Talent Moves in 2020 - Pension-Insurance-Investment World

Movers and Shakers 2020

Some moved pre-pandemic, others will move post-pandemic, but these heroes moved deep-pan…

2020

December

Philippe d'Orgeval leaves AXA Investment Managers to join Amundi as CEO

Shajahan Alam joins Alpha Real Capital as Director - Cashflow Driven Investing

Katie Weber joins Robeco as Head of UK Institutional Sales  

James Wardlaw joins Federated Hermes as Partner in Infrastructure

John Empson leaves Blackrock to join CVC Credit Partners as Partner and Co-Head of Private Credit  

Miguel Toney leaves Park Square Capital to join CVC Credit Partners as Partner in the Private Credit team

 James Chalk leaves PwC to join 20-20 Trustees as Associate Director 

Pretty Sagoo joins Athora from L&G as Head of New Business and Pensions

Tom Pook joins Spence & Partners as Joint Head of Scheme Terminations

Michael De Lathauwer joins Now Pensions as Non-Executive Chairman

Margaret Snowdon joins the Pension Superfund Trustees as new Board Member

 

November

Tom Ground rumoured to be leaving Aviva to rise from the ashes at another insurer

Mina Cao leaves Goldman Sachs Asset Management to join Apollo as Principal 

Kelly Bone leaves Aon to join Mercer as Principal

 Patrick O’Hara joins LGPS Central Limited as Director of Responsible Investment and Engagement

 Cara Forrest joins LGPS Central Limited as Client Relationship Manager

 Paolo Gazzola leaves Blackrock to join JP Morgan Asset Management as Executive Director – Investment Specialist

 Wasil Mohar leaves Willis Towers Watson to join SEI as Client Strategy Director

 Paul LaCoursiere joins Janus Henderson as Global Head of Environmental, Social and Governance (ESG) Investments

 Satvinder Saini joins LGPS Central Limited as Enterprise Risk Manager

 Andy Hunt joins Pegasus as Pensions Executive

 Robin Hepworth leaves EdenTree Investment Management

 Tiziana Perrella leaves Aon to join Dalriada Trustees as Professional Trustee

 Tarnjeet Bhachu joins Deloitte as Assistant Director part of its Employer Covenant Team

 Lee Spithray joins Pegasus as Senior Pensions Executive

 Hugh Creasy joins BESTrustees as Professional Trusteee

 Sarah Horan joins Independent Trustee Services as Director

 Jenny Yoe leaves State Street Global Advisors to join Newton Investment

 Management as Head of UK Institutional

Jim Robson leaves Boots to join 20-20 Trustees as Trustee Director

 Bambos Hambi joins Quilter Investors as CEO and CIO

October

Anil Mangla leaves Blackrock to join BFIN as Head of Global Operations – Private Capital Advisory

Clara Yan leaves Schroders to join Robeco as Head of Insurance Analytics

Matthias Eng leaves JP Morgan to join Securis Investment Partners LLP as Head of Insurance Solutions

Filippo Cartiglia joins Fulcrum Asset Management as Senior Manager of its Investment Team

Amelia Sexton joins AllianceBernstein as ESG Product Specialist

Paul Francis joins Quantum Advisory as Principal Investment Consultant

Maggie Kearney leaves Accenture to join Redington as Director of Defined Contribution (DC) Consulting

Adam Phillips joins BlueBay Asset Management as Head of Developed Markets Special Situations

Grant Suckling leaves Aon to join Ross Trustees as Trustee Director

Nigel Wildman joins Ross Trustees as Trustee Manager

Tom Carr leaves Legal & General Investment Management to join Blackrock as Managing Director and Head of Sterling Active LDI

Stuart Walters joins 20-20 Trustees as Trustee Director

Lesley Alexander joins the Pension Management Institute (PMI) as President

Janet Branagh joins Ross Trustees as Senior Trustee Manager

Keith Hinds joins Dalriada Trustees as Professional Trustee

September

James Pearce joins the The Pension SuperFund as CFO

Dana Day leaves Cardano to join 20-20 Trustees as Head of Business Development

Roger Mountford joins Alpha Real Capital as Senior Adviser (Pensions)

