he spent 15 years as partner and fund manager, developing solid expertise in extra-financial analysis and thematic equity strategies relating to ecological and energy transition. Before joining La Française AM, he was partner and fund manager at Nahua Capital.

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Department for Work and Pensions (DWP) – The UK’s Secretary of State for Work and Pensions has this week made four reappointments to the NEST trustee board.

Martin Turner has been reappointed for a second term of three years until 31 May 2026, Richard Lockwood has been reappointed until 31 August 2028, Helen Dean has been reappointed until 31 May 2028, and Chris Hitchen has had his current term extended by 12 months to 31 May 2024.

Commenting on the reappointments, Brendan McCafferty, chair of NEST, said: “I welcome these reappointments as they allow us to ensure we have the right skills and experience around our board table during this busy and strategic time for NEST.

“The depth and breadth of experience, brought by these board members, with the continuation of their service, will help us continue to deliver for our customers, as strong governance is key to ensuring good outcomes for our members and the employers who use NEST as their pension scheme.”

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Generali Investments – The firm has hired Edi Aumiller as head of sales Switzerland, a new role in which he will be responsible for setting up the distribution activities in the Swiss market, leveraging on the diversified investment capabilities offered by Generali Investments’ ecosystem of asset management companies.

In addition, Etienne de Boni joins the team as sales manager Switzerland.

Both appointments will give a strategic contribution through the definition of commercial development plans and distribution strategies in a priority region such as Switzerland, a strategic market made up of diversified private banks and institutional investors, the firm said.

With more than 15 years of experience in asset and wealth management, Aumiller has gained extensive expertise in business development, distribution capabilities and client relationship management, with a deep knowledge of the Swiss market. Before joining Generali, he was sales director at Franklin Templeton and, previously, at Legg Mason as country head Switzerland.

De Boni has worked for Franklin Templeton Switzerland as institutional client account manager and, before that for Partners Group and Credit Suisse.

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AllianceBernstein (AB) – Jean-Paul Hobeika has been named managing director – Middle East Africa institutions, based in the region. In his role he will oversee AB’s strategic relationships with institutional investors, working with clients in the region on investment strategy, asset allocation and knowledge sharing. He will report to Willem van Gijzen, director of CEMEA institutions.

Hobeika joins with more than 20 years of experience in the asset management industry and in the region. Most recently he was head of Middle East for Northern Trust Asset Management. He spent the past six years developing and expanding the investment management business in the region. He previously worked for Candriam Investors Group, Societe Generale and its asset management arm, Lyxor Asset Management.

In his new position, Hobeika will be responsible for strategy and business development for the broader institutional team in the Middle East and Africa. He will be responsible for developing close relationships with institutional clients in the region. Using his past experience of investment strategy and business development, he will help the firm develop and deliver customised investment solutions tailored to the needs of AB’s clients.

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First Sentier Investors – Charline Jezequel and Sascha Beisheim have been appointed as senior institutional business development directors. Responsible for further developing and implementing the firm’s distribution strategy for institutional clients, Jezequel covers the UK and Middle East markets and is based in London, while Beisheim serves the German market from Frankfurt.

First Sentier views EMEA as a strategic market and an important part of its plans for future growth. The firm provides investment solutions in global, Asia Pacific and emerging market equities, listed infrastructure, direct infrastructure and property securities for institutional and wholesale investors.

Jezequel joins from Amundi, where she was most recently head of insurance for its UK institutional sales group. She also held previous institutional sales roles there, focusing on UK insurance companies, pension funds, banks and private equity firms in the UK, and institutional sovereign wealth funds, family offices and wholesale clients in the Middle East, Central Asia and Africa. Before that, she held positions in Dubai at Rasmala and Triago, and at Credit Suisse in London.

Beisheim was previously at Swiss Life Asset Managers, where he was responsible for acquisition and relationship management for its institutional client base, which included pension funds, insurance companies, foundations and consultants. Prior to that, he worked in institutional client-facing roles at Fidelity international and Quaesta Capital.

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Macquarie Asset Management – Peter Glaser has joined as global head of the firm’s private credit and asset finance team.

Macquarie AM’s private credit offering spans solutions for clients across infrastructure, real estate, and structured credit, with $11.4bn of assets under management. It also invests in moveable transportation assets via its $1.7bn asset finance business, leasing aircraft, rotorcraft, and rail assets.

Glaser brings a wealth of experience and knowledge to Macquarie, joining in London from Alcentra where he served as head of European direct lending and portfolio manager for Alcentra’s European direct lending funds. He was also vice-chair of Alcentra’s executive management committee and chair of its European direct lending investment committee. In Glaser’s more than 30-year career across North America and Europe he has held leadership roles at KKR, as a partner, as well as at Barclays and Goldman Sachs.

Separately, the firm has appointed Gianluca Ricci as a managing director in Italy. Based in Macquarie Group’s soon-to-be-opened office in central Milan, Ricci will be responsible for Macquarie Asset Management’s growing investment activity in Italy’s infrastructure and renewable energy sectors. Ricci’s role will include reviewing investment opportunities, leading engagement with key stakeholders, and managing Macquarie AM’s existing portfolio of investments including Autostrade per l’Italia, and Open Fiber.

Ricci brings to Macquarie AM more than 20 years’ experience in corporate finance and joins from CDP Equity, the equity investment arm of Cassa Depositi e Prestiti, where he was most recently head of investments and equity portfolio management. In this role, he oversaw investment and asset management activity for direct equity investments made by Cassa Depositi e Prestiti and CDP Equity.

Ricci has previously served on the board of Fondo Italiano d’Investimento SGR, Italy’s largest private institutional investor, and led the M&A practices of various investment banks in Italy, including HSBC more recently.

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Aviva Investors – The global asset management business has bolstered its liquidity team with the appointment of Alastair Sewell as liquidity investment strategist.

Based in London, Sewell will report to Rakesh Girdharlal, head of liquidity and LDI (liability-driven investment), who assumed the newly-created role in April 2022. Sewell will help to develop and execute the firm’s liquidity solutions business strategy, covering money market funds through to ultra-short duration bond funds.

Prior to joining Aviva Investors, Sewell was senior director at Fitch Ratings, where he led the firm’s fund and asset manager rating group.

Separately, Aviva Investors has entered into a partnership with House of Reach, a business development consultancy, to expand its presence across the Nordic markets.

Headquartered in Stockholm and with coverage in Sweden, Denmark, Norway, Finland and Iceland, House of Reach will support the institutional sales teams at Aviva Investors as it continues to grow its franchise in the region across both liquid and illiquid strategies.

Nigel Cosgrove, head of global strategic relationships, will lead Aviva Investors’ relationship with House of Reach, with Torben Dunkel, head of institutional sales, DACH, leading on business opportunities generated by the partnership.

The partnership with House of Reach follows a similar agreement reached by Aviva Investors with Capital Strategies Partners in 2020, to support distribution capabilities to clients in markets including Spain, Portugal, Brazil and Uruguay.

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