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Money Management

London CIV names interim CEO following departure of inaugural leader

Mark Hyde Harrison was named interim CEO at London Collective Investment Vehicle, the investment management company set up by the London local government said in a news release.

Mr. Harrison replaces Hugh Grover. A spokesman could not be reached to comment on Mr. Grover's next move or the timeline for the appointment of the next CEO.

"It's been an honor and a privilege to be the first CEO of London CIV, but it is time for me to pass the baton to someone new who will take it into its next phase of development," Mr. Grover said in the release. "London CIV was the first of its kind, and continues to be at the leading edge of investment reform and collaboration across the local government pension scheme."

Mr. Harrison's earlier jobs included being head of defined contribution strategy at Willis Towers Watson and the chairman of the National Association of Pension Funds, now the Pensions and Lifetime Savings Association.

London CIV has £5.6 billion ($7.4 billion) in assets under management on behalf of the 33 local government pension schemes in London.