Reena Tanna leaves Aon to join Barnett Waddingham as Senior Investment Consultant

Martin Gilbert of Aberdeen Standard Investments announces retirement

Chris Cheetham joins BT Pension Scheme as Trustee Director

Emma Hunt joins Impax Investment Management as Senior Client Director

Andy Clark joins EdenTree Asset Management as CEO

Gillian de Candole joins Lothian Pension Fund as Portfolio Manager

Adrian Spann joins 20-20 Trustees as Associate Director

Guy Saintfiet joins Aon as Liquid Alternatives Senior Portfolio Manager

Louisa Harrold joins PLT as Client Director

Sharon Bellingham leaves Hymans Robertson to join Scottish Widows as Master Trust Lead

Dev Jadeja joins Local Pensions Partnership (LPP) as Head of Investment Due Diligence  

Liz Graham joins Walker Morris as Partner

Eugenia Unanyants-Jackson leaves Allianz Global Investors and joins PGIM Fixed Income as Head of ESG Research

Gerald Wellesley joins Scottish Widows’ Master Trust Team

Mary Kerrigan joins Aegon Asset Management as Non-Executive Director to its UK Board

August

Matthieu Louanges joins First Eagle Investment Management as Head of International Wholesale Distribution

Ricky Varaden joins LGIM as Senior Investment Manager

David Scopelliti joins Mercer as Global Head of Private Credit

Steven Billiet joins BNP Paribas Asset Management as Head of Asia Pacific

 July

William Gibbons joins Mercer as Principal Insurance Investment from PwC

Marcin Adamczyk joins NN Investment Partners as Head of Emerging Market Debt

Prashant Sharma leaves JP Morgan to join MEAG as CIO Public Markets

Andy Curran joins Phoenix Group as CEO of Savings and Retirement, UK and Europe and Group Director of Scotland

David Walker appointed CIO at Hymans Robertson

Daniel Leon leaves AXA Investment Managers to join HSBC Global Asset Management as Global Head of Trading, Treasury Management and Global Solutions

Ross Barr joins Cardano as Investment Strategist

Claire Hawkins promoted to Corporate Affairs and Investor Relations Director at Phoenix Group

Marina Iodice joins NN Investment Partners as Senior Portfolio Manager, Impact Investing

Tom Frost leaves Interritus to join Voya Investment Management

Tom Binks leaves Schroders to join Cardano as Client Manager

Stefan Lummart leaves JP Morgan Asset Management previous Head EMEA Insurance Solutions

 June

Christopher Smith leaves Newton to join Jupiter Asset Management as a Fund Manager

Marc Munichman set to join Alpha Capital Partners from Jeffries Investment Bank

Stephen Budge leaves Mercer to join Lane, Clark & Peacock as Principal of DC Investment Consulting

Kathryn Purves joins Redington as Non-Executive Chair

Katharine Neiss to join PGIM as Chief European Economist from Bank of England

Sophia Singleton leaves Aon to join XPS Pensions Group as Head of DC

Hagen Schremmer joins BNP Paribas Asset Management as CEO of Germany, he joins from Deutsche Bank

Michael Walsh leaves UBS Asset Management to join T. Rowe Price as Portfolio Manager and Multi-Asset Solutions Strategist for EMEA

Lora-Ann Chiginsky joins Asset Management One International as Director of Business Development EMEA

Graeme Griffiths joins Chartered Alternative Investment Analyst (CAIA) Association as Non-Executive Director

Urs Gröpl joins Apollo Global Management from AXA Investment Management

Stephane Marot leaves SocGen to join AXA Investment Managers as Head of Derivatives, Japan

David Bird leaves Willis Towers Watson to join Cardano as Head of DC Platform

Stefan Lundbergh appointed to Head of DC Design at Cardano

Caitlin McSherry joins Neuberger Berman from SSGA as Director of Stewardship (ESG)

Andrew Howard promoted to Global Head of Sustainable Investment at Schroders

Andy Seed joins Aviva Investors as Head of Defined Contribution (DC) Solutions

Rebekah Bennett joins SEI from Blackrock as Consultant Relations Director

Russ Morrison to joins Aegon Asset Management as Global CIO - Fixed Income

Jean White joins SEI as Global Sales Director from Northern Trust

Jessica Ground to leave Schroders to join Capital Group as Head of ESG

Dan Mooncie joins Cardano as Client Manager

Gary Collins leaves Columbia Threadneedle

 May

Nick Johnson joins Isio as a Partner in their Pensions, Insurance, De-risking and Settlement Team

