Kevin Wade was named head of investments at the SAUL Trustee Co., which oversees £1.3 billion ($2.1 billion) of pension assets for the University of London and related employers, said Penny Green, SAUL CEO.
The position is new. Previously, Ms. Green handled all staff investment responsibilities.
“From a governance perspective, that was increasingly inadequate” as the fund's investments became more diversified, Ms. Green said. The move will not affect investments or the status of investment consultant Mercer.
Mr. Wade previously was an investment consultant and actuary at Aon Consulting; an Aon spokesman declined to comment on whether Mr. Wade will be replaced.