Tesco Pension Investment’s (TPI’s) head of fixed income Jonathan Cunliffe has left the firm, portfolio institutional has learned.
Cunliffe confirmed he left TPI in August, but said he did not currently have another role lined up.
A spokesperson for Tesco also confirmed the departure, but declined to comment further.
Cunliffe joined TPI in January 2013 as head fixed income and investment strategy to build up the in-house bond team. Before joining TPI, he was head of global fixed income and macro strategy at Aberdeen Asset Management and prior to that, head of rates at ABN AMRO Asset Management.
He has also worked at the Bank of England in the Banking supervision division and Gilt Edged and Money Market division as a gilt dealer.
Cunliffe’s departure comes at a time when TPI is about a third of the way through the process of bringing its bond portfolio in-house as part of a wider internalisation of the fund’s asset management operation.
Overall, the fund is aiming to have around two-thirds of its assets managed in-house and one-third outsourced. At present, as well as internalising its bond management, most of the fund’s equities and UK real estate are managed in-house, while alternative asset classes are managed by third-party managers.
TPI was launched in 2011 as the in-house fund manager for the Tesco UK pension scheme. It now has some 45 employees and manages £8bn of the UK pension fund’s assets.
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