Adam Baker leaves JP Morgan to join Blackrock’s LDI Team

Ben Stone leaves PwC to join Mercer as Risk Transfer Partner

Jason Kenny leaves Clara to join The Pension SuperFund

Prasad Kamath leaves Mons Capital to join BT Pensions

Sharina Walia leaves Blackrock to join Ninety-One as UK Head of Client Management

George Culmer appointed Non-Executive Chairman of Aviva

Daniel Loughney joins Board to Coast Pensions Partnership as Fixed Income Portfolio Manager

Helena Dumycz joins TPT Retirement Solutions as Head of Employer Relationships

Emily Chew leaves Manulife to join Morgan Stanley Investment Management as Global Head of Sustainability

Akash Rooprai joins Independent Trustee Services (ITS) as a Director

Brenda Sklar joins Legal & General Investment Management Global Chief Operating Officer

Davina Goodall-Smith leaves BNP Paribas to join Nikko Asset Management as COO, EMEA

Jaap Hoek joins Russell Investments as Director of Investment Strategy and Solutions for Northern Europe

Marleen Barents-Jager leaves Principal Global Investors to join Russell Investments as Director of Business Development

Mike Johnson leaves Aon after almost 20 years to join Hymans Robertson as a Partner in DB Investment

Ernst Jansen joins Kempen Capital Management as COO

Paul Armitage appointed Head of the XPS’s Defined Contribution (DC) master trust, National Pension Trust (NPT)

Oliver Gin joins Schroders as Fiduciary Manager

 April

Adam Briggs joins PwC from Mercer

Boris Mikhailov joins Alpha Real Capital as Client Solutions Director

Helen Gilchrist and Jayesh Patel have been appointed Co-Heads of Willis Towers Watson DC Consulting Business in the UK

Jemma Paterson joins LGIM as Strategic Relationship Manager

Michael Ridley appointed as Senior Responsible Investment Specialist at HSBC Global Asset Management

Sinead Leahy leaves PwC

Luc Pascal joins Board to Coast Pensions Partnerships from Lane, Clark & Peacock

Nabeel Ansari leaves Korn Ferry to join William Blake Group as Head of Research and Data Insights

James Thelwell joins Board to Coast Pensions Partnerships as a Portfolio Manager (Alternatives)

Kane Brennan joins TIFF Investment Management as President after 21 years at Goldman Sachs

Mark Calnan appointed Head of Investments EMEA at Willis Towers Watson

Patrice Conxicoeur appointed CEO Singapore and Head of South East Asia at HSBC Global Asset Management

Cyrille de Montgolfier leaves Nemrod Finance to join Willis Towers Watson

Nigel Sillis joins Cardano as Client Portfolio Manager

AXA Investment Managers has promoted Mark Hargraves to Global Head of Framlington Equities

Matthew Lovatt, appointed Global Head of Client Group at AXA Investment Managers

Lisa Mundy joins Mercer Master Trust as new Board Member

Marco Willner joins NN Investment Partners as Head of Investment Strategy

Marcel Armon set to join Aon’s Primary Insurance Broker as Chief Commercial Officer

Maria Ryan joins HSBC Global Asset Management as Head of Institutional Sales for the UK, Scandinavia and the Middle East

March

Louise Evans joins Franklin Templeton as Head of Asset Management

Kaye Vass joins Compre Group

Amanda Latham leaves The Pensions Regulator to join Barnett Waddingham

Cyrille Strugarek leaves Munich Re to join Athora as Head of Business Development

Candia Kingston appointed Chair of Royal London’s investment advisory committee (IAC)

Vis Nayar appointed UK and European CIO of HSBC Global Asset Management

Andrew Epsom joins Royal London Asset Management as Insurance Client Solutions Director

Arif Saad leaves LGIM to join Kempen as Senior Investment Strategist

Marco Smelter joins BMO Global Asset Management from Corestone Investment Managers

