Daniel Booth, chief investment officer of Border to Coast, is leaving the pensions pool at the end of January to establish a UK-based family office for a wealthy individual.
Booth, who has been the investment chief at the pool since 2018, told portfolio institutional in November he took up the role because: “It is not every day you get to build a £55bn asset manager from scratch.”
On his decision to leave, Booth said: “We’ve built something special at Border to Coast. Over the past three years we- have built a strong and capable investment team, responsible for more than £34bn.
“However, as we have grown, I’ve missed being involved in the day-to-day investment process. Having been approached to establish a professional investment capability on behalf of a family, this role will allow me to focus more of my attentions on the areas of my job that I love.”
Rachel Elwell, Border to Coast’s chief executive, said: “Daniel has been instrumental in our development, leading on the launch of several innovative and cost-effective funds and building the industry’s understanding of and relationships with Border to Coast during his time here. He has developed a fantastic investment team, well-equipped to continue its great work serving our partner funds.”
It means John Harrison is to join Border to Coast as the interim chief investment officer until a permanent replacement is found. It is the second time he been asked to fulfill this role. His first stint was when Border to Coast launched and has continued to advise the fund since having joined its investment committee.
Harrison has a strong background in asset management – having been the UK chief investment officer for UBS, managing director of MJ Hudson and, most recently, interim chief investment officer for the British Airways Pension Fund.
Harrison said: “I look forward to supporting the team in the year ahead as we continue to develop and manage effective, long term and sustainable investments for our partner funds.”
On Harrison’s appointment, Elwell added: “In John we have an experienced CIO who understands both the LGPS and Border to Coast’s role within it.”