Elizabeth Fernando was named CIO of the £25 billion ($31 billion) National Employment Savings Trust, London, effective May 1.
Ms. Fernando, currently deputy CIO at the multiemployer defined contribution plan, will replace Mark Fawcett, who has been in the role for 14 years. Ms. Fernando will lead the implementation of NEST's investment strategy, a news release said.
Mr. Fawcett remains CEO of Nest Invest, as well as a member of the executive committee of NEST Corporation and managing director of its investment function, and is responsible for the overall management of NEST's investment operation.
"Liz continues to demonstrate what excellent leadership skills she brings to the smooth running of NEST's investment team. I'm delighted to have both her and Mark available to NEST, using their collective expertise to help guide our members' investments through the difficult markets we're anticipating over the coming years," Helen Dean, CEO of NEST, said in the news release.
Mr. Fawcett added in the release: "NEST is taking £5 billion in pension contributions every year and will soon be a £30 billion scheme. Today's announcement keeps NEST looking forward, with Liz steering NEST's investment strategy from strength to strength."
A spokesman said there will be no replacement for Ms. Fernando as deputy CIO. She was appointed to the role in December 2021.