Melissa McDonald appointed Head of Responsible Investment at HSBC Global Asset Management

Kim Hochfeld leaves Morgan Stanley Investment Management to join State Street Global Advisors as Global Head of Cash

Philip Glaze retires from CIO at HSBC Global Asset Management

Virginia Burke leaves ITM to join Aon as a Senior Public Sector Pensions Consultant

Anne Marie Fleurbaaij to join Columbia Threadneedle Investments from GIC

Fred Emden joins The Society of Pensions Professionals (SPP) as new CEO

Dominic Fry leaves Apollo Global Management

Lawrence Ho leaves Mercer to join Profile Pensions

Philippe Lenoble joins AustralianSuper as Senior Investment Director

February

Mark Retik joins Munich Re Markets New York from Prudential Financial

Scott Doughty joins LGIM from Aon as Insurance Client Manager

Jean-Charles Sambor appointed Head of Emerging Market Fixed Income at BNP Paribas Asset Management

Chief Actuary of Aon, Georg Thurnes leaves after 30 years

Dan Melley leaves Putnam Investments to join Mercer

Charles Moussier leaves Naxitis to join Invesco as Head of EMEA Insurance Investment Solutions

Marc Hommel takes on an Advisory Appointment at EY

Mark Stewart appointed Chairman at Scottish Widows

Sally Minchella joins Law Debenture from Willis Towers Watson

Michelle Cracknell appointed as Non-Executive Director at Just Group

Lara Edmonstone-West leaves River and Mercantile to join Kempen

Grégoire Bailly-Salins joins Aviva Investors as Head of Transactions, Continental Europe

Steve Webb joins Lane, Clark & Peacock as Partner from Royal London Asset Management

Andrew Warwick-Thompson joins Capital Cranfield as Professional Trustee from LGPS

Ronan O’Riordan joins River & Mercantile Solutions as Director

Charlotte Dicker joins Wells Fargo Asset Management as Consultant Relations Director

Philip Smith leaves PwC to join TPT as Director of DC

liana Lazarova joins Pension Protection Fund (PPF) as a Senior ESG Analyst

 

January

Anthony Brewer leaves Aon to join Zephyrus Partners as Corporate Pensions Advisor

Alex Pollack appointed as Head of Clients for Blackrock’s UK OCIO Business

Caleb Gakpetor joins Legal and General from Aon to become Client Relationship Executive

Meir Lewis leaves Deutsche Bank to join Nomura as Head of FI Investment Banking

Daniel Barlow joins Law Debenture as Director from PwC

Tatjana Puhan leaves Swiss Life Asset Managers as appointed Deputy CIO at TOBAM

Anne Mei Poppe joins Kempen as Alternative Investments Specialist

Deniz Sevincer and Mark Williams appointed as Co-Heads Of Institutional Funds at Octopus Group

Steve Longworth leaves KPMG to join PTL as Client Director

Mervin Coutinho leaves Aviva Investments to join Schroders as Credit Portfolio Manager

Peter Ruesink joins Kempen from Allianz Global Investors as Client Director/Senior Fiduciary Manager

Paul Spencer of Franklin Templeton announces retirement

Henk Grootveld joins LOIM from Robeco Asset Management

Huw Stephens from AXA IM-Real Assets appointed Senior Adviser at IPSX Group

Remko van de Erf returns to Kempen as Co-Head for Alternative Strategies

Baroness Shriti Vadera from Santander UK appointed Chairwoman of Prudential

Martin Trenchard leaves Scottish Widows to join Aegon as ECB Director

Dame Kate Barker appointed Trustee Chair-Elect at USS

John Preston appointed Chair of the London Pensions Fund Authority (LPFA)

Steve Longworth leaves KPMG to join PTL as Client Director

Nimisha Sodha leaves KPMG to join Insight Investment’s Responsible Investment Team

Peter Ballard joins London Pension Fund Authority from Willis Towers Watson

Markus Weber leaves Nordea Investment Management to join Wells Fargo Asset Management

Tom Spreutels leaves Deutsche Bank to join Leadenhall Capital Partners as Head of Origination, Life and Alternative Credit

Rebeca Coriat leaves Investec Asset Management to join LOIM as Head of Stewardship

