London Asset Pool Appoints Permanent CEO

The London CIV, the asset pooling company for the UK capital’s 32 public sector pension schemes, has named Mike O’Donnell as its new chief executive, more than a year after his predecessor resigned.

O’Donnell is a former executive director for finance at the London Borough of Camden and a former president of the Society of London Treasurers, and has also worked with the London Pensions Fund Authority (LPFA) as a non-executive director.

He will take over on 4 March from Mark Hyde-Harrison, who has been London CIV’s chief executive on an interim basis since its founding CEO Hugh Grover resigned in November 2017.

London CIV chairman Lord Bob Kerslake said: “Mike is an experienced finance director who understands the needs of London CIV’s client shareholders well.”

O’Donnell added: “I am excited to be joining the CIV. Good progress has been made to date and I look forward to contributing to developing the model further and delivering further benefits for London boroughs.”

Lord Kerslake praised the work of Hyde-Harrison, who helped enact a governance review of the London CIV after it emerged that several of its founding members were unhappy with the structure of the company.

In February last year, a damning report from Willis Towers Watson highlighted distrust between stakeholders, political in-fighting and a lack of staff and resources as hampering the pool’s development. It called for “circuit-breaking change” in order to achieve the cost savings and efficiencies required by the UK government.

Lord Kerslake said: “I would also like to put on record my immense gratitude to Mark Hyde-Harrison for all that he has done over the last year to move London CIV forward to a better place, including the new governance framework, a clearer strategic framework and working with the team to deliver some challenging objectives.”