People Moves: Who is hiring who within the industry?

An overview of this week's most important hires and departures within the net zero community.

Bess Joffe: From Church Commissioners to MFS

The former head of responsible investment at Church Commissioners for England has departed for US-headquartered MFS Investment Management.

Bess Joffe acted as head of responsible investment at the Church Commissioners for England from 2020 to April this year. She also acted as a senior adviser at UK-based ESG advisory firm Impactive Associates from 2018 until joining MFS this month.

At MFS, which has $662 billion in assets under management, Joffe will act as lead strategist for the firm’s sustainability strategy team.

MFS is one of the oldest investment managers in the world, having been founded in 1924, and has been credited as a pioneer in the development of the mutual fund. On a current environmental level, MFS supports alignment with the Paris Agreement, and looks for portfolios to be aligned with those same targets by 2050 or sooner.

David Russell: USS Investment Management

David Russell is to step down from his position at Universities Superannuation Scheme (USS) Investment Management after 22 years at the pension scheme.

Russell had been co-head of responsible investment at the USS IM since June 2001, and sole head since July 2018.

Established in 1974, the USS is the largest private pension scheme in the UK, and the principal pension scheme for universities and higher education institutions in the country.

It has £82.2 billion in assets under management, and around half a million members. It also has £1.9 billion in renewables investments, and is committed to a net zero portfolio by 2050.

Magnus Billing: Alecta CEO sacked

Swedish pension giant Alecta has sacked chief executive Magnus Billing with immediate effect as the fallout from the losses caused by the downfall of Silicon Valley Bank deepens.

Deputy CEO Katarina Thorslund will take over from today while the pension fund starts searching for a new CEO.

Last month, Alecta admitted it had lost close to $2 billion after the collapse of the Silicon Valley Bank and the Signature financial institutions.

Under Billing’s leadership, Alecta was a signatory of the Principles for Responsible Investments (PRI) and looked to integrate ESG into the management of the investment portfolio. 

The pension fund also has an overall climate goal in line with the Paris Agreement and is a member of the Net Zero Asset Owner Alliance with a long-term ambition for the entire investment portfolio to have a net zero footprint by 2050.