Rachel Elwell
Chief Executive Officer
Rachel joined Border to Coast as CEO in November 2017 with more than 20 years’ experience working in pensions and institutional investment (at PricewaterhouseCoopers LLP and Royal London Mutual Insurance Society).
In October 2020 Rachel joined the board of the Investment Association, the UK asset management industry’s trade body. In December 2021 she joined the board of Opera North, in November 2023 she joined the board of the Just Finance Foundation, a financial education charity, and in 2024, the Chancellor of the Exchequer appointed Rachel a member of the British Infrastructure Taskforce. Rachel is a Cambridge maths graduate and a qualified actuary.
Fiona Miller
Deputy Chief Executive Officer
As Deputy CEO, Fiona has a span of responsibilities including Chief Finance Officer and Chief Operating Officer, encompassing legal, governance, ICT, change, and investment operations. Fiona played a lead role nationally on shaping the LGPS pooling regulations, working across both national and local government to shape the initial frameworks, and was a founding member of Border to Coast, joining from Cumbria County Council. Fiona has over 30 years’ experience in finance, ICT, and operational restructuring across both the public and private sectors.
Fiona continues to support the development of pooling in the UK and represents the LGPS pooling companies on the LGPS Scheme Advisory Board Investment Committee and Compliance and Reporting Sub-Committee, and from October 2023 will take up the position of Chair of the Lancashire Pension Board. She is also a member of the Bank of England’s Decision Makers Panel. Fiona is a qualified Chartered Management Accountant.
Joe McDonnell
Chief Investment Officer
Joe joined Border to Coast in January 2023 and leads the investment team. He has extensive investment experience, formerly as Managing Director, Head of Portfolio Solutions at Neuberger Berman, where he focused on designing and overseeing multi-asset mandates, engaging with strategic partners, and identifying solutions for clients. He has held several other investment leadership roles, including ten years at Morgan Stanley where he had several LGPS clients and, before that, managing the internal asset management businesses for Shell and IBM’s pension funds.
Austin Bodunrin
Chief Risk Officer
Austin Bodunrin is responsible for implementing risk and compliance across Border to Coast, ensuring the pool’s continued resilience as an FCA-regulated asset manager. Previously of IFM Investors and a former Chief Risk Officer at the Department for Housing, Communities and Local Government, Austin will lead on risk management for Border to Coast.
Ewan McCulloch
Chief Stakeholder Officer
Ewan joined Border to Coast in 2019 and leads the Customer Relationship Management team (which manages the day-to-day relationships with Partner Funds); the Investment Advisory team (which supports Partner Funds to develop an investment strategy aligned with their goals, risk tolerance, and time horizon); and the Policy and Communications function (which is responsible for all external and internal communication, as well as policy and public affairs). Before joining Border to Coast in 2019, Ewan had, had several roles in Lloyds Banking Group. Ewan sits on the Policy Board of Pensions UK.
Louise Bryan
Chief People Officer
Louise is a strategic and people-focused Chief People Officer with over 25 years of HR leadership experience. Formerly Head of People Partnering at Lloyds Banking Group, she has a strong track record in strategic business partnering across risk, large-scale operations, technology, product development, early careers, and executive development. Louise is passionate about building inclusive, high-performing cultures that enable people and businesses to thrive.
Jason Wood
Chief Technology and Operations Officer
Jason joined Border to Coast in May 2025. He currently leads the Technology and Resilience, Data and Change functions and will take the lead for Investment Operations later in 2025. Jason has extensive experience in technology, data and operations, having spent more than 20 years at Schroders, followed by Chief Operations Officer and Chief Technology Officer roles at Brooks Macdonald and RailPen respectively. He has also advised UK and global investment managers across a range of services through his own consultancy, as well as being an active member of a Global Chief Operations Officer network that features some of the largest asset owners and sovereign wealth firms in the world.
