About

Natural History Museum, Kensington & Chelsea

London CIV aims to be the investment vehicle of choice for Local Authority Pension Funds through successful collaboration and delivery of compelling performance.

Launched in December 2015, we are unique in being the first fully authorised and regulated investment management company set up by local government, for local government the UK. Our founding members are London boroughs and the City of London Corporation and we have been established as a collective investment vehicle for their Local Government Pension Scheme funds.

Our current regulatory permissions allow us to operate an Authorised Contractual Scheme Fund (the UK’s version of a Tax Transparent Fund). We will be building out the fund over the next few years, aiming to grow our current £5 billion of assets under management to £25 billion by 2020.

Board

Bob Kerslake
Lord Bob Kerslake
Chair

Lord Kerslake was appointed Chair of London CIV in September 2015. In addition to this role, he is Chair of London’s King’s College Hospital NHS Foundation Trust. Lord Kerslake is President-Elect of the Local Government Association.

A former Head of the Civil Service, Lord Kerslake led the Department for Communities and Local Government (DCLG) from 2010 to 2015.

Before joining the Civil Service Lord Kerslake received a knighthood for his services to local government, spending eight years serving the London Borough of Hounslow and then a further 11 years leading Sheffield Council.

Hugh Grover
Hugh Grover
Chief Executive

Since October 2014 Hugh Grover has been leading the establishment of the London LGPS Collective Investment Vehicle at London Councils (the representative body for the 32 London boroughs and the City of London), becoming Chief Executive of the company established to operate the CIV in May 2015. Before that he was the policy director at London Councils covering local government finance, performance and procurement. He joined London Councils from the Department for Communities and Local Government in February 2009, where he had a number of roles, including taking three Bills through Parliament and being the Deputy Director responsible for national business rates policy in England.

Hugh has an MBA and Diploma from Imperial College Business School and is a Fellow of the Chartered Management Institute and the Royal Society of Arts.

Brian Lee
Brian Lee
Chief Operating Officer

Brian Lee is the Chief Operating Officer of London CIV as well as the Compliance Officer and Money Laundering Reporting Officer. Brian is a Chartered Accountant and has been responsible for the management and operation of substantial investment management and fiduciary services businesses including the asset management division of a major bank, a FTSE 250 wealth manager, and a NYSE listed hedge fund and private equity manager.

Brian has deep experience in the set up and operation of investment management businesses and has been responsible for the operation and compliance of collective investment schemes under FSMA 2000 since 2005.

Julian Pendock
Julian Pendock
Chief Investment Officer

Julian joined BZW in London in 1994, and moved to Asia in 1996 as an equity analyst, after a stint in Zurich. He joined Jardine Fleming (which became part of JPMorgan) and co-founded and managed a top ranked team, living throughout Southeast Asia.

He left Asia in 2003 and joined Bedlam Asset Management in the UK, running the GEM fund and launching and running a pan-European fund. He then co-founded Senhouse Capital, in 2007. He decided to look for a fresh challenge and became Pensions Officer for Brent in 2014. He joined the London CIV as Investment Oversight Director in summer 2015. Julian has an MA (2.1) in PPE from Oxford University.

Carolan Dobson
Carolan Dobson
Non-executive Director

Mrs. Dobson has over 30 years’ experience in investment, pensions and financial markets and has held positions as trustee, chairman and non-executive director for pension schemes and investment trusts. She has a strong understanding of governance matters, with particular regard to investment, and has a strong working knowledge of risk and controls. In her career she has worked as a fund manager, head of research.

In her capacity as an independent investment adviser, Mrs. Dobson advises numerous local authority pension scheme in addition to non-executive director appointments for five investment trusts and private sector pension fund appointments. She is Chairman of Nest’s ISC.

Chris Bilsland
Chris Bilsland
Non-executive Director

Chris is a non-executive director for London CIV. His experience with the LGPS dates back to 1991 when as the Somerset County Treasurer he was responsible for the Somerset Fund. He previously served as the Chamberlain of London where he was responsible for the finances of an organisation with turnover in excess of £500m p.a. and property and investment assets of over £4bn.

Chris has worked in both the public and private sector. He has been an advisor to the LGPS Scheme Advisory Board, was President of CIPFA from 2011/2012 and received the OBE in 2014 for his services to local government finance. In February 2015 he was appointed as the Chair of Lewisham Southwark FE College.

Eric Mackay
Eric Mackay
Non-executive Director

Eric Mackay has over 18 years’ experience in investment management, where he has held a number of senior roles in authorised firms. Eric spent fourteen years at F&C Asset Management where he was Chief Risk Officer and in 2013 joined TT International.  At TT Eric is a Partner of the firm and Chief Operating Officer.

