Colin Maltby is joining BP Amoco's £12bn (€19.3bn) pension fund as head of investments replacing Gary Steinberg, who left to join the £13bn Wellcome Trust pension fund as chief investment officer.

The hire means that the BP pension fund will continue to be managed internally. Maltby has been chief investment officer of Equitas since its formation in 1996. His career in investment management began in 1975 at NM Rothschild & Sons and included 15 years with Kleinwort Benson.