Pension Funds

U.K.’s LGPS Central pool picks first CIO

Jason Fletcher was appointed chief investment officer for the newly established investment pool LGPS Central.

The pool brings together nine local government pension funds across the central region of England, creating a 40 billion ($52 billion) asset pool.

Mr. Fletcher was chief investment officer at the 14.7 billion West Midlands Pension Fund, one of the nine Local Government Pension Scheme funds in LGPS Central, said a news release by the West Midlands fund.

The pool was created as part of a drive by the U.K. government to bring the assets of the 89 England and Wales LGPS funds together. Responsibility for investment strategy and asset allocation will remain with the individual funds' pension committees, and the investment pool will take on responsibility for implementation beginning in April 2018. "Following the change in roles, the fund is actively recruiting to its senior management team," said the news release. A spokeswoman was not available to comment further by press time.

WMPF, in the release, also announced Rachel Brothwood will take on leadership of the fund effective Oct. 1, replacing. Geik Drever, strategic director of pensions at WMPF, who is retiring. Ms. Brothwood joined the fund in 2015, and is director of pensions. Details on a replacement could not be learned by press time.