Keith Shepherd, the head of investments and treasury at the £2bn (€3.2bn) City of Edinburgh Council Lothian pension fund, is set for a new role at the world's largest grant-giving charity, The Wellcome Trust.

Shepherd, who has been at the Lothian fund since 1993, will move to London at the end of September to start in his new role as head of public equities at the trust. His job at the Edinburgh fund will be advertised, as required by law for local authorities. As eFinancialNews reported earlier this month on Shepherd's imminent departure, Colin Hay, principal investment officer at the fund is a strong internal candidate to take over.