Deven Punjabi leaves Just Group plc to join Legal and General as Director of New Business Insurance

Talent Moves in Pension/Insurance Investment Early 2020

August

Matthieu Louanges joins First Eagle Investment Management as Head of International Wholesale Distribution

Ricky Varaden joins LGIM as Senior Investment Manager

David Scopelliti joins Mercer as Global Head of Private Credit

Steven Billiet joins BNP Paribas Asset Management as Head of Asia Pacific

July

Marcin Adamczyk joins NN Investment Partners as Head of Emerging Market Debt

Prashant Sharma leaves JP Morgan to join MEAG as CIO Public Markets

Andy Curran joins Phoenix Group as CEO of Savings and Retirement, UK and Europe and Group Director of Scotland

David Walker appointed CIO at Hymans Robertson

Daniel Leon leaves AXA Investment Managers to join HSBC Global Asset Management as Global Head of Trading, Treasury Management and Global Solutions

Ross Barr joins Cardano as Investment Strategist

Claire Hawkins promoted to Corporate Affairs and Investor Relations Director at Phoenix Group

Marina Iodice joins NN Investment Partners as Senior Portfolio Manager, Impact Investing

Tom Frost leaves Interritus to join Voya Investment Management

Stefan Lummart leaves JP Morgan Asset Management previous Head EMEA Insurance Solutions

June

Christopher Smith leaves Newton to join Jupiter Asset Management as a Fund Manager

Marc Munichman set to join Alpha Capital Partners from Jeffries Investment Bank

Stephen Budge leaves Mercer to join Lane, Clark & Peacock as Principal of DC Investment Consulting

Kathryn Purves joins Redington as Non-Executive Chair

Katharine Neiss to join PGIM as Chief European Economist from Bank of England

Sophia Singleton leaves Aon to join XPS Pensions Group as Head of DC

Hagen Schremmer joins BNP Paribas Asset Management as CEO of Germany, he joins from Deutsche Bank

Michael Walsh leaves UBS Asset Management to join T. Rowe Price as Portfolio Manager and Multi-Asset Solutions Strategist for EMEA

Lora-Ann Chiginsky joins Asset Management One International as Director of Business Development EMEA

Graeme Griffiths joins Chartered Alternative Investment Analyst (CAIA) Association as Non-Executive Director

Urs Gröpl joins Apollo Global Management from AXA Investment Management

Stephane Marot leaves SocGen to join AXA Investment Managers as Head of Derivatives, Japan

David Bird leaves Willis Towers Watson to join Cardano as Head of DC Platform

Stefan Lundbergh appointed to Head of DC Design at Cardano

Caitlin McSherry joins Neuberger Berman from SSGA as Director of Stewardship (ESG)

Andrew Howard promoted to Global Head of Sustainable Investment at Schroders

Andy Seed joins Aviva Investors as Head of Defined Contribution (DC) Solutions

Rebekah Bennett joins SEI from Blackrock as Consultant Relations Director

Russ Morrison to joins Aegon Asset Management as Global CIO - Fixed Income

Jean White joins SEI as Global Sales Director from Northern Trust

Jessica Ground to leave Schroders to join Capital Group as Head of ESG

Dan Mooncie joins Cardano as Client Manager

Gary Collins leaves Columbia Threadneedle

May

Nick Johnson joins Isio as a Partner in their Pensions, Insurance, De-risking and Settlement Team

Adam Baker leaves JP Morgan to join Blackrock’s LDI Team

Ben Stone leaves PwC to join Mercer as Risk Transfer Partner

Jason Kenny rumoured to be leaving Clara Pensions

Prasad Kamath leaves Mons Capital to join BT Pensions

Sharina Walia leaves Blackrock to join Ninety-One as UK Head of Client Management

George Culmer appointed Non-Executive Chairman of Aviva

Daniel Loughney joins Board to Coast Pensions Partnership as Fixed Income Portfolio Manager

Helena Dumycz joins TPT Retirement Solutions as Head of Employer Relationships

Emily Chew leaves Manulife to join Morgan Stanley Investment Management as Global Head of Sustainability

