NatWest Cushon, the £3bn master trust provider, has hired three senior staff to its investment team as it aims to grow its business in line with the government’s ‘megafunds’ plan.
Rahil Ram is the master trust’s new head of investment strategy. He joins from Fulcrum Asset Management, where he was head of climate investing and a director in the firm’s absolute return investment team. He has also worked for Legal & General Investment Management.
In his new role, NatWest Cushon said Ram would help enhance the master trust’s investment strategy “with a focus on maximising outcomes for members”.
Kinna Patel has been named head of investment proposition. She was previously a defined contribution (DC) investment director at Legal & General and has also worked at Hymans Robertson as an investment consultant.
Patel will be responsible for external investment engagement with NatWest Cushon stakeholders, the company said.
Martin Logan has also joined NatWest Cushon as responsible investment manager, transferring from Coutts, part of the NatWest Group. Before joining the bank, he was a pensions investments manager at Nationwide’s defined benefit pension scheme, helping develop its ESG strategy.
In his new role, he will support the master trust’s trustees with setting responsible investment policies as well as working on the development of a private markets strategy.
Hires ‘crucial’ as scale challenge looms
Veronica Humble, NatWest Cushon’s chief investment officer, said: “We’re going to be growing rapidly as we scale the business and continue to develop our investment proposition.
“It’s crucial we continue to hire exceptional people that align with our values and want to embark with us on our journey.”
“We’re going to be growing rapidly as we scale the business and continue to develop our investment proposition.”
Veronica Humble, NatWest Cushon
DC master trusts face a challenge over the next few years as they seek to grow their asset base to meet the government’s £25bn “megafunds” target.
Chancellor Rachel Reeves initially announced plans in November for DC pension funds to be required to have a minimum level of assets.
The final report of the Pensions Investment Review and the Pension Schemes Bill have together confirmed that the government wants DC providers to have at least £25bn in their main default arrangement by 2030.
It is also working on a “transition pathway” for smaller master trusts to reach the £25bn mark by 2035.
