The head of investments for Lloyds Bank’s pension funds has left the group, Chief Investment Officer has learned.
Simon Lee has overseen investments for the UK bank’s multiple defined benefit (DB) pensions for seven years, since joining from telent in 2008. CIO understands he is to take up a similar role at high street store chain Marks & Spencer’s DB pension, which is known as the Marks & Spencer Pension Trust.
Lee’s departure follows the exit of Larissa Benbow from Lloyds subsidiary Halifax Bank of Scotland’s DB pension earlier this year.
In March, Lloyds Banking Group appointed Momentum Investment Solutions & Consulting as an outsourced CIO (OCIO)—the South African company’s first UK mandate—with Richard Cooper taking on the CIO role for both the Lloyds Bank and HBOS pensions. The funds have combined assets of more than £32 billion ($48 billion).
A spokesperson for Lloyds Banking Group had not responded to a request for comment at the time of publication. A Marks & Spencer spokesperson had also not responded.
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