Donny Hay was named a director at IC Select, a provider of oversight and selection services to pension funds, confirmed a spokesman.
The position is new. He will work on the firm's fiduciary-related business.
Mr. Hay was head of clients in the U.K. for Kempen Fiduciary Management. He left in 2016.
The firm also launched a performance disclosure standard for providers of outsourced CIO services. The standard is designed to help pension fund executives compare OCIO skill.
The standard has been supported by investment consultants Aon Hewitt, Mercer and Willis Towers Watson, which all offer OCIO services; as well as money managers and fiduciary management firms BlackRock, Cardano, Charles Stanley, Goldman Sachs Asset Management, JLT Investment Solutions, Kempen Capital Management, Legal & General Investment Management, P-Solve, Russell Investments, Schroders and SEI.
The standard aims to increase transparency, incorporating data relating to the OCIO arrangements of 520 pension funds, representing a total £84 billion ($119.6 billion) in assets. It is led by Roger Brown, founder and director, and Peter Dorward, managing director, both at IC Select.
Fiduciary managers will compile their own composite data on OCIO arrangements and will be asked to comply with IC Select's guidelines.
"I have spent seven years working as a professional trustee at Law Debenture and PTL Governance, as well as Kempen," said Mr. Hay in a news release. "The experience showed me that trustees need better guidance in deciding which fiduciary managers to pick and in judging their performance afterwards."
The standard is supervised by a steering group comprising independent members including representatives from law firms and the CFA Institute.
