Pensions industry movers and shakers w/e 12 January

It’s a bumper movers and shakers this week, with many new senior appointments across the pensions industry. We’ve summarised them below.

New CEO at UK pension group 3173:

Bill Galvin will take over as CEO of pension group 3173, which includes pension businesses Dalriada Trustees Limited, Spence & Partners and Mantle.

He will join 3173 on 22 January as CEO designate, but will assume full responsibility as CEO from 1 March.

He will take over from current CEO and founder of 3173, Brian Spence, who is stepping down from his executive role but will continue in a non-executive capacity as deputy chair, alongside Stephan Wilcke as chair.  

As CEO of 3173, Galvin will support Chris Roberts, Alan Collins and Mike Selby, the managing directors of Dalriada Trustees, Spence & Partners and Mantle respectively, as they look to grow these businesses.

Galvin previously served as CEO of USS for over a decade.

During his time as CEO, he introduced an innovative hybrid pension offering, built an in-house investment team, and created a pension administration function that receives excellent ratings for service levels and decision support. 

Galvin said: “Our sector is changing rapidly, new and ambitious industry participants are stepping up to the challenge to deliver better outcomes for members and better propositions to scheme sponsors. 

“That makes it a very exciting time to join a group with such a broad range of market leading services, underpinned by really exceptional talent and very innovative tools.  I look forward to supporting the leadership teams of Dalriada, Mantle and Spence & Partners and their clients to deliver integrated, cost-effective solutions so that all types of pension schemes can deliver sustainable and secure pensions to an increasingly engaged and rightfully demanding membership.”

The Pensions Ombudsman (TPO) announces interim chair

Anthony Arter has been appointed the interim chair of TPO, after former chair Caroline Rookes sadly passed away in 2023. Arter’s appointment began on 1 January and will be on an interim basis, while TPO recruits a permanent chair.

Mike Birch to join Vidett

Professional trustee firm Vidett has announced that Mike Birch will join them as a client director in April.

Birch has worked for the Pensions Regulator for over eleven years and is currently director of supervision, responsible for a team of 80 who supervise pension schemes.

At Vidett, his primary focus will be DB pension schemes where employers are experiencing distress or undergoing corporate transactions.

Commenting on Mike’s appointment, Naomi L'Estrange, Co-Chief Executive at Vidett, said: “We have worked with Mike for many years in his role at The Pensions Regulator and are genuinely excited to soon be able to work with him as a professional trustee colleague. His knowledge and experience are extensive and unique - and will be of great benefit to Vidett’s clients and our team.”

Mike Birch added: “I am very excited to be joining the talented, market leading team at Vidett. I am looking forward to the opportunity to apply my experience from The Pensions Regulator and, before that, from working in corporate restructuring to being a trustee.”

Legal & General appoints two new senior appointments to DC leadership team:

Legal & General has appointed two new senior figures to its Defined Contribution (DC) leadership team.

Jayesh Patel joins as head of DC clients, with overall responsibility for L&G’s Workplace, IOP and institutional client relationships. 

Stacy O’Sullivan joins as L&G’s new head of DC strategy and development, and is focused on the firm’s strategic priorities for the DC market, new business support and project management.

Prior to joining L&G, Patel was co-head of DC consulting at Willis Towers Watson (WTW), where he was jointly responsible for the UK DC team’s client, colleague and financial management. His experience at WTW covered a significant number of DC arrangements and focused on improving financial outcomes for individuals.

He has 20 years of experience in DC pensions and has worked as the lead consultant for a number of large corporate and trustee clients, providing advice on all areas of their DC pension plans including scheme design, investment strategy, financial wellbeing, retirement support and governance.

O’Sullivan has 25 years of DC consulting experience and has provided advice to some of the largest DC pension schemes in the UK. Previously, she spent four years at Muse Advisory, where she helped develop their independent DC consulting business. Prior to that, she served as a partner in Lane, Clark & Peacock’s (LCP’s) DC team and co-headed trustee services for the broader LCP business.

Commenting on both appointments, Rita Butler-Jones, head of defined contribution (DC) at Legal & General said: “Jayesh and Stacy both join at an exciting time for the DC market and L&G’s business, as the firm explores new opportunities for DC schemes to build their exposure to private markets, support members to and through retirement, and deliver new technologies to achieve innovation and engagement in pensions.

“With their combined 45 years of experience in the pensions industry, Stacy and Jayesh can play an important role in using their expertise to help the firm to meet these objectives – it’s a pleasure to welcome them both to the team.”

Principal Asset Management appoints new chief executive:

Principal Asset Management has appointed Kamal Bhatia as president and chief executive officer.

Bhatia succeeds Pat Halter, who will retire after 40 years with the company on the 2^nd April 2024. During the transition, Halter will take an interim role as division president.

