David Russell, head of responsible investment at Universities Superannuation Scheme, London, is leaving the pension fund after 22 years.
Mr. Russell "decided that now is the right time for him to move on," said a statement provided by a spokeswoman for the pension plan, which had £90.8 billion ($119.2 billion) in assets as of March 31, 2022, according to its latest annual report. Details on his future plans were not available.
"David has been a prime mover in the creation and development of the responsible investment capability at USS, has been the public face of (responsible investment) at USS for many years, and has been instrumental in the creation of several important industry initiatives," the statement added. "Responsible investment remains a key objective for USS. David leaves the responsible investment team in a strong position as it addresses the new and existing challenges ahead."
A replacement will be announced "in due course," the spokeswoman said, adding that there is no interim head of responsible investment.
Last month, USS announced that Carol Young would join USS as CEO in September, replacing Bill Galvin.
As of March 31, 2022, the plan comprised an £88.9 billion defined benefit or "retirement income builder" portfolio, which had a £1.5 billion deficit, and a £1.9 billion defined contribution or "investment builder" portfolio. Participants build up benefits in the DB part of the plan up to a certain salary threshold, at which point the DC element kicks in.
