Norges Bank, New York City, HSBC, Lockheed Martin, RAM, SPAA
Norges Bank Investment Management (NBIM), which manages the Government Pension Fund Global, has divided the chief investment officer post into three positions. It also announced the creation of a new chief of staff position.
Petter Johnsen (pictured) is now CIO for equities, Karsten Kallevig is CIO for real estate and chief executive officer Yngve Slyngstad will also serve as CIO for allocation. The three replace Bengt Enge, the former CIO of the NOK3trn ($545bn) fund, who stepped down in March. (Global Pensions; 8 March 2011)
"We are basically doing this to strengthen our investment management. The fund has grown so large and there are projections we'll double by 2020," said spokeswoman Bunny Nooryani.
All were internal hires. Johnsen was previously global head of sector strategy and Kallevig was global head of real estate asset strategy.
NBIM also said the role chief risk officer, previously held by deputy CEO Trond Grande, has been filled by Jan Thomsen. Grande will also now serve as chief of staff, a new position. The chief of staff oversees a variety of functions including administration, human resources, data management and communications. The changes are effective 1 April.
New York City mayor Michael Bloomberg announced the creation of a new chief pension administrator role to be filled by Carolyn Wolpert. Wolpert will advise trustees of the five city pension funds and the deferred compensation plan on eligibility determinations for disability pensions, board governance and operational efficiency, the mayor's office said.
The creation of the role is part of a plan to reign in ever-growing pension costs. "We continue to take every step available to us to try to reduce pension costs that are mandated by the State. Carolyn has proven herself to be an expert, able to untangle extremely complex areas of pension law and she is going to be at the front of our efforts to ensure the benefits paid are appropriate and taxpayer dollars are safeguarded," Bloomberg said.
In the coming year, the city will pay $8.4bn in pension costs, up from $1.5bn in 2001.
HSBC Global Asset Management has appointed Vikramaaditya to the new position of head of business strategy. Based in London, Vikramaaditya will report to global chief executive officer John Flint, and chief executive officer for EMEA, Rudolf Apenbrink. He is charged with leading strategic projects that will support the business's ambitious growth plans.
In India, Vikramaaditya is succeeded by Puneet Chaddha as CEO, HSBC Asset Management (India). Chaddha has been with HSBC in India since 1993, most recently as head of commercial banking. (Global Pensions; 30 March 2011)
Chief investment officer of Lockheed Martin Investment Management Co., Christopher Li, will also take on the role of president.
"In this role, Chris will report to the LMIMCo Board of Directors and lead the stewardship of the Corporation's pension, 401(k) and other retirement plan assets," said spokesman Chris Williams. He replaces Jeff Sharpe. Li will retain his role as CIO and oversees some $50bn in plan assets belonging to the Lockheed Martin, the world's biggest defense company.
Renaissance Asset Managers (RAM) has hired Jens Bjorheim as sales director for the Nordic region and Switzerland.
"Mr. Bjorheim will build on existing client relationships and forge new opportunities for the firm in these regions. In addition to this, Mr. Bjorheim will work alongside Adrian Harris, Head of Distribution and Investor Relations, implementing a distribution structure with capabilities to market RAM's growing range of funds to a broader investor audience," the firm said. He joins from Baring Asset Management, where he was director of marketing and sales for Switzerland and the Nordic region.
The Self-Managed Super Fund Professionals' Association of Australia has appointed former director Andrew Hamilton as vice chairman. Hamilton replaces Graeme Colley, who remains as a director and chair of the Regulatory Committee, while technical strategist Louise Biti joins the board as a director. Sharyn Long remains in her existing role as chair. (Global Pensions; 31 March 2011)
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.
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