BlackRock OCIO Exec Named Pensions Trust Chief

Managing Director Cliff Speed will replace David Adkins as head of the £9 billion workplace pension fund.

The UK’s £8.5 billion ($11.3 billion) Pensions Trust has hired a BlackRock managing director as its new CIO, the pension fund has confirmed.

Cliff Speed, who at BlackRock had operated as an outsourced-CIO for “many significant pension funds,” replaces ex-CIO David Adkins, who departed for Lloyds Bank’s pension funds in July.

He joins fellow new hires Emmanuel Bocquet and John Steel, who came to the Pensions Trust from Aerion Fund Management in June.

“We are delighted with Cliff’s arrival,” said Pensions Trust CEO Mike Ramsey in a statement. “With our recent appointments of Emanuel Bocquet as chief strategist and John Steel as operations manager, we now have a first-class investment team, which positions us well to realize our ambitious growth plans.”

Before working at BlackRock, Speed was a senior actuary at Bank of America’s pensions and insurance team. He’s also served as CIO of insurer Paternoster and worked as an investment consultant.

Speed is a council member and fellow of the Faculty of Actuaries.

Related: Lloyds Bank Pension Hires Strategy Chief