The asset manager that will control £40bn of local government pension scheme funds has beefed up its board by appointing two new directors.
John Nestor and Eithne McManus have joined LGPS Central, which is being developed to manage the assets of nine local government pension schemes in the Midlands.
This is one of eight such LGPS pools in England and Wales and LGPS Central is scheduled to take control of the the Midlands’ assets next year.
Nestor will chair the remuneration committee, while McManus heads the audit, risk and compliance board.
McManus brings more than 30 years of regulated financial services experience to the asset manager. She sits on the boards of UIA Insurance and Countrywide Assured. Having trained as an actuary, McManus enjoyed a stint as chief executive of City of Westminster Assurance.
Nestor has worked in asset management for three decades. During his time at UBS, Citi and Henderson Global Investors he was responsible for LGPS investment mandates and is currently chair of the Prudential Corporate Pension Trustee and the retirement scheme for Marylebone Cricket Club.
LGPS Central chair Joanne Segars welcomed the duo. “They each bring a wealth of experience to the board, which will be vital in our commitment to deliver for the pool’s participating fund,” she added.
“Today’s announcement represents further significant progress towards our ‘go live’ next year.”
LGPS Central will manage the pension assets of local government schemes in Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire and Worcestershire as well as the West Midlands and the West Midlands Integrated Transport Authority.
