UPDATE 1-UK's Pension Protection Fund CEO to leave in June
(Adds CEO's comments)
LONDON, Aug 28 (Thomson Investment Management News) - Pension Protection Fund (PPF) Chief Executive Partha Dasgupta, said on Thursday he will leave in June next year after three years in the role.
Dasgupta joined the Pension Protection Fund, which insures the members of Britain's defined benefit schemes, when it was set up in 2005 as director of investment performance. He was named CEO in June 2006 and will leave when his contract expires next year.
"The board was keen for me to continue for a further three years but it would have made it a total of seven and a half years at the PPF -- a bit too long," Dasgupta told Thomson Investment Management News.
A spokesman for the PPF said a recruitment agency would start canvassing for replacement candidates next week. He added Dasgupta was leaving of his own choice.
The PPF bails out under-funded schemes whose sponsors go bankrupt. It finances itself by charging a levy which varies from scheme to scheme according to their financial shape.
Dasgupta said he had not yet decided on his plans after leaving the PPF, adding he would remain focused on the agency's activities. These include the search for one global equity and one fixed income manager for two more mandates totalling assets of at least 200 million pounds ($368 million).
He added his departure would not affect the PPF's investment strategy which was determined by an investment committee, of which the CEO is a member but not the chair. (Reporting by Cecilia Valente; editing by Sue Thomas)
