Hugh Grover steps down as Chief Executive of London CIV

02 Nov 2017 Hugh Grover steps down as Chief Executive of London CIV

Hugh Grover is to leave his role as Chief Executive of the London Collective Investment Vehicle, the first fully authorised and regulated investment management company set up by local government in the UK.

Mark Hyde-Harrison has been appointed interim Chief Executive.

Mr Grover said:

‘It’s been an honour and a privilege to be the first CEO of London CIV, but it is time for me to pass the baton to someone new who will take it into its next phase of development. I’m immensely proud of all that has been achieved by the team and colleagues across London. London CIV was innovated by London local government for London local government, was the first of its kind, and continues to be at the leading edge of investment reform and collaboration across the Local Government Pension Scheme. I wish Mark and the team every success as they continue this exciting journey.’

Lord Kerslake, Chair of London CIV, said:

‘London CIV has been a ground-breaking achievement in local government pensions management. It would not have been possible without Hugh’s enormous personal commitment. We wish him all the best for the future.’

Chair of the London CIV Joint Committee, Sir Mark Boleat, said:

“Hugh Grover has made an enormous contribution to establishing the London CIV and beginning to deliver real benefits for all of the London local authorities. I thank Hugh for all his work and wish him every success for the future.”

London CIV was established in December 2015 and is unique in being the first fully authorised and regulated investment management company set up by local government, for local government in the UK. Since being authorised by the FCA and opening its first sub-fund in the autumn of 2015, it has grown to have nine sub-funds and more than £5.6bn of assets under management. Over the next few years the aim is to grow the overall fund to more than £20bn.

Mr Hyde-Harrison was the chair of the National Association of Pension Funds (now the Pensions and Lifetime Savings Association) from 2011 to 2013. He was Head of Defined Contribution Strategy at consultancy Willis Towers Watson from 2013 to 2015. Prior to this he was with, the Barclays UK Retirement Fund, as Chief Investment Officer from 2002 to 2007, and Chief Executive from 2007 to 2012.