People news: UK’s National Wealth Fund appoints new chief

National Wealth Fund – Oliver Holbourn has been appointed CEO of the National Wealth Fund, taking over from John Flint on 1 November 2025.

Holbourn brings more than 25 years of experience in banking and public investment, most recently serving as CEO of RBS International, CEO of UK financial investments, and managing director of equity capital markets for the UK, Ireland, and South Africa at Bank of America. He also sat on the executive committee of NatWest Group during his tenure at RBS International.

The National Wealth Fund, launched in October 2024, is the UK government’s main investment platform focusing on economic growth, clean energy, and mobilising private capital alongside public funding, having already committed £2.5bn with an additional £5.8bn planned.

Under Holbourn’s leadership, the fund will increase its investment activity, expand into new sectors, and partner with regional authorities to develop both long-term and high-impact projects across the UK.

Institute and Faculty of Actuaries (IFoA) – Paul Sweeting has been appointed IFoA president, replacing Kartina Tahir Thomson.

Sweeting has more than 20 years of professional experience and, until recently, was chief risk officer at the Hassana Investment Company. Prior to this, he was a professor of actuarial science at the University of Kent and the head of actuarial science. He has also held a role at JP Morgan Asset Management as European head of the strategy group and a managing director.

Noting that “the skills that actuaries need are constantly changing”, Sweeting aims to find the balance between efficiency and sustainability during his term at IFoA.

Sweeting is an honorary professor of actuarial science at the University of Kent, and a visiting professor at Heriot Watt University Dubai. He also helped design and write the textbook for the profession’s Enterprise Risk Management subject.

He has chaired several actuarial boards, committees and working parties, and served as honorary secretary for the Institute of Actuaries prior to its merger with the Faculty of Actuaries.

Barnett Waddingham (BW) – Rob Byett has been appointed as chief risk officer as the firm underscores its commitment to enhanced risk management and compliance.

Bbyett brings over two decades of industry experience to the role, having held senior risk and compliance roles across the financial services sector, including group compliance director at Jelf Group, and several years at Deloitte, advising professional service sector clients.

His appointment represents part of BW’s ongoing commitment to operational excellence and its ongoing strategic growth as part of Howden. BW was acquired by the global insurance and employee benefits intermediary group in April.

Aon – Michael Porter has been appointed as defined contribution (DC) proposition development leader within the firm’s DC Solutions business.

Porter has more than 18 years of experience in the UK pensions industry, including senior roles at Legal & General, Mercer, and BlackRock.

In this new role, Porter will be responsible for further developing the Aon DC Solutions proposition, which includes The Aon MasterTrust and Group Personal Pension, with a particular focus on technology and the member experience.

The latest digital edition of IPE’s magazine is now available