The chief investment officer of the London Pension Collective Investment Vehicle (London CIV) Julian Pendock has resigned, the investment management company has confirmed.

The company was established in 2015 by local government with the aim of being the investment vehicle of choice for local authority pension funds. Its founding members are London boroughs and the City of London Corporation.

A London CIV spokesperson said: “Julian Pendock has decided to move on from his role as chief investment officer of the London CIV after two years. At the London CIV we would like to thank him for all his efforts and his contribution in building the London CIV to an organisation managing £14bn of pension assets for the London Boroughs and wish him all the best in his future endeavours.

“London CIV remains focussed on providing a high quality pooling arrangement to the boroughs and we are continuing to develop our proposition.”

Pendock’s resignation comes as a further blow to the company following the departure of Hugh Grover in November 2017, who served as chief executive.

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