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Coal Pension Trustees Investment expands in-house investment team

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  • Coal Pension Trustees Investment expands in-house investment team

UK - Coal Pension Trustees Investment (CPTI), the £20bn (€25bn) in-house investment arm of the UK's closed coal industry pension schemes, is to expand its in-house investment team by creating the new role of head of portfolio construction.

This follows the promotion of Stefan Dunatov (pictured) to chief investment officer earlier this year.

Michael Pratten, previously CIO, departed the organisation at the end of May, when Dunatov took over following a short handover period.

CPTI is also seeking a new head of investment strategy following Dunatov's promotion.

The appointment of a head of portfolio construction will take CPTI's in-house team from six to seven members.

The new position will have responsibility for implementing the agreed investment strategy, deciding the appropriate method to achieve asset class exposure and taking responsibility for the ongoing monitoring of mandates.

The role of the head of investment strategy is to lead strategic debate within the team, translate the trustees' objectives into strategy, develop ideas through asset class analysis and "achieve diversified sources of growth relative to the funding position of the schemes".

According to CPTI, both pension schemes have "stretching real return targets" and can "operate in a dynamic, unconstrained manner across a very broad range of asset classes and financial products".

CPTI describes the focus of the trustees as being "on the medium to long-term investment horizon", supporting a "dynamic relative-value approach".

CPTI, registered with the FSA since 2011, acts as the in-house investment arm for the British Coal Staff Superannuation Scheme and the Mineworkers' Pension Scheme.

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