Pension Funds

U.K. Border to Coast Pensions Partnership names first CEO

Rachel Elwell was named CEO of the Border to Coast Pensions Partnership, a £43 billion ($58.4 billion) asset pool made up of 12 U.K. local government pension scheme funds.

A statement provided by Ian Bainbridge, head of pensions at the £6.4 billion Tyne and Wear Pensions Fund, South Shields, England, said Ms. Elwell joins in December. The Tyne and Wear Pensions Fund is one of the 12 plans in the partnership.

As the first CEO of the partnership, Ms. Elwell's first task will be to ensure the new organization is ready to start managing assets in 2018 on behalf of the asset pool. She will report to Chris Hitchen, chairman of BCPP.

The organization will operate out of new offices in Leeds, England, and employ about 70 staff for in-house money management and the running of externally managed strategies, said the statement.

"I am delighted to have the opportunity to build this new organization in my native Yorkshire, which will serve the needs of many members and taxpayers across the length and breadth of England," said Ms. Elwell in the statement.

She joins from Royal London Mutual Insurance Society where she was investment office and staff pension director. A statement provided by a spokeswoman confirmed her departure and said Ms. Elwell "has been an important member of our group finance leadership team since joining Royal London in 2011 ... An announcement on a future replacement for Rachel will be made in due course."

BCPP will invest the assets of the Bedfordshire Pension Fund, Bedford; Cumbria Local Government Pension Scheme, Carlisle; Durham County Council Pension Fund; East Riding Pension Fund, Goole; Lincolnshire Pension Fund, Lincoln; North Yorkshire Pension Fund, Northallerton; Northumberland County Council Pension Fund, Morpeth; South Yorkshire Pension Fund, Barnsley; Surrey Pension Fund, Kingston upon Thames; Teesside Pension Fund, Middlesbrough; Tyne and Wear Pension Fund, Sunderland; and Warwickshire County Council Pension Fund, Warwick.