London CIV appoints former Tesco investment boss as CIO

Jenny Buck will take up the hot seat at London CIV as CIO in early March. It follows the departure of previous CIO Aoifinn Devitt, who stepped down last year after being appointed in January 2024.

London CIV is the pooling vehicle for the capital’s 32 Local Government Pension Schemes (LGPS), which collectively have more than £50 billion in assets under management.

Buck said: “I am thrilled to be taking on this exciting role and am very much looking forward to working with the team and the partners of the London CIV who, I know, are all focused on delivering sustainable prosperity for the communities that count on us.”

Buck has more than 30 years’ experience in investment management and was previously CIO at Tesco Pension Investment Limited, the in-house investment team for the Tesco Pension Fund.

She was a member of the founding leadership team at the pension fund in 2011, and helped oversee the team grow to more than 100 people with £25 billion of assets under management.

During her tenure she held several senior roles including head of property, head of private markets and deputy CIO, before being appointed CIO in 2021.

Tesco outsourced its investment function to Schroders in February last year, with almost £13 billion transferring to the asset management giant, based on figures from the pension fund’s annual report.

Dean Bowden, chief executive officer at London CIV, said: “Given the government’s recent decision to redefine how LGPS pools across England and Wales work together with their partner funds in the coming months and years, Jenny’s appointment comes at a pivotal time for the London LGPS community.

“Her extensive experience will play a crucial role in our ability to work even closer together, increase efficiency, drive down costs and compound value for London’s LGPS members.”

Buck’s appointment is the latest in a series of senior hires for London CIV, following the appointment of Andrien Meyers as chief proposition officer in September and Sarah Nowell as chief risk officer in July.