The Pension Superfund has confirmed that co-founder Luke Webster will become the new chief executive, following the recent departure of a number of senior executives.
The defined benefit consolidator recently announced that chief executive Alan Rubenstein, and Marc Hommel – head of origination – would be leaving the company. The company also announced that it has lost its biggest financial backer, institutional investors Warburg Pincus.
Webster co-founded The Pension Superfund with city financier Edi Truell. The company aims to buy out and manage defined benefit pension schemes. Previously he has held the role of chief investment officer at The Pension Superfund.
He is also a partner and chief finance officer at Disruptive Finance, another backer of this consolidation fund. Prior to this Webster was the chief investment officer at the Greater London Authority and has been a director of Crossfit. He also runs a gym.
The company said it would announce a replacement for Hommel in due course.
The Pension Superfund has yet to announce any deals, although Truell says he expects the first deal to be submitted to The Pensions Regulator soon.
Paul McGlone a partner in Aon Hewitt’s retirement practice says these changes may cause concern with some trustees. “These changes are effectively forever, so trustees need to be confident that this is the right move, and this is the right time to take it.”
Truell adds: “The positive response to The Pension Superfund showcases the role consolidation can play in providing a solution to the pressing issue of funding DB schemes.”