Aussie exec in key role at UK pension scheme

The former Australian head of J.P. Morgan Asset Management has taken up a senior role at the trust-based workplace pension scheme.

Rachel Farrell has been named director of public and private markets for National Employment Savings Trust, the US$ $41.1 billion defined contribution multi-employer master trust.

Farrell - who resigned from J.P. Morgan Australia in July 2021 -  will help oversee the growth of Nest's portfolio.

Nest said she provides "an additional level of seniority" in the pension scheme that expects assets to more than double to US$126 billion by the end of the decade.

The fund uses external fund managers to help it invest in various asset classes so the asset owner's in-house team is focused on asset allocation than purchasing at the coalface.

While her experience has mostly been distribution, as an allocator, Farrell's job is to ensure the fund strategy matches expectations.

In the newly-created role, Farrell will report to investment chief Elizabeth Fernando, who was quickly installed as investment head following Mark Fawcett's promotion to chief executive.

Nest's new director of private and public markets was with J.P. Morgan AM for more than a decade.

The UK pension fund underlined Farrell's "broad and deep" technical investment knowledge in alternative investments.

Before joining J.P. Morgan, Farrell held several international roles with Citigroup, including head of alternatives distribution for Citigroup Private Bank and managing director of Citi Alternative Investments and Citi Capital Advisors.

Interestingly, her appointment coincides with the British government's move to push pension funds to increase their exposure to alternatives to strengthen returns, mitigate volatility  and generate income

Chief executive Fawcett said in the release that Farrell's appointment comes as Nest strives to be the UK's largest pension fund.

"Rachel's skill set and experience are exactly what we need to help us drive forward. Our investment strategies will continue to evolve to maximize the opportunities that come from Nest's growing scale," he said.

"She'll highlight areas where we can continue to innovate and improve as a team."

Commenting on her appointment, Farrell said she was drawn to Nest by its highly diverse and sophisticated set of investments.

"Nest's mandate to serve the broadest set of individuals, to help our members save and achieve their most comfortable retirement possible, are huge parts of why I wanted to join Nest," she added.

"I look forward to helping Nest deliver the highest quality offering to its members and guiding it through a very dynamic chapter."