London Pensions Fund Authority has appointed Robert Vandersluis to its board as a non-executive director. Vandersluis is GlaxoSmithKline’s director of global pension investments.
The London Pensions Fund Authority (“LPFA”), one of the largest Local Government Pension Scheme (“LGPS”) funds in the UK, has announced the appointment of Robert Vandersluis – GlaxoSmithKline’s Director of Global Pension Investments – to its Board as a Non-Executive Director. The appointment comes shortly after the release of the LPFA’s Annual Report 2013, which showed that the fund grew by £427m during 2012-13, to £4.6bn.
At GlaxoSmithKline (“GSK”) Robert manages a large derivative and investment portfolio, as well as providing strategic advice to GSK’s Trustees for pension funds in Europe, the US and Japan. Having developed and overseen the implementation of GSK’s interest rate and inflation hedging strategies, and established its London-based pension investment department, Robert is ideally placed to enhance the LPFA’s expertise in asset and liability management.
Robert’s previous roles include senior positions at Affinity Sutton Group and Ford Credit Europe Bank. In addition, he has served on the boards of five organisations, including The Pensions Trust, helping to direct the investment of £4bn of assets for 36 defined benefit pension schemes.
Edi Truell, Chairman of the LPFA, commented:
“One of the LPFA’s priorities at present is to build our in-house and Board capabilities, reducing the need for external advisers. Robert has achieved an enormous amount in his career so far and will further enhance our credentials in asset and liability management and treasury management. We are delighted to be welcoming someone with his talent, expertise and passion to our Board.”
Robert Vandersluis commented:
“I am delighted to be invited to join the LPFA Board. I look forward to working with the Board and the Corporate Management Team in helping to achieving the LPFA’s objective of delivering long term sustainable pensions, for generations to come.”
In September the LPFA released its Annual Report 2013, which showed that the fund grew by £427m during 2012-13, to £4.6bn. Despite challenging market conditions, the soon-to-be-merged Active and Pensioner Sub-Funds both saw strong growth of 12.6% and 9.6% respectively, outperforming their set benchmarks over 1 and 3 years. The performance was positively impacted by a strategic decision, informed by an environment of continuing interest rate stability, to remove an interest rate hedge, which harvested a benefit of £178m.
The LPFA has also announced that Michael Cassidy retired from the Board at the end of September following the completion of his second and final term.
For more information:
London Pensions Fund Authority Cathal Dowling +44 (0)20 7369 2656
Equus Communications (for LPFA) Piers Hooper / Sam Barton Piers.Hooper@equusgroup.co.uk Sam.Barton@equusgroup.co.uk +44 (0)20 7223 1100