The Pensions Asset Management Model

Fraser is a qualified actuary and has gained a wealth of experience working with clients over 25 years in the pensions industry. Up until June 2021, he was Chair and CEO of British Airways Pension Investment Management Limited (BAPIML), where he led and managed a team of 120 members of staff, overseeing delivery of retirement benefits and communications for around 100,000 recipients, and with combined pension scheme assets of £25 billion. Earlier, Fraser was based in New York as Group President, Xerox Human Resources Services.

Sally is an actuary with extensive experience in innovation, risk management and responsible investment across investment management and pensions. She was CEO of the BP Pension Scheme in 2007-14 after twenty years with Aon Hewitt working as a consultant and in investment research.

Her non-executive portfolio has included roles as trustee and investment committee chair at the Nuclear Liabilities Fund, NEST Corporation and the Lloyds Bank pension schemes. Sally’s non-executive portfolio currently includes Chair at Impax Asset Management Group plc, non-executive director at insurers Royal London, Pension Insurance Corporation and Royal & Sun Alliance Insurance, and at Local Pensions Partnership (LPP) Limited, where she chairs its regulated investment company.  

Sally is a Fellow of the Institute of Actuaries and has served the actuarial profession on its Council and professional committees. In the City of London, Sally is a Liveryman with both the Wheelwrights’ and the Actuaries’ Companies, having held office as the first lady Master of the Worshipful Company of Actuaries in 2016-17.

Sally’s passion for maths education is evident in her work as a member of the Royal Society’s Advisory Committee on Mathematics Education (ACME) and as Chair of the Strategic Advisory Board for the Centre for Mathematical Cognition at Loughborough University. Sally is an Honorary Group Captain in 601 Squadron of the Royal Auxiliary Air Force, introducing diverse ideas to the way that the Senior Leadership Team of the RAF think and work. 

Andy joined Capital Cranfield Trustees in 2017. Before joining Capital Cranfield, Andy acted as adviser to trustees and employers at Watson Wyatt, Hewitt Bacon & Woodrow and latterly as a partner at LCP.

In 2017, he was appointed as Chair of Trustees to the Smart Pension Master Trust followed by The Lewis Workplace Pension Trust, followed by BOC RSP, The Yorkshire & Clydesdale Bank DC Scheme and Mizuho International DB Scheme. He also acts as co-Trustee for HSBC’s master trust and the PMI DB scheme.

He was elected to the DC Council of the PLSA between 2013 and 2018 and now chairs the Pension Quality Mark Standards Committee and the Small Pots Coordination Group as well as sitting on the DC Asset Security Working Group and PASA’s DC Governance Group.

Tim is Head of Delegated Solutions, with responsibility for the design and implementation of bespoke client solutions across the range of delegation options.

Tim joined LGIM in 2015 from Towers Watson, where he was Head of Investment Strategy for the UK delegated investment services business, and a member of the portfolio construction group. He worked at Towers Watson (formerly Watson Wyatt) for 11 years delivering advice and solutions to a range of pension funds and other institutional investors.

Tim is a fellow of the Institute of Actuaries, and graduated from Oxford University in 2002 with a Master’s degree in physics.

Adrian was educated at the London School of Economics where he obtained a distinction in an MSc Econ., and at Oxford University where he completed a doctorate (D.Phil) in 1981. He has subsequently earned a D.Sc (1991) and D.Litt (1995) degree.

Previously a lecturer in Psychology at Pembroke College, Oxford, he was Professor of Psychology at University College London from 1992 to 2018. He has lectured widely abroad and held scholarships and visiting professorships at, amongst others, the University of New South Wales, the University of the West Indies, the University of Hong Kong and the University of KwaZulu-Natal. He has also been a Visiting Professor of Management at Henley Management College. He has also been made Adjunct Professor of Management at the Norwegian School of Management (2009) and Honorary Professor at the University of KwaZulu-Natal (2014). He is currently the Principal Psychologist at Stamford Associates.

He consults to many organisations in various different sectors (particularly airlines, banks, civil service) and in many different countries (particularly continental Europe and Asia). He is also an experience conference speaker doing around a dozen key-note speeches a year all around the world.

He has written over 1300 scientific papers and 85 books. He is on the editorial board of a number of international journals, as well as the past elected President of the International Society for the Study of Individual Differences. He is also a founder director of Applied Behavioural Research Associates (ABRA), a psychological consultancy established over 30 years ago.

Ed joined Goldman Sachs as a managing director in 2021. He works in the Multi-Asset Solutions (MAS) group within Goldman Sachs Asset Management, where he leads the UK Fiduciary Management team. Prior to joining the firm, Ed worked in the Investment business at Willis Towers Watson for 20 years serving as the EMEA Head of Investment from 2014 to 2020. Previously, he worked at PricewaterhouseCoopers as an investment consultant. Ed earned a BSc in Economics from the University of Hull in 1992.

Chetan has been the Chief Investment Officer for Centrica’s pension scheme arrangements within a Common Investment Fund for the last 13 years. He is responsible for providing support to the Directors of the Investment Committee. His role covers investment strategy considerations, asset class and manager research, and the liaison with the investment advisers.

He has 27 years industry experience, primarily from the consultancy side, where he spent 5 years as a pensions actuary and 10 years on the investment side, a large part of which was at Aon. Immediately prior to joining Centrica, he developed the Fiduciary Management offering at an asset manager where he was able to gain valuable experience on improving investment decision making governance structures.

Mark is a Trustee and former Chief Investment Officer of the Nationwide Pension Fund, where he had responsibility for the performance and implementation of the asset allocation strategies agreed with the fund investment advisors.

