Trevor Welsh was appointed head of liability-driven investment at the Pension Protection Fund, London, to lead the pension fund’s insourcing of its LDI management.
The position is new, and Mr. Welsh will start in October, said a news release from the PPF. He will be part of the pension fund’s wider investment team, and will report to Barry Kenneth, chief investment officer.
The PPF, which takes on the defined benefit payments of insolvent companies in the U.K., said in June that it planned to bring some of its investment management in-house, starting with the LDI hedging program. At the time, it said it would begin moving about 25% of the LDI program in-house immediately. Further details were not available by press time.
The PPF has £22.6 billion ($35.4 billion) of assets.
“Over time, we expect our assets to grow significantly and insourcing will allow us greater control and capability to manage these assets,” said Mr. Kenneth in the news release. “Taking in-house part of our LDI is a key step in updating our investment model and crucial in helping us meet our funding target and future aspirations.”
Mr. Welsh most recently ran the LDI strategy for Aviva Investors’ Aviva Staff Pension Scheme, London, as head of U.K. sovereign and rates LDI, the release said. An asset size for the Aviva pension fund could not be learned by press time. A spokesman for Aviva Investors said Mr. Welsh has been replaced by Neil Snyman, head of liability-driven investment. Mr. Snyman was insurance LDI fund manager. Further details were not available by press time.