As of May 1, Elizabeth (“Liz”)
Fernando has taken the helm as the chief investment officer of the $31 billion
National Employees Savings Trust (Nest) in London, taking over the job Mark
Fawcett held for the past 14 years, according to a Nest press release. Fawcett will remain the CEO of Nest Invest,
the pension scheme’s FCA-authorized subsidiary, and on Nest Corporation’s
Executive Committee, as managing director of its investment function. As such, Fawcett
will be responsible for the overall management of Nest’s investment operation
while Liz will now lead on the day-to-day implementation of Nest’s investment
strategy.
Nest has been a true growth story, growing at an influx of more
than $5 billion per year. Fernando came
to the fund in 2020, having spent more than 14 years as deputy CIO and head of
equities of Universities Superannuation Scheme (USS), and was appointed deputy
CIO of Nest in 2021.
“I want to empower the team to keep looking for innovative
investment approaches. From our market-leading approach to responsible
investment, to expanding our exposure into private markets,” she said in a
written statement.
Said Fawcett, “Nest is taking £5bn in pension contributions every
year and will soon be a £30bn scheme. Today’s announcement keeps Nest looking
forward, with Liz steering Nest’s investment strategy from strength to strength.
“It’ll be strange after 14 years to no longer be Nest’s CIO, but I
know Liz will do a fantastic job and I’m looking forward to focusing more of my
time on evolving the long-term strategy of Nest Invest.”
Media sources report Fernando’s last position of deputy CIO will
not be filled.