Mark Thompson, the chief investment officer of HSBC Bank’s UK pension plan, is leaving to join the London Collective Investment Vehicle, or CIV, a pool of local government pension funds.
Thompson will officially exit HSBC after eight years on September 2. At the bank’s fund, he oversaw a $35.5 billion defined benefit plan and a $5 billion defined contribution plan. He will inherit a $45.6 billion investment portfolio at the local authority pension fund.
Thompson will succeed Julian Pendock, who resigned in December after heading the CIV’s investments for two years. Michael Pratton had been acting CIO while the organization searched for a new leader. He will remain the interim chief until Thompson officially enters.
Lord Bob Kerslake, the fund’s chair, said Thompson’s “enormous experience” and “strong track record of achievements” will greatly benefit the plan.
Thompson also held various senior roles at Prudential/M&G Investments for more than 20 years.
This is London CIV’s second known new top-level hire this year. Mike O’Donnell just became the new chief executive in March, succeeding Mark Hyde-Harrison, who’d been interim CEO since 2017.
The CIV was established in 2015, and combines the retirement assets of various local government pension programs to make one larger fund.