Bhatia will be responsible for strategy, investment performance and growth at Principal.

Dan Houston, chairman, president and CEO of Principal, said: “I’m confident in Kamal’s ability to continue to drive this business forward to meet the growing demand for investment solutions around the world, while navigating volatile market environments and evolving client needs.”

New chief executive of the Local Government Association (LGA):

Joanna Killian has been appointed as the new chief executive of the Local Government Association (LGA). She will join the LGA in March from her current role as chief executive of Surrey County Council.

Cllr Shaun Davies, chair of the LGA, said: “As we head into a General Election year, and with councils facing financial pressures like never before, the experience, skills and insight Joanna brings to the LGA will be a huge asset for the organisation and our membership.

“Her local government expertise, networks and knowledge developed in previous high-profile roles – both in councils and the private sector – will be invaluable in ensuring the LGA continues to be a strong and united voice for local government in the debates that matter. The LGA’s political group leaders and I are all delighted that Joanna will be joining us soon.”

Capital Cranfield expands secretarial and sole trustee teams:

Capital Cranfield has expanded its secretarial and sole trustee teams with two appointments in January. 

Karol Lewandowski has joined as a sole trustee specialist working exclusively as a trustee on sole trustee cases. He joins from Avon where he was a trustee of their scheme alongside his full-time role of value delivery lead for the global transformation office. Lewandowski has an investment and accounting background and is an accredited professional trustee. He will be based in the London office. 

Joining the secretarial team is Dean Bywater who is an experienced secretary to the trustees. He will be based in the Nottingham office. 

Harus Rai, managing director at Capital Cranfield, said: “Karol and Dean bring a huge amount of experience in their respective fields and their appointments mark a great start to 2024, continuing the trend of growth after making several appointments in the sole trustee and secretarial teams in 2023.” 

David Butcher launches Mindful Pensions

Pension trustee and mindfulness coach David Butcher has launched Mindful Pensions, a venture which aims to bring the benefits of mindfulness to the pensions industry.

Commenting on the launch, David Butcher, CEO, and founder, said:

“The impact that stress has on productivity and wellbeing is well documented, and the numbers are staggering. Figures suggest that 76% of employees feel moderate to high levels of stress which is worrying as a worried workforce can’t be a productive or resilient workforce.

“We also know that stress costs UK PLC over £5 billion annually and causes over 15 million lost days of work. And with 79% of UK employees experiencing burnout, and 35% reporting extreme levels of burnout it’s clear that the time for action is now.

“I’ve used mindfulness for the past 40 years to help me deal with some highly stressful work and personal circumstances. And it has underpinned my approach to becoming the trustee that I am today.

“Mindfulness is about releasing all that energy by being in the present moment. In setting up Mindful Pensions and blending my mindfulness experience with my experience of holding senior pensions industry roles, I hope to do my bit in helping the industry be a healthier, more fulfilling and more productive place to work – ultimately making a positive difference to millions of savers.”

Fairburn appointed to chair PLSA committee:

Joanne Fairburn, a client director at independent trustee firm ZEDRA, has been appointed as chair of the Pensions and Lifetime Savings Association’s DC committee. She has been a member of the committee since 2018.

Kim Nash, managing director of ZEDRA Governance, said: “We are proud to have Joanne represent us on such an influential platform and look forward to seeing what the committee will achieve for DC pension scheme members."

Joanne Fairburn added: ““I am delighted to be given the opportunity to chair this important committee. With DC scheme value expected to triple over the next decade, we will have a lot of work to do to address the challenges and opportunities that lie ahead for all DC savers in the UK. I’m looking forward to working with my fellow committee members, the industry at large, and PLSA to drive the energy and innovation required."

Aegon Asset Management announces new senior sales director:

Aegon Asset Management has strengthened its UK wholesale distribution team with the appointment of Martin Canavan as senior sales director.

Canavan will be based out of Aegon AM’s Edinburgh office and cover accounts across the North of England, Scotland, Ireland and Isle of Man, spanning the firm’s client base of wealth managers, financial advisors, family offices and global fund institutions. 

Canavan has 30 years' industry experience and joins Aegon AM from River and Mercantile Asset Management, where he was a UK wholesale sales director for three years. Prior to this, Canavan was UK Wholesale Sales Manager for ten years at Merian Global Investors (formally Old Mutual Global Investors), covering key clients across the North of England, Scotland, Ireland and the Isle of Man. Canavan also previously spent four years at Aegon AM, between 2006 and 2010, as business development consultant covering a similar region.

He will now report into Mark Ferguson, head of UK wholesale at Aegon AM.

Commenting on the appointment, Ferguson said: “The UK wholesale landscape has seen significant consolidation in the past few years and Martin brings the essential attributes needed; knowledge, experience, and great client service for this evolving client base. I am very pleased to welcome him to the team and back to Aegon Asset Management.”