Nest has appointed Sally Bridgeland as chair of the board of Nest Invest, its investment subsidiary, subject to regulatory approval. Her tenure will begin on 1 October.
The new governance structure will replace Nest Corporation’s existing investment committee, which is being disbanded. Nest said this reflected increased delegation to the executive team and the evolution of Nest Invest, its Financial Conduct Authority-regulated subsidiary. The changes are designed to provide more robust oversight of investment strategy and governance.
Bridgeland, an actuary, brings extensive pensions and investment experience. She was chief executive of the BP Pension Scheme between 2007 and 2014 after two decades with Aon Hewitt, and currently chairs the Development Bank of Wales and care provider BelleVie. She also serves as a non-executive director at Pension Insurance Corporation and RSA Insurance.
Her past roles include chairing Impax Asset Management, Brunel Pension Partnership, and Local Pensions Partnership Investments, as well as serving as a trustee at Nest Corporation, Lloyds Bank’s pension schemes, and the Nuclear Liabilities Fund.
Nest manages more than £50bn of assets and receives more than £500m in contributions each month. By the end of the decade, it expects to be managing close to £100bn on behalf of its 13 million members.
Bridgeland said: “Having been a member of Nest Corporation’s trustee board in the past, Nest’s purpose resonates deeply with me… I look forward to working with the team to enhance our investment strategy and governance framework, to meet the objectives set by the Nest board and provide the best possible outcomes for Nest members.”
