The news that London CIV chief investment officer (CIO) Aoifinn Devitt is leaving her role comes as a big shock.
Devitt was only appointed in January, with an impressive track record and reputation, having held a number of senior investment roles, including CIO for the Policemen’s Annuity and Benefit Fund of Chicago.
London CIV is the local government pension scheme (LGPS) that manages assets for the London boroughs and the City of London and now has something of an unwanted record: in the past seven years it has been through eight senior roles, four chief investment officers and four chief executives.
London CIV issued a statement, which read: “Aoifinn Devitt has decided to move on from her role as CIO to pursue new opportunities and will be leaving us in Q4 2024.”
The statement then added: “It is likely that there will be a gap between Aoifinn leaving and a new CIO joining us, and London CIV’s CEO, Dean Bowden, has asked our head of public markets, Rob Treich, to support him in the oversight of the investment team during the period of transition.”
Devitt’s departure comes at a challenging and uncertain time for pooling.
The new Labour government appears as committed as its predecessor to consolidate the number of pools, which will reshape the pooling universe.
Possibly with one eye on this, in June London CIV appointed Andrien Meyers as chief proposition officer to strengthen the relationship between the pool and the wider LGPS and make it work more efficiently.
Comments