The Pensions Infrastructure Platform, set up in 2012 by a group of UK pension funds to undercut high-charging fund managers, has recruited a new head of asset management amid a changing of the guard at the organisation.

Andy Clapp, who formerly worked at Dalmore Capital — an asset manager with which the PIP has a close relationship — said he was “excited by the opportunity to work for a platform that is solely motivated to deliver value to its pension scheme investors”.