The former head of the Pensions Infrastructure Platform (PIP) has joined the £45bn local authority pool for nine Midlands-based pension funds.
Mike Weston, who stepped down as chief executive (CEO) of PIP last month after four years, will become LGPS Central's next CEO on 7 March, subject to regulatory approval.
He will replace Andrew Warwick-Thompson who stepped down in December and will also join the boards of the Local Government Pension Scheme (LGPS) pool. The fund also announced John Burns will be promoted to deputy CEO, while continuing as chief operations and financial officer, in order to further strengthen its leadership.
Chairwoman Joanne Segars said: "[Weston] brings a wealth of understanding of investment management, occupational pension schemes and the LGPS. He joins at an exciting time for the company as our assets under management grow and will make a great contribution to developing the pool alongside our partner funds. I look forward to working with him."
Weston added: "Pooling provides an important route to deliver investment efficiencies and opportunities to partner funds. Much progress has already been made, but there is more to do. I am looking forward to working with partner funds and the excellent team at LGPS Central to secure these opportunities for the benefit of partner funds and LGPS scheme members and employers."
Weston was previously chief investment officer of the Daily Mail and General Trust pension funds and a director at Hermes Investment Management. He is currently an independent trustee on the Institute of Cancer Research Pension Scheme. He began his investment career at Hermes in 1990 as a UK smaller companies equity portfolio manager before moving to Mercury Asset Management in 1997.
The pool comprises benefits for around 870,000 members and 1,900 employers, bringing together local authority funds from Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, the West Midlands, and Worcestershire, as well as the West Midlands Integrated Transport Authority.
It is one of eight funds that have emerged across the LGPS since the government mandated pooling across England and Wales to be completed by April this year.
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