The London Pensions Fund Authority (“LPFA”), one of the largest Local Government Pension Scheme (“LGPS”) funds in the UK, today announces the appointment of Sir Merrick Cockell as Deputy Chairman and the addition of three pensions industry veterans to its Board.
Sir Merrick stepped down as Leader of the Royal Borough of Kensington and Chelsea after 13 years this week, while the new Board members are Dermot McMullan (Trustee of the Bank of America UK Pension Plan), Abdallah Nauphal (Chief Executive Officer at Insight Investment) and Kerry Adby (Managing Director at Copernican Securities).
The confirmation of McMullan, Nauphal and Adby as Non-Executive Directors – all of whom bring with them extensive experience of the pensions industry – further supports the LPFA’s reputation as the best-in-class manager of public pensions.
McMuillen has been a Trustee of the Bank of America UK Pension Plan since 2003, taking over as chairman in 2007. This year he was also appointed a Director of the Bank of America Merrill Lynch UK Pension Plan. Nauphal is currently CEO of Insight Investment, an asset management firm that manages more than £220bn, mostly on behalf of UK pension schemes. Since joining Insight in 2003, Nauphal has re-engineered the business to focus on bridging the gap between clients’ specific investment needs and the largely generic products on offer.
Adby is Managing Director at Copernican Securities, a specialist consultancy that provides structured, corporate and strategic advisory services. She brings with her a wealth of pensions experience, with current and recent Board roles including the Canadian Pension Plan Investment Board, WINenergy and the WorkCover NSW Insurance Fund. In addition she has served as a pensions adviser to the World Bank.
Sir Merrick has been a Board member at LPFA since 2010 and has more than a quarter of a century of local government experience, having been a Councillor of the Royal Borough of Kensington and Chelsea since 1986 and Leader since 2000. In addition to this role, Sir Merrick was an Audit Commissioner, and is Chairman of the think tank Localis and Chairman of the Local Government Association. He was also Chairman of London Councils from 2006 until 2010, leading London’s local government, campaigning for fair funding for public services in London and making the case for more devolution from central to local government.
Edi Truel, Chairman of LPFA, commented:
“We are delighted to welcome Dermot, Abdallah and Kerry to the Board and also to announce Sir Merrick’s appointment as Deputy Chairman. These additions further enhance LPFA’s reputation as a centre of excellence in public pensions management, and we look forward to building on our promise to deliver millions of pounds in cost savings and investment benefits through the One Fund for London.”
Sir Merrick Cockell commented:
“During my tenure as Leader of the Royal Borough of Kensington and Chelsea, I made a commitment to promote efficiency and to deliver the taxpayer the highquality, value-for-money service they deserve. The obligation to achieve strong performance without incurring unnecessary costs is no different in the pensions sphere, and I look forward to helping LPFA to unite London’s LGPS funds to bring the considerable benefits that One Fund for London promises.”
Dermot McMullan commented:
“It is a great honour to be joining LPFA at this exciting time. At Bank of America we have made great improvements over recent years in our governance, as well as in delivering much-needed fund consolidation, and I look forward to leveraging this experience at LPFA.”
Abdallah Nauphal commented:
“At Insight we are driven by one guiding principle: client satisfaction. I know that LPFA take this principle equally seriously and I look forward to helping LPFA to deliver continuous improvement and innovation across the organisation.”
Kerry Adby commented:
“I am delighted to be joining the LPFA Board and look forward to using my public sector and regulatory experience in securities and competition regulation, and in numerous roles advising Central Banks and securities regulators on capital markets development and the regulation of pension funds, in this role."
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