Mark Thompson has resigned as chief investment officer (CIO) at the London Collective Asset Vehicle (LCIV) LGPS pool after less than a month in post.
Thompson started in his role at LCIV at the start of September, joining from his previous role at HSBC Bank’s UK pension scheme, where he has been CIO for more than eight years.
However, a statement from the pool released today said Thompson had decided he could not commit to the demands of the role and had resigned with immediate effect.
Thompson said: “For personal and family reasons, I have decided to resign as the CIO of London CIV.
“I have concluded, after further personal reflection, that I am not ready for a return to a full-time and demanding role and that I cannot therefore commit fully to the London CIV.”
He said that he intended to follow a path away from a full-time executive role “to spend more time with my family”.
Thompson emphasised that his decision was not a reflection of LCIV and its objectives.
He said: “In my short time at the London CIV I have been impressed by the talented and hardworking individuals, who share a common goal of meeting the company’s objectives for its clients. I wish them all well in this important and valuable endeavour.”
Mike O’Donnell, chief executive of LCIV, said that he was “sad that Mark had decided to resign but understand his reasons for doing so.”
Thompson’s appointment was announced in June, two months after O’Donnell took over from predecessor Mark Hyde-Harrison.
At the time, LCIV chairman Lord Bob Kerslake trumpted the addition to the team, saying: “I am absolutely delighted that Mark is joining us.
“He comes with enormous experience and a strong track record of achievements. This will be of enormous benefit to LCIV as we move forward.”
Prior to working at HSBC, Thompson worked for more than 20 years at Prudential/M&G Investments in a variety of senior roles.
LCIV has struggled with finding an investment model that satisfies its member funds since its creation.
Last year, LCIV suggested a simplified model, giving funds a choice of three blended investment mandates in addition to a separate passive option.
However, the idea was given a lukewarm response from a number of member funds.
The reforms were proposed after a review criticised the LCIV’s governance and investment regime following a critical review released last year.
The review had found that some funds are not fully engaged “and seem to be growing increasingly disgruntled” with the body.
Last year, London Borough of Barnet delayed a decision on transferring a direct lending mandate of up to £40m to the LCIV.
In what it described as a “test case”, the council has asked its pensions investment adviser, Hymans Robertson, to assess the merits of the move.
Councillors voted to carry out the analysis because the council was understood to be happy with the mandate’s current manager, Alcentra.
However, draft statutory guidance released for consultation by the government in January proposed giving pools a deadline of 2020 after which they should not normally make investments outside their LGPS pool.
