(June 29, 2012) – Spanish bank Santander has appointed a retirement benefits specialist to advise its pension fund arrangements ahead of the United Kingdom-based arm listing on public markets, aiCIO has learnt.
Antony Barker will join the UK arm of the Spanish bank later this summer to advise on around £8 billion in pension assets, a source close to the move told aiCIO.
Barker is in the process of leaving investment consultant and fiduciary specialist JLT Pension Capital Strategies where he has been a director since 2009. The firm confirmed Barker’s imminent departure. He joined JLT from BNP Paribas, where he had been global head of pension advisory.
In the new role, Barker will be in charge of looking after Santander’s UK pension assets and liabilities. In the main defined benefit fund these both totalled just over £7 billion at the end of 2011 on an accounting basis, according to the company’s annual report, meaning it was almost 100% funded. The group also runs significant defined contribution programmes.
The move follows a spate of large companies bringing specialist pension knowledge in-house. Last week, aiCIOrevealed insurer Aviva had appointed the current CIO of the Pension Protection Fund – the UK’s lifeboat for bankrupt company schemes – to look after its £10 billion pension.
Santander is one of the largest banking groups in the Eurozone and has plans to list its UK arm on the London Stock Exchange. However, these plans have been pushed back due to the on-going crisis in the Eurozone and the IPO is now believed to be scheduled for 2014.
The Santander Group has made a number of acquisitions over the past decade, including building societies Abbey National, Alliance & Leicester and Bradford & Bingley. This has often entailed taking on their retirement arrangements.
Barker’s role could also entail integrating the pension funds and retirement arrangements of any further acquisitions the UK bank may make, working closely with the Spanish parent group.
Santander had not returned with comment by the time of going to press.