Expert Details
Defined Benefit Pension Scheme Strategy and Investment
ID: 735071
United Kingdom
- Investment bank and asset manager foreign exchange charges
- Custody bank transition management agreements and fees
- Investment management agreements
- Custody agreements
- Pension scheme consultancy agreements
Expert has in depth pension and investment experience in the following areas:
-Identifying, presenting and implementing flightpath and de-risking investment strategies for pension schemes
-Executing asset/liability strategies with extensive experience in LDI, CDI and credit and equity restructuring
-Undertaking large buy-in/buyout transactions
-Agreeing and implementing complex IMAs
-Agreeing and implementing defined contribution strategies
-Controlling pension negotiations for major pension scheme acquisitions and disposals
-Controlling pension discussions in relation to changes of pension strategy in relation to pension schemes
-Structuring, negotiating and implementing appropriate liquid and illiquid credit and private asset strategies
As a consultant, Expert is currently working with global custodian and magic circle legal firm on regulatory issues relating to foreign exchange charges
He is also working on a U.S. criminal case relating to implicit and explicit investment fees.
Expert is currently responsible for providing consultancy and advisory advice to asset managers, hedge funds and insurers on the UK pensions market. This work has included evaluation on:
Pension consultancies and pension administrators;
Entry into UK insurer bulk annuity market;
Private asset capabilities of asset managers; and
Fixed income capabilities of asset managers Entry into UK pension scheme market in relation to insurance-linked securities.
Education
| Year | Degree | Subject | Institution |
|---|---|---|---|
| Year: 1995 | Degree: FCCA | Subject: Accountancy | Institution: ACCA Global |
Work History
| Years | Employer | Title | Department |
|---|---|---|---|
| Years: 2018 to Present | Employer: Undisclosed | Title: Business Owner | Department: |
Responsibilities:Expert is currently responsible for providing unbiased and objective advice on disputes relating to corporate pension investment matters. This work includes being expert witness in relation to potential regulatory/legal proceedings in the investment industry.This work has included being retained during, or prior to, potential legal proceedings and working on high profile investment matters in an expert witness/litigation capacity. This work has included proceedings in relation to: Foreign exchange charges Implicit and explicit investment fees Providing consultancy and advisory advice to asset managers, hedge funds and insurers on the UK pensions market. This work has included evaluation on: Pension consultancies and pension administrators; Entry into UK insurer bulk annuity market; Private asset capabilities of asset managers; Fixed income capabilities of asset managers; and Entry into UK pension scheme market in relation to insurance-linked securities. |
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| Years | Employer | Title | Department |
| Years: 2016 to 2018 | Employer: NGUKPS Trustee Executive Limited | Title: Investment Manager: LDI and Credit | Department: Pension Executive |
Responsibilities:Expert is responsible for restructuring, negotiating and agreeing appropriate mandates for the c.£6bn credit holdings. He is also tasked with:The implementation and monitoring of the c. £6bn LDI strategy; Providing an appropriate governance structure to allow investment in illiquid secured income private assets including infrastructure debt; and Overseeing and monitoring the credit and alternative credit mandates – including investment grade, EMD, high yield, mezzanine, direct lending, multi-strategy credit, private placement, secure income asset mandates. |
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| Years | Employer | Title | Department |
| Years: 2008 to 2016 | Employer: Philips Electronics UK | Title: Chief investment officer | Department: Pension Executive |
Responsibilities:Expert was responsible for: Leading and being instrumental in the Fund’s strategy and asset allocation decisions together with the de-risking journey plan that contributed to the Fund being fully funded and able to fully buyout. This work included: • Negotiating and agreeing a number of complex LDI, CDI, credit, equity, and private asset allocations • Being able to add considerable performance to the Fund’s LDI and CDI strategies by: o Identifying a swap re-couponing and purchase of physical gilt opportunity in 2009 o In 2012 negotiating and agreeing a framework for gilt/LDI enhancement trades o Re-negotiating ISDA and CSA agreements • Managing the complex governance in relation to a 17% equity stake in a Nasdaq quoted semiconductor company • Challenging, monitoring and advising the fund’s external investment advisors to ensure that they focussed and delivered on Trustee requirements including being instrumental in changing the views of the investment advisor and Company in 2010 in relation the level of interest and inflation rate hedging for the Fund Ensuring the appropriate governance structure was in place to ensure a timely investment decision making process