The chief investment officer of London CIV, the asset pool for the capital’s 32 public pension funds, has left the organisation.

A spokesman for London Councils confirmed his departure and said it was effective 4 January.

Julian Pendock’s departure comes after organisation’s chief executive, Hugh Grover, stepped down in early November. At IPE’s annual conference at the end of the November, Grover said the London CIV was struggling with a lack of vision clarity after asset pooling became mandatory for its members.

Mark Hyde Harrison was hired as the asset pool’s interim chief executive to replace Grover.

London CIV was the first fully authorised and regulated fund management company to be set up by a local government entity, according to its website.

London CIV has £5.6bn (€6.3bn) of assets under management currently, but has said it aimed to grow its assets to “more than £20bn”, based on the assets currently run by its 32 member pension funds.

In his two-year tenure, Pendock oversaw the creation of 10 investment funds owned by the CIV and run by asset managers including Baillie Gifford, Allianz, Ruffer and Newton. An 11th fund, run by Henderson, is yet to be launched.

Six other local government pension scheme asset pools are in the process of becoming operational in time to meet an April government deadline. The Local Pensions Partnership, another collaboration of UK public pension funds, is already up and running.

Pendock joined London CIV in August 2015 from the pension fund for the London Borough of Brent where he was investment and pensions officer.

He had previously worked in the private sector, co-founding an investment boutique, Senhouse Capital, in 2007. Before that he worked for Bedlam Asset Management, Jardine Fleming – now part of JPMorgan – and BZW.

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