Pensions lifeboat loses senior investment staff

John St Hill, the principal at the PPF, and Alan Goodman, a senior portfolio manager, are to leave the organisation.

The PPF has been one of the UK’s pioneers of the internal investment model, bringing various elements of portfolio management – including liability-driven investment – under its own control.

A PPF spokeswoman confirmed that St Hill and Goodman had separately decided to leave the £23 billion fund after eight years and six years respectively, adding: “They have both made tremendous contributions to the fund and we wish them all the best for the future.”

St Hill joined the PPF in 2010 from SEI Investments, where he held senior roles including head of fixed income and head of risk management, both of which were focused on the UK market.

Goodman, who joined the PPF in 2008, has a 20-year career in investments, having held positions at BNY Mellon, Northern Trust and Morgan Stanley.

The departures come as some major UK schemes may be headed for the PPF, with retailer BHS and Tata Steel UK’s schemes’ futures uncertain.

However, the PPF’s latest annual report – published in July – noted that as of the end of March it had a strong balance sheet and was 116.3% funded, with £4.1 billion of reserves and £23.4 billion of assets under management.

In the report, PPF chief investment officer Barry Kenneth said that over the last three years, the fund had outperformed its liabilities by an annual 2.4% over Libor – equating to 60 basis points annualised over its investment target.

In September, the PPF announced the appointment of Ian Scott, who has held roles on the sellside and buyside, in a new role as its head of investment strategy.

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