Continuously ensuring a high level of investment understanding within the Trustee Board Agreeing and implementing defined contribution strategies Agreeing Investment Management Agreements with asset managers and Master Custody Agreement with custodians Building strong relationships with asset managers and investment banks to ensure the Fund remained a head of the curve in relation to considering opportune asset allocation and de-risking investment opportunities Setting and continuous monitoring and reviewing of the Fund’s risk budget and de-risking journey plan, enabled Ongoing transition management enabling the fund to efficiently implement its rebalancing and cash flow management policies Understanding the market and forming close working relationships with the main bulk purchase annuity insurers to ensure the Fund was the go to pension fund for the insurers when they wanted to transact, enabling exceptional pricing The appointment of a global custodian for the Philips Dutch, UK, US and German pension funds Providing monthly reports to the Trustee Board with a full explanation as to the effect the performance of each asset class had on the overall funding level and the drivers behind the performance; and Providing objective advice on litigation relating to the 2007 investment strategy and investment management agreements. |
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| Years | Employer | Title | Department |
| Years: 1994 to 2008 | Employer: LEX//RAC plc | Title: Pension finance and investment manager | Department: Pension department |
Responsibilities:In this role, Expert's key responsibilities were as follows: Secretary to the Corporate Trustee 1997 – 2008 Responsible for financial systems development within the pension department Dealing with Sales/Acquisitions and Scheme mergers Reviewing and implementing changes to Pension Strategy Ensuring Investment Strategy met Trustee/Company objectives Agreeing and Implementing defined contribution strategies Liaising with the Trustee Board on investment issues including strategy and the implementation of investment changes to investment managers Oversight of the activities of appointed custodians and managing custodian relationships Responsible for all financial controls within the pension department Responsible for the Scheme’s internal controls and risk management Responsible for the production of the annual financial statements and achieving a clean external audit report for 11 years Ensuring investment understanding within the full Trustee Board Ensuring the Scheme’s investment strategy met risk objectives Key Highlights Controlling pension negotiations for major acquisitions and disposals including BA contract, AXA Direct acquisition and MOD contract Planning and implementing the merger of a number of smaller schemes into the RAC Pension Scheme Working on the merger of the RAC/Lex pension schemes and planning and implementation to changes of pension strategy Commencing the integration of the Aviva and RAC pension department financial systems and controls Ensuring that the pension department operated within a disciplined internal control environment Ensuring that the Pension Scheme achieved a clean external audit report for 11 years Responsible for ensuring the smooth merger of the Lex and RAC pension departments which resulted in £500k of cost savings Development and implementation of pension department financial systems and improving administration controls Development and Training of pension department staff; and Managing the AVC investment policy and dealing with issues arising from the Scheme’s AVC policy with the Equitable Life |
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| Years | Employer | Title | Department |
| Years: 1983 to 2008 | Employer: Sedgwick Noble Lowndes | Title: Pension accountant | Department: Finance |
Responsibilities:Expert was responsible for:Production of Pension Scheme Annual Reports; Supervising and training pension department staff; Providing financial management information; Dealing with queries raised by external auditors; and Presenting Annual Reports to Scheme Trustee Boards. |
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Additional Experience
| Expert Witness Experience |
|---|
| As an expert witness, Expert provides unbiased and objective advice on disputes relating to corporate pension investment matters. This work includes being expert witness in relation to potential regulatory/legal proceedings in the investment industry. His work therein has included being retained during, or prior to, potential legal proceedings and working on high-profile investment matters in an expert witness/litigation capacity. This work has included proceedings in relation to: Foreign exchange charges, and Implicit and explicit investment fees. |
| Other Relevant Experience |
|---|
| Expert has built up considerable pension and investment experience over many years as an individual who has been at the 'coal face' in both agreeing and implementing pension and investment strategies. He has therefore accrued considerable experience working with pension scheme trustee boards on pension investment strategies and asset allocation; and with asset managers in agreeing appropriate investment management agreements. |