Akash Rooprai joins Independent Trustee Services (ITS) as a Director

Brenda Sklar joins Legal & General Investment Management Global Chief Operating Officer

Davina Goodall-Smith leaves BNP Paribas to join Nikko Asset Management as COO, EMEA

Jaap Hoek joins Russell Investments as Director of Investment Strategy and Solutions for Northern Europe

Marleen Barents-Jager leaves Principal Global Investors to join Russell Investments as Director of Business Development

Mike Johnson leaves Aon after almost 20 years to join Hymans Robertson as a Partner in DB Investment

Ernst Jansen joins Kempen Capital Management as COO

Paul Armitage appointed Head of the XPS’s Defined Contribution (DC) master trust, National Pension Trust (NPT)

April

Adam Briggs joins PwC from Mercer

Boris Mikhailov joins Alpha Real Capital as Client Solutions Director

Helen Gilchrist and Jayesh Patel have been appointed Co-Heads of Willis Towers Watson DC Consulting Business in the UK

Jemma Paterson joins LGIM as Strategic Relationship Manager

Michael Ridley appointed as Senior Responsible Investment Specialist at HSBC Global Asset Management

Sinead Leahy leaves PwC

Luc Pascal joins Board to Coast Pensions Partnerships from Lane, Clark & Peacock

Nabeel Ansari leaves Korn Ferry to join William Blake Group as Head of Research and Data Insights

James Thelwell joins Board to Coast Pensions Partnerships as a Portfolio Manager (Alternatives)

Kane Brennan joins TIFF Investment Management as President after 21 years at Goldman Sachs

Mark Calnan appointed Head of Investments EMEA at Willis Towers Watson

Patrice Conxicoeur appointed CEO Singapore and Head of South East Asia at HSBC Global Asset Management

Cyrille de Montgolfier leaves Nemrod Finance to join Willis Towers Watson

Nigel Sillis joins Cardano as Client Portfolio Manager

AXA Investment Managers has promoted Mark Hargraves to Global Head of Framlington Equities

Matthew Lovatt, appointed Global Head of Client Group at AXA Investment Managers

Lisa Mundy joins Mercer Master Trust as new Board Member

Marco Willner joins NN Investment Partners as Head of Investment Strategy

Marcel Armon set to join Aon’s Primary Insurance Broker as Chief Commercial Officer

Maria Ryan joins HSBC Global Asset Management as Head of Institutional Sales for the UK, Scandinavia and the Middle East

march

Louise Evans joins Franklin Templeton as Head of Asset Management

Kaye Vass joins Compre Group

Amanda Latham leaves The Pensions Regulator to join Barnett Waddingham

Cyrille Strugarek leaves Munich Re to join Athora as Head of Business Development

Candia Kingston appointed Chair of Royal London’s investment advisory committee (IAC)

Vis Nayar appointed UK and European CIO of HSBC Global Asset Management

Andrew Epsom joins Royal London Asset Management as Insurance Client Solutions Director

Arif Saad leaves LGIM to join Kempen as Senior Investment Strategist

Marco Smelter joins BMO Global Asset Management from Corestone Investment Managers

Melissa McDonald appointed Head of Responsible Investment at HSBC Global Asset Management

Kim Hochfeld leaves Morgan Stanley Investment Management to join State Street Global Advisors as Global Head of Cash

Philip Glaze retires from CIO at HSBC Global Asset Management

Virginia Burke leaves ITM to join Aon as a Senior Public Sector Pensions Consultant

Anne Marie Fleurbaaij to join Columbia Threadneedle Investments from GIC

Fred Emden joins The Society of Pensions Professionals (SPP) as new CEO

Dominic Fry leaves Apollo Global Management

Lawrence Ho leaves Mercer to join Profile Pensions

Philippe Lenoble joins AustralianSuper as Senior Investment Director

february

Jean-Charles Sambor appointed Head of Emerging Market Fixed Income at BNP Paribas Asset Management

Chief Actuary of Aon, Georg Thurnes leaves after 30 years

Dan Melley leaves Putnam Investments to join Mercer

Charles Moussier leaves Naxitis to join Invesco as Head of EMEA Insurance Investment Solutions

