She moves up from deputy CIO to replace Mark Fawcett, who led the investment team for the past 14 years.
Fernando will now be in charge of adapting the investment strategy of the £27bn master trust, which invests on behalf of almost 12 million workers, to a rapidly changing market environment.
This could include reviewing Nest’s fixed income strategy, with a re-orientation towards investment-grade debt at the expense of high yield and expanding the fund’s allocation in alternative assets and private markets.
She will continue to work alongside Fawcett, who remains chief executive of Nest Invest and a member of Nest’s executive committee, as managing director of its investment function.
Fawcett is responsible for the overall management of Nest’s investment operation while Fernando leads on the day-to-day implementation of the investment strategy.
Commenting on her new role, Fernando said: “I’m honoured to be following in the footsteps of Mark and excited to continue working with him, as we both look to the future of Nest’s investment strategy.
“I want to empower the team to keep looking for innovative investment approaches,” she added. “From our market-leading approach to responsible investment, to expanding our exposure into private markets, Nest is at its best when we’re pushing the envelope of how we can best serve our members.”
Fawcett added that Nest is taking £5bn in pension contributions every year and will soon be a £30bn scheme. “Today’s announcement keeps Nest looking forward, with Liz steering Nest’s investment strategy from strength to strength.”
Fernando joined Nest in November 2020, having previously worked as deputy CIO and head of equities for USS, Britain’s largest private pension scheme. She initially joined Nest as head of long-term investment strategy, before being promoted as deputy CIO in 2021. portfolio institutional’s in-depth interview with Fernando on her role at Nest can be read here.
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