Lloyds Banking Group, London, appointed a unit of Momentum Global Investment Management to act as chief investment officer for its retirement plans, said a source familiar with the situation.
The deal will see Richard Cooper, head of Momentum investment solutions and consulting, become interim CIO for all of the bank’s retirement plans, leading the teams responsible for managing and overseeing the investment of the plans’ assets, a news release from Momentum said. According to Lloyds Banking Group’s 2014 annual report, group defined benefit pension funds had a total £38.1 billion ($57.3 billion) of assets.
The source said the CIO role is new. Mr. Cooper will effectively work as an employee of Lloyds Banking Group while the company looks for a permanent appointment.
Further details were not available. A spokesman for Lloyds Banking Group declined to comment.