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London’s biggest pension fund hires industry veterans, names deputy chairman

18 Apr 2013

Merrick Cockell LPFALondon’s largest pension scheme provider has hired a trio of industry veterans to its board and made local government expert Sir Merrick Cockell deputy chairman.

The $4.2bn London Pensions Fund Authority has hired Dermot McMullan, Abdallah Nauphal and Kerry Adby as non-executive directors amid the LP pushing to collect London’s fragmented local authority pension funds into a single £40bn investment giant.

McMullan has been a trustee of the Bank of America UK Pension Plan since 2003, Nauphal is CEO of £220bn asset management firm Insight Investment and Adby is a director at structured, corporate and strategic advisory Copernican Securities.

Existing board member Sir Merrick, pictured, becomes deputy chairman after stepping down as leader of London council the Royal Borough of Kensington and Chelsea after 13 years.

LPFA chairman Edi Truell, the former CEO of UK private equity firm Duke Street, said, “We are delighted to welcome Dermot, Abdallah and Kerry to the Board and also to announce Sir Merrick’s appointment as Deputy Chairman.

“These additions  further enhance LPFA’s reputation as a centre of excellence in public pensions  management, and we look forward to building on our promise to deliver millions of pounds in cost savings and investment benefits through the One Fund for London.”

 

Truell, the chairman of insurance asset bid vehicle Tungsten, took over as LPFA chairman in December 2012 after stepping down from risk management firm Pension Insurance Corp three months earlier.

In February this year he announced LPFA planned to bring together the pension assets of all 32 London boroughs, Transport for London and the LPFA.

No timescale was given for the plans, which Truell said were a matter for the individual borough funds, adding that fee-chargers with vested interests such as actuaries and consultants would need to be overcome.

That move came as Truell announced LPFA had become the tenth signatory to the £2bn Pensions Infrastructure Project, which will help finance long-term infrastructure creations the UK Government hopes will boost the economy.

Founding PIP signatories include the BT, Lloyds and British Airways pension funds.

The PIP will be used to invest in projects free of construction risk with leverage of up to 50 per cent, with fees around 50 basis points.

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