Rachel Farrell was named director of public and private markets for National Employment Savings Trust, London, the £33 billion ($41.1 billion) defined contribution multiemployer master trust said in a release Nov. 27.
It is a newly created role to "provide an additional level of seniority in Nest's investment team" as NEST works to grow its portfolio to £100 billion by the end of the decade, the release said.
Farrell, who started Nov. 27, will report to CIO Elizabeth Fernando. In May, Fernando replaced Mark Fawcett who moved into the CEO role.
Fawcett said in the release that Farrell's appointment comes "at the perfect time" as it prepares to be the largest U.K. pension fund. "Rachel's skillset and experience are exactly what we need to help us drive forward. Our investment strategies will continue to evolve so we can maximize the opportunities that come from Nest's growing scale," Fawcett said.
From 2017 to 2021, Farrell was CEO and country head of J.P. Morgan Asset Management Australia and New Zealand. She has also held senior positions at Citi Capital Advisors and BTAG (now Deutsche Bank). Farrell said in the release that she was drawn to NEST by its "highly diverse and sophisticated set of investments" and its reputation as a leader in the defined contribution industry.