Marc Hommel is working at EY as a Senior Advisor

Mark Stewart appointed Chairman at Scottish Widows

Sally Minchella joins Law Debenture from Willis Towers Watson

Michelle Cracknell appointed as Non-Executive Director at Just Group

Lara Edmonstone-West leaves River and Mercantile to join Kempen

Grégoire Bailly-Salins joins Aviva Investors as Head of Transactions, Continental Europe

Steve Webb joins Lane, Clark & Peacock as Partner from Royal London Asset Management

Andrew Warwick-Thompson joins Capital Cranfield as Professional Trustee from LGPS

Ronan O’Riordan joins River & Mercantile Solutions

Charlotte Dicker joins Wells Fargo Asset Management as Consultant Relations Director

Philip Smith leaves PwC to join TPT as Director of DC

liana Lazarova joins Pension Protection Fund (PPF) as a Senior ESG Analyst

january

Anthony Brewer leaves Aon to join Zephyrus Partners as Corporate Pensions Advisor

Alex Pollack appointed as Head of Clients for Blackrock’s UK OCIO Business

Caleb Gakpetor joins Legal and General from Aon to become Client Relationship Executive

Meir Lewis leaves Deutsche Bank to join Nomura as Head of FI Investment Banking

Daniel Barlow joins Law Debenture as Director from PwC

Sir Adrian Montague announced he is to step down as Aviva Chairman

Tatjana Puhan leaves Swiss Life Asset Managers as appointed Deputy CIO at TOBAM

Anne Mei Poppe joins Kempen as Alternative Investments Specialist

Deniz Sevincer and Mark Williams appointed as Co-Heads Of Institutional Funds at Octopus Group

Steve Longworth leaves KPMG to join PTL as Client Director

Mervin Coutinho leaves Aviva Investments to join Schroders as Credit Portfolio Manager

Peter Ruesink joins Kempen from Allianz Global Investors as Client Director/Senior Fiduciary Manager

Paul Spencer of Franklin Templeton announces retirement

Henk Grootveld joins LOIM from Robeco Asset Management

Huw Stephens from AXA IM-Real Assets appointed Senior Adviser at IPSX Group

Remko van de Erf returns to Kempen as Co-Head for Alternative Strategies

Baroness Shriti Vadera from Santander UK appointed Chairwoman of Prudential

Martin Trenchard leaves Scottish Widows to join Aegon as ECB Director

Dame Kate Barker appointed Trustee Chair-Elect at USS

John Preston appointed Chair of the London Pensions Fund Authority (LPFA)

Steve Longworth leaves KPMG to join PTL as Client Director

Joy Mahon joins TPT as Head of DC

Nimisha Sodha leaves KPMG to join Insight Investment’s Responsible Investment Team

Peter Ballard joins London Pension Fund Authority from Willis Towers Watson

Markus Weber leaves Nordea Investment Management to join Wells Fargo Asset Management

Tom Spreutels leaves Deutsche Bank to join Leadenhall Capital Partners as Head of Origination, Life and Alternative Credit

Rebeca Coriat leaves Investec Asset Management to join LOIM as Head of Stewardship

Deven Punjabi leaves Just Group plc to join Legal and General as Director of New Business Insurance

The bulk annuities market at the start of 2020: Looking backwards and forwards

Records continue to be made redundant within the pension risk transfer space as 2019, as predicted, ended up being another massive year for de-risking. Over £40bn worth of deals transacted during the calendar year, beating even the most optimistic of predictions.

Understandably, a snapshot of last year’s market will be dominated by the larger transactions, with 11 deals totalling three quarters of the overall value. This was to the detriment of some of the smaller schemes which, in some cases, could not compete in terms of scale. However, predictions for next year from Lane Clark and Peacock suggest that there will be fewer mammoth schemes transacting, with ten deals estimated to total £15bn. This would open up capacity for deals of a variety of sizes to gain traction within the market.

On the provider side, 2019 was dominated by a surge of activity from Rothesay with over £16bn worth of deals being announced from August onwards, including the largest pension buy-out ever with Telent worth £4.7bn. On a similar note, Legal and General completed the largest ever pension buy-in with Rolls-Royce, totalling £4.6bn, en route to buy-out.

