David Brickman joined Tesco Pension Investment Ltd., London, as senior credit portfolio manager. Tesco Pension Investment manages the pension fund of the biggest U.K. retailer.
Mr. Brickman previously was head of credit at Aerion Fund Management Ltd. Jon Cunliffe heads the fixed-income team at Tesco Pension Investment and Steven Daniels is chief investment officer.
Tesco said in May 2012 that it was creating an investment team to manage the company's pension fund, which has more than £6 billion ($9.9 billion) in assets, to reduce costs and increase net returns. The retailer manages one of the U.K.'s largest defined benefit pension plans, covering more than 170,000 of its 416,000 employees, according to the Cheshunt, England-based company.
Tesco's pension deficit increased to £2.4 billion from £1.8 billion at the end of 2012 because of falling corporate bond yields and investment returns, the company said in its interim management statement published in October.