New director for growing pension fund
Released: 11 January 2008
The £8 billion West Midlands Metropolitan Authorities Pension Fund (UK) which Wolverhampton City Council manages is to benefit from a leading professional from the world of local government finance.
Brian Bailey, Director for Resources and Support at the city council, is set to be the fund’s first Director of Pension Services from April 2008 with operational responsibility for the scheme which has a membership of 220,000 people and over 200 employing bodies.
Mr Bailey’s whole finance career has been with the authority which he joined as a trainee on graduation from the University of Birmingham, progressing to become Director of Finance in 1988. In 2005, he became Director for Resources and Support.
Welcoming the development, the Chair of Wolverhampton City Council's Superannuation Committee, Councillor Bert Turner said: “This very successful fund has grown over the years to become a major player managing an increasingly large and complex investment activity.
“I have no doubt that both members and employing bodies will welcome this development. Brian has an outstanding record in local government finance.”
On Mr Bailey’s departure, the council will create a new post of Chief Financial Officer, a statutory appointment under Section 151 of the Local Government Act 1972. The post will be advertised publicly.
The statutory responsibilities of the post include:
- maintaining strong financial management underpinned by effective financial controls,
- contributing to corporate management and leadership,
- supporting and advising democratically elected representatives,
- supporting and advising officers in their operational roles and
- leading and managing an effective and responsive financial service.
Issued by the press office.
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