Eric has extensive experience providing oversight and bringing appropriate independent challenge within an investment firm managing over £100bn of assets. He also has a range of other relevant experience, including responsibility for the risk management framework, legal, compliance and operational functions.

Team

Monica Bell
Monica Bell
Operations Manager

Monica Bell became the Operations Manager of London CIV from March 2016.

She has over 20 years’ experience in the investment management industry during which time she has held a number of senior roles. Monica has an extensive background designing and implementing strategic plans centred on the operations environment and has the tools for oversight management.

She has huge experience in building and managing relationships with multiple outsourced service providers and her roles prior to joining London CIV, were at Aerion Fund Management, Seven Investment Management and City of London Investment Group.

Jill Davys
Jill Davys
Assistant Director, Client Management

Jill worked as Head of Financial Services at the London Borough of Hackney for 12 years managing all aspects of the Pension Fund, amongst other things. She worked closely with Hugh and a handful of others on helping in the early phases of setting up the London CIV and has sat on the Investment Advisory Committee as one of the London Borough Representatives. She has also been heavily involved with the National LGPS Frameworks Procurement Group with Hackney being one of the Founder members on most of the frameworks to date.

Prior to that Jill worked for over 20 years as a fund manager in the City, firstly in a life company and then for an in-house pension fund concentrating mainly on equities but also being involved in strategic asset allocation and derivatives.

Ranulph Day
Ranulph Day
Compliance Manager

Ranulph became the Compliance Manager for London CIV in July 2016. He brings a range of regulatory compliance expertise relating to asset management and alternative investment funds. He has particular expertise in the regulatory requirements for the oversight of outsourced investment managers. He also has expertise in risk management processes and controls. Before joining London CIV Ranulph worked for MS Amlin Investment Management Ltd, the in house asset manager of the MS Amlin group, and for Babson Capital Management (UK) Ltd. He has a BA (Hons) in Philosophy from the University of Manchester and an LLM from UCL.

Freddie Fuller
Freddie Fuller
Head of Investment Oversight

Freddie joined London CIV in 2014 when the project was first initiated. He originally worked as the Programme Manager, working closely with the CEO, shepherding the project from concept to launch.

In October 2015 he took on the role of Head of Investment Oversight, working with the Chief Investment Officer on the selection of fund managers, investor engagement and the oversight of CIV investments.

Before joining London CIV, Freddie worked for HSBC. He has a BA (Hons) from the University of Leeds and holds the Investment Management Certificate.

Lorraine Hendrickson
Lorraine Hendrickson
Programme Director

Lorraine became the Programme Director of London CIV from July 2015 having worked on the London CIV regulatory framework since December 2014 within Deloitte’s Investment Management Advisory practice. Lorraine has 20+ years global investment management experience (London, US, Hong Kong). Prior roles include Chief Administrative Officer for Global Distribution at BNY Mellon.

Lorraine has a wide range of experience in strategic planning, operations and programme management across Front, Middle and Back Office, as well as line experience in fund accounting and performance management analytics. Prior to London CIV she worked for Deloitte, BNY Mellon and Merrill Lynch Investment Management.

Ryan Smart
Ryan Smart
Investment Analyst

Ryan joined London CIV in September as an Investment Analyst. Ryan started his career on the graduate scheme at Columbia Threadneedle Investments where he rotated between two placements. The first was on the Multi-asset team in which he worked directly under the Co Global head of Multi-Asset. He then spent six months on the UK sales desk.

Whilst at University Ryan also gained work experience at Henderson Global Investors to shadow their multi-asset team. In the summer of 2014 Ryan worked as a summer intern in commercial banking at Lloyds Banking Group.

Ryan graduated from Cardiff University in 2015 with a First class degree in Economics (BSc hons).

Larrisa Benbow
Larissa Benbow
Head of Fixed Income

Larissa joined London CIV in June 2017. Prior to this she was a Senior Manager of Portfolio Construction at AustralianSuper and Head of Investments for the HBOS Final Salary Pensions Scheme (AUM £13.2bn) at Lloyds Banking Group where she spent seven years.

During her time at HBOS FSPS, Larissa worked with the Board to establish a diversified asset allocation with a strong risk focus including significant investment in alternatives. Larissa worked at market risk house APT SunGard before moving into investment management roles.

She enjoys travelling, scuba diving and playing softball.

Dominique Kobler
Dominique Kobler
Chief Risk Officer

Dominique joined London CIV in June 2017. He joined from BlueBay Asset Management, a specialist credit fixed income manager, where he built up and managed the firm’s risk framework and infrastructure, including investment risk, operational risk and performance measurement and attribution.

Prior to that, Dominique worked as a risk professional at various top-tier investment banks.