Chris Grant was appointed CIO at Nationwide Pension Fund, Swindon, a spokesman confirmed.
Mr. Grant replaced Mark Hedges, who retired from the role but joined the board of the £6.8 billion ($9.4 billion) pension fund as an employer nominated director. Mr. Hedges spent his career so far at the Nationwide Building Society — the pension fund's sponsor. He also recently joined professional trustee firm Capital Cranfield.
Mr. Grant was deputy CIO — a role created solely as a means of easing the transition as Mr. Hedges planned for his retirement, the spokesman said. Since the deputy position was always temporary, there are currently no plans to replace Mr. Grant.
The Nationwide fund is composed of two sections: The Nationwide section, which accounts for more than £6 billion of assets, and the Cheshire & Derbyshire section.
According to the pension fund's latest available annual report, for the year ended March 31, 2020, the Nationwide section's target asset allocation was 50%-60% in matching assets such as government bonds and long-lease real estate, 1% in cash and the remainder invested in return-seeking assets, such as equities. The C&D section target allocation was 90%-95% in a matching portfolio, 5%-10% in global equities and zero to 2% in cash.