The UK Pension Protection Fund (PPF) has announced the appointment of Trevor Welsh as head of liability driven investments (LDI), a newly created role that he will take up in October.
Welsh joins the PPF from Aviva Investors where he has spent 17 years and most recently ran the LDI strategy for Aviva Staff Pension Scheme as head of UK Sovereign and Rates LDI.
In his new role, Welsh will be part of the wider investment team reporting into chief investment officer Barry Kenneth.
Commenting on the appointment, Kenneth said: ‘Over time we expect our assets to grow significantly and insourcing will allow us greater control and capability to manage these assets. Taking in-house part of our LDI is a key step in updating our investment model and crucial in helping us meet our funding target and future aspirations.’
Welsh added: ‘The PPF is entering a hugely exciting phase in its growth as it starts to insource more of its investments and take greater control of the decision making process. I am looking forward to joining their investment team as head of LDI, and continuing the great work the PPF already does in providing a pensions lifeboat to millions of people in the UK.’
Two days ago, the £22.6 billion (€30.6 billion) PPF awarded a £400 million (€542 million) direct lending mandate to the US-based firm Pramerica Investment Management in a push to diversify its fixed income portfolio.