Committee Member Profile

Mr. Ian McKinlay Ian McKinlay

Chief Investment Officer - LBG Pensions, Lloyds Banking Group

Ian is the Chief Investment Officer of the Lloyds Banking Group pensions schemes, looking after assets of some £45bn across several large DB and DC schemes. As the bank holds capital against its DB liabilities the emphasis is on financial risk management through liability hedging.

In the last 3 years he has built a new in-house team, transforming the investment strategies and governance arrangements for the schemes. The number of mandates has broadly halved. This includes new mandates awarded – which have sought to exploit return seeking opportunities, or to hedge risk. Costs, including fund management, have been cut 25pc. This has been enabled through dynamic decision making within the CIO team, within a strong framework of oversight.

Ian was previously the CIO at the UK Pension Protection Fund and then at Aviva Staff Pensions, during his tenure these schemes won awards for innovation in strategy, risk management and governance. (02.19)