UK - Pension fund property manager Legal & General Property has restructured its senior management team by appointing a new director to oversee its range of funds.
LGP, a subsidiary of Legal & General Investment Management, has promoted Michael Barrie to director of fund management following Helen Gordon's departure. Barrie was previously F&C Property Asset Management director until 2005 when he joined LGP.
The firm has also promoted Nigel Fuller to senior fund manager of the Life Fund, Gordon Aitchison to director of transactions and development and Charlie Walker to director of business development.
LGP managing director Bill Hughes said: "Following a period of significant growth and the strategic strengthening of LGP's in-house resources, we believe that the careful realignment of our platform will help to consolidate our strengths and continue to embed a model that has demonstrated the scope to deliver outperformance across the business."
LGP closed its recently launched £475m ($765m) UK Property Income Fund last week after raising equity from 14 major international institutional investors.
The firm currently has 17 separate funds and two segregated mandates and manages assets of £10.3bn, the third largest property asset base in the UK.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.