Previously, he led the establishment of Nationwide’s Covered Bond programme and its Silverstone RMBS Master Trust funding vehicle. In addition, Mark has securitised UK Student Loans and a synthetic corporate bond structure along with structured transaction and investment in various ABS instruments. Past experience also includes leading the origination and structuring of social housing, PFI and commercial real estate debt transactions.

After graduating in 1976, Glyn started with CT Bowrings working on the administration of their staff pension schemes. He then worked in pension consultancy for a few years before joining the trade union Nalgo in 1987. After merger in 1993, he became Head of Pensions for the new union UNISON. Glyn has been at the forefront of all the regulatory changes for the LGPS and NHSPS advising members and supporting negotiations. He has also worked on all the other pension schemes that UNISON members belong to, in the energy, water, higher education and voluntary sectors.

He led negotiations to allow contractors to be able to gain admitted body status in the LGPS for outsourced members in 2000. He has supported members through the pension disputes in 2007 and 2011, and works continuously on protecting good pension provision for members and increasing employer contributions to DC arrangements, where this is not possible.

Richard heads up the Stoneport team and was a key architect in its development. He is a qualified actuary with almost 25 years industry experience, including over a decade heading up Punter Southall’s specialist employer consulting division, prior to the sale of all the pension consulting businesses in 2018.

His particular specialism is the interaction of employer covenant with funding and investment, helping schemes to understand and navigate to the best long-term outcome for their specific circumstances. Having led over 300 complex pension projects during his career he is well placed to understand the technical ins and outs as well as the practical realities to design and develop Stoneport.

Barry is a Director of Muse Advisory with over 35 years’ experience in the pension industry specialising in pensions governance (particularly investment governance), pension management strategy and trustee executive support. Barry blends his actuarial background and governance expertise to help clients meet their funding, investment and risk management responsibilities through effective governance.

Barry currently chairs Muse Advisory’s governance committee for its own pension plan, was a Member Nominated trustee earlier in his career and is a current SPP Council and Administration Committee member.

Simon joined USS Investment Management Limited in October 2019 as Chief Executive Officer to lead the team who manage the assets of USS, for both DB and DC sections of the scheme, investing across both public and private markets. The majority of USS’s investments are managed in-house, and USSIM has responsibility for selecting and overseeing third-party managers where these are used. USSIM is also the principal investment advisor to the scheme.

Simon previously led the Fixed Income and Alternatives businesses at M&G Prudential for two decades before being asked to become Chair of Real Estate with a combined team of over 500 employees and around £160 bn in assets. He was also a member of the Executive Leadership Team. Simon has a degree from Cambridge University.

Adam is the founder and former Chief Executive Officer of Clara-Pensions; and has been one of the driving forces in the creation of the DB consolidation or ‘superfund’ market. From 2017 to 2022, Adam led Clara from an idea to become the first (and currently only) superfund to complete the Pension Regulator’s assessment process. Adam was inspired to found Clara by his wife, for whom Clara is named.

Adam is motivated by clarity, teamwork and a strong desire to effect change. Adam believes that placing members and savers first is the key to delivering new solutions for UK pension schemes.

Adam has worked in financial services for over 25 years. He began his career in Equity Capital Markets at Goldman Sachs, where he advised European and global clients on the structuring and execution of equity and equity-linked financing. After spending a year in the insurance industry, he returned to the capital markets and was founding partner at Black Ant Investment Management – a global value investor, investing across the capital structure. Adam was a portfolio manager for 11 years on both the Black Ant Value and Credit funds.

Magnus has provided data and research to asset management clients to help address distribution-related challenges since 1994. In 2008, he co-founded Spence-Johnson to concentrate on providing data-based research services to institutional asset managers and insurers. In 2017, Spence Johnson was acquired by Broadridge, and up to 2021, he was helping to build Broadridge’s Global Distribution Solutions, consulting capabilities from London. He is now a Director at FidesIQ, an online monitoring and reporting tool, which enables pension fund trustees to capture the true objectives behind their strategic investment decisions. 

Dawn is an Independent Advisor and Non-Executive, with expertise in Responsible Investment, Sustainable Finance and Environmental, Social and Governance risks. Her portfolio of independent and advisory roles includes renewable energy, social housing, pension investments and Independent Chair of the Gwent Police Joint Audit Committee.

She was the former Chief Executive of the LGPS pool £30 billion investment management company, Brunel Pension Partnership Ltd, with a 40 years+ career in finance services & investment industry.

She is an advocate of diversity and healthy workplaces. Dawn is experienced in the public and private sector and is an advocate for better futures for all.

Mike was appointed Chief Executive Officer of LGPS Central Ltd. in March 2019. He was previously Chief Executive of the Pensions Infrastructure Platform (PiP). Mike had been Chief Investment Officer for the DMGT pension schemes and worked as an Investment Director in the City managing institutional equity portfolios at asset management firms such as Hermes and Merrill Lynch Investment Managers.

In 2013, Mike was appointed as an Independent Trustee of the Institute of Cancer Research Pension Scheme. He has also served as a Non-Executive Director of the NAPF and as Vice Chair of its Defined Benefit Council.

Mike holds an MBA from Cranfield School of Management and graduated from Cambridge University with an MA in Natural Sciences.

Legal & General Investment Management (LGIM) is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.3 trillion*. We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors, retail investors and direct investors. 

Throughout the past 50 years, we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, multi-asset, real assets and cash. Our capabilities range from index-tracking, active and exchange-traded strategies to liquidity management and liability-driven risk management solutions.

* Source: LGIM internal data as at 31 December 2020. The AUM disclosed aggregates the assets managed by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong. The AUM includes the value of securities and derivatives positions.