The latest hires, promotions and appointments for the week ending 18 July 2025.
Stephen Field, director of pensions and chief executive of Transport for London’s (TfL) £15bn pension fund, is set to retire, the fund announced this week.
Field will step down on 29 May 2026 after 21 years of service to Transport for London (TfL), covering two periods of employment.
Chair of trustees Maria Antoniou said he had been an integral part of TfL, with the last 18 years spent at the helm of the TfL Pension Fund.
She said: “His leadership, expertise and unwavering commitment have been instrumental in shaping the fund’s success and stability. Stephen’s deep knowledge and guidance have earned him the respect and admiration of colleagues across the organisation and beyond.
“Stephen will be sorely missed – not only for his professional contributions but also for his insight, integrity, and collaborative spirit. We are grateful for everything he has done for TfL and the pension fund and we wish him all the very best in his well-earned retirement.”
Under Field’s stewardship, the TfL Pension Fund has grown from around £3bn to more than £15bn in assets. It is one of the biggest defined benefit pension schemes in the country, serving 86,000 members.
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Aon names Porter to DC lead role
Aon has appointed Michael Porter as defined contribution (DC) proposition development leader within its DC solutions business.
Porter has more than 18 years’ experience in the UK pensions industry, including senior roles at Legal & General, Mercer, and BlackRock.
In his new role, he will be responsible for developing Aon’s DC offering, including its master trust and group personal pension.
Tony Pugh, head of DC solutions for Europe, the Middle East and Africa at Aon, said Porter’s appointment would help ensure Aon can compete in areas such as “leveraging digital capabilities to improve member engagement, retirement outcomes, the client experience and operational efficiency”.
New chief risk officer for Barnett Waddingham
Consultancy group Barnett Waddingham has hired Rob Byett as chief risk officer, the latest in a series of appointments since it was acquired by Howden earlier this year.
Byett has held senior risk and compliance roles at several financial services companies, including Jelf Group and Deloitte.
As chief risk officer, he will lead Barnett Waddingham’s governance team and oversee risk and compliance functions, as well as working more broadly with Howden’s employee benefits teams. He will also sit on Barnett Waddingham’s management board and Howden’s health and employee benefits board.
Byett said: “The opportunity to bring together two strong risk and compliance cultures, tackle complex challenges and build a unified governance framework is incredibly exciting. I look forward to collaborating with colleagues across both firms to drive our shared ambitions forward.”
The appointment follows the retirement of Zoe Smith, previously a partner and head of governance at Barnett Waddingham.
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Former RBS International boss to lead National Wealth Fund
Oliver Holbourn – former chief executive of RBS International and UK Financial Investments – has been named as the new chief executive officer for the National Wealth Fund, effective 1 November.
He will lead the policy bank, taking over from John Flint, as it continues to develop its role in supporting government policy through investing public money and mobilising private sector investment into key infrastructure assets.
Holbourn was previously CEO of RBS International Holdings, a subsidiary of NatWest Group. As CEO at UK Financial Investments he was responsible for managing the government’s shareholdings in RBS, Lloyds and UK Asset Resolution following the banking crisis of 2007-09.
Announcing Holbourn’s appointment this week, the Treasury stated that Holbourn will oversee a “new phase” for the National Wealth Fund. This will involve “significantly increasing” capital deployed, entering new sectors, and trialling strategic partnerships with mayoral authorities for regional investment.
Chancellor Rachel Reeves said: “Oliver brings a wealth of private sector expertise and public service experience to this critical role. His expertise will be instrumental in delivering the government’s growth and clean energy missions.
“I would like to thank John Flint for his leadership in successfully transforming the UK Infrastructure Bank into the National Wealth Fund and for laying a strong foundation for its future growth.”
Holbourn added: “The National Wealth Fund has an important role to play in the economic success of the UK, so I am deeply honoured to be taking the reins as chief executive at such a pivotal time.”
