Liz Fernando has replaced Mark Fawcett as CIO of Nest.
Fawcett has been the CIO for the past 14 years — but will continue in his other senior management role, as CEO of Nest Invest. Fawcett is also part of Nest Corporation’s executive committee, as managing director of its investment function.
Fernando joined Nest from USS in November 2020 and was promoted to deputy CIO a year later.
As a result of these changes Fawcett will be responsible for the overall management of Nest’s investment operation while Fernando will now lead on the day-to-day implementation of Nest’s investment strategy.
Nest CEO Helen Dean says: “At Nest, we face the challenge of implementing a sophisticated investment strategy while managing the growing needs of a £30bn investment business.
“[Fernando] continues to demonstrate what excellent leadership skills she brings to the smooth running of Nest’s investment team. I’m delighted to have both her and Mark available to Nest, using their collective expertise to help guide our members’ investments through the difficult markets we’re anticipating over the coming years.”
Fernando adds that she will continue to work closely with Fawcett on Nest’s future investment strategy. “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, Nest is at its best when we’re pushing the envelope of how we can best serve our members.”
Fawcett says: “Nest is taking £5bn in pension contributions every year and will soon be a £30bn scheme. Today’s announcement keeps Nest looking forward.
“It’ll be strange after 14 years to no longer be Nest’s CIO, but I know Fernando 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.”