The Pension Protection Fund (PPF) has appointed a new chief investment officer (CIO) and a new head of restructuring and insolvency.

Barry Kenneth, who will become the new CIO in June 2013, will oversee the PPF's investment portfolio, which is currently worth more than £13bn.

Kenneth joins the PPF from Morgan Stanley, where he is managing director and head of UK fixed income institutional and pensions coverage.

PPF's executive director of financial risk, Martin Clarke, said: "Our investment portfolio has become increasingly sophisticated and has received considerable industry recognition for its innovation and performance. We believe that Barry will bring to the PPF the expert knowledge and extensive experience needed to build on that success.

"Barry will have a crucial part to play in developing PPF's investment function, to help make sure we continue to pay compensation to our members for as long as they need it and achieve the PPF's target of securing financial self-sufficiency by 2030."

Kenneth said: "I am looking forward to contributing to the organisation's further success while playing an important part in providing real security to millions of pension scheme members."

The PPF has also appointed Malcolm Weir to replace Richard Favier OBE as its new head of restructuring and insolvency.

Weir is currently the head of corporate insolvency at Barclays Corporate. Favier will be stepping down in July 2013.

The PPF has collected approximately £1.4bn in recoveries since it opened in 2005.

Clarke said: "This is a complex and important part of our business which is aimed at minimising the impact on levy payers of schemes entering the PPF.

"Favier, who has been with us since the beginning, has played a crucial role in the success of the organisation and we wish him well for the future. We believe that Weir is the ideal replacement, bringing the right level of expertise, knowledge and experience to the role. We look forward to him joining us."

Favier said: "My time at the PPF has been busy, interesting and challenging, to say the least. It was a difficult decision to stand down from my role here but I am sure that Weir will continue the good work. The PPF is an important organisation and it has been a real privilege to play a small part in providing vital protection for PPF members."

First published 15.03.2013

monique_simpson@wilmington.co.uk