Further blow to London public pension asset pool as CIO quits

first_imgThe chief investment officer of London CIV, the asset pool for the capital’s 32 public pension funds, has left the organisation.A spokesman for London Councils confirmed his departure and said it was effective 4 January.Julian Pendock’s departure comes after organisation’s chief executive, Hugh Grover, stepped down in early November. At IPE’s annual conference at the end of the November, Grover said the London CIV was struggling with a lack of vision clarity after asset pooling became mandatory for its members.Mark Hyde Harrison was hired as the asset pool’s interim chief executive to replace Grover. London CIV was the first fully authorised and regulated fund management company to be set up by a local government entity, according to its website.London CIV has £5.6bn (€6.3bn) of assets under management currently, but has said it aimed to grow its assets to “more than £20bn”, based on the assets currently run by its 32 member pension funds.In his two-year tenure, Pendock oversaw the creation of 10 investment funds owned by the CIV and run by asset managers including Baillie Gifford, Allianz, Ruffer and Newton. An 11th fund, run by Henderson, is yet to be launched.Six other local government pension scheme asset pools are in the process of becoming operational in time to meet an April government deadline. The Local Pensions Partnership, another collaboration of UK public pension funds, is already up and running.Pendock joined London CIV in August 2015 from the pension fund for the London Borough of Brent where he was investment and pensions officer.He had previously worked in the private sector, co-founding an investment boutique, Senhouse Capital, in 2007. Before that he worked for Bedlam Asset Management, Jardine Fleming – now part of JPMorgan – and BZW.last_img read more

Hancock County woman pleads not guilty to money laundering charges

first_imgGOODELL — A Goodell woman has pleaded not guilty to money laundering-related charges. 36-year-old Jessica Hambly is accused of enabling her husband’s crimes. Todd Hambly has been sentenced to three years in prison for second-degree theft in Polk County and has been charged in Emmet County with second-degree theft and third-degree burglary. Authorities say a search of Hambly’s home on February 16th located numerous items being stolen from around the state and that Jessica Hambly had deposited several thousands of dollars in cash in multiple bank accounts associated with her and her husband. Authorities say that Jessica Hambly was unemployed at the time of those deposits. Hambly has pleaded not guilty to money laundering and obstructing prosecution. She’s scheduled to have her trial start on September 16th in Hancock County District Court.last_img read more