Aon and LCP were the busiest of the consultants, advising on £20bn and upwards of £10bn respectively. There remains a fair fight for the third most prevalent consultancy within the bulk annuities space. Hymans Robertson advised on the Allied Domecq deal as well as the M&S and Aviva deals; PwC appear to be following the model of transacting infrequent but large deals after consulting on the £3.8bn Asda deal a year on from the £4.4bn BA deal; after merging with JLT, Mercer advised upon the £3.4bn BAT deal as well as providing strategic investment advice on the Rolls Royce deal; and Willis Towers Watson were perhaps quieter than expected, focussing primarily on longevity swaps, but still advised on two multi-billion pound buy-in deals with National grid.

In terms of public announced deals, KPMG have had a quieter year - their only publicly credited deal being the £805mn Electricity Supply buy-in coming at the very end of the year. With Tom Seecharan moving to Rothesay, they have been perhaps slightly underpowered compared to their competitors, but we await news amidst discussion of an acquisition or merger.

Looking forward to 2020, appetite from insurers and corporates remains strong. This is driven by a number of factors: In his article The bulk annuity market changes up a gear, Guy Freeman of Rothesay points to good availability of capital, higher levels of solvency due to asset-liability outperformance, increasing acceptance that insurers can manage long-dated asset-liability risks more efficiently than corporates, and increasing regulatory pressure forcing sponsors to declare long term investment strategy, triggering the consideration of eventual buy-outs as their ultimate de-risking goal.

However, due to the size of schemes able to transact, both LCP and Willis Towers Watson predict that the market will not go on to break records for the fourth year in a row and will instead max out at around £30bn. As previously mentioned, this is likely to allow a larger number of smaller schemes to gain traction in the market. This may have the secondary effect of dividing the market share amongst both the insurers and consultancies as more schemes of a manageable size are available to be competed for. Perhaps this will limit the dominance of Rothesay, or Aon and LCP, and allow smaller firms to enter the market.

To discuss the market in more detail and see how Plenum’s network in the space can be of use please contact:

Ed Rees or TC Jefferson.

ed.rees@theplenumgroup.com  07903567238

tcjefferson@theplenumgroup.com            07581466620

Is Peak LDI upon us?

Forget Peak Oil, This is Peak LDI

LDI has been a wonderful addition to the global institutional investment world. Using bonds to match cashflows (mirroring the actuarial assumptions on which pension scheme liabilities are based) and derivatives to hedge interest rate risk. By using LDI, pension schemes have been able to ensure their assets and thus funding levels by and large mirror their liabilities.

However, years of low rates, means that LDI can’t deliver the investment returns that schemes need. Investment specialists talk about using LDI in the matching portfolio and then having a growth portfolio. Surely this is destined to be an unhappy compromise? At best such an allocation provides matching for only 50% of the liabilities, yet seeks to generate a return for the entire portfolio by only putting 50% of it to work, We have neither 100% removed the investment risk, nor have 100% tried to close the funding gap.

Perhaps ironically, it could be The Pension Regulator that really brings about the end of LDI’s dominance. How? Through Integrated Risk Management or IRM. Looking at holistic pension scheme risk. Best viewed as a triangle with three interrelated angles of corporate sponsor, investment and funding. Whilst most consultants are keen to talk to their clients about IRM, only a minority seem to really think holistically about pension scheme risk. So how does IRM impact on LDI? For well funded schemes, low-risk liability matching investment seems to make a lot of sense. For poorly funded schemes, there are only two ways to plug the deficit, either rely on investment returns, or corporate contributions.

Whilst LDI certainly reduces investment risk, is there not an argument that for a poorly funded scheme, the adoption of LDI (and de-risking in general) reduces investment risk only to increase covenant risk? If the assets are no longer being relied on to generate return, then the pressure on mummy and daddy (AKA the corporate sponsor) increases. This may be an even less desirable part of the IRM triangle to assign risk, as a corporate sponsor (unlike an investment portfolio) is typically non-diversified and rather binary. It will either be in business, or bankrupt. Whilst a well diversified growth-oriented portfolio is highly unlikely to lose 100 percent of its value, a struggling corporate entity faced with ever increasing cash calls can (as we have seen in 2018) very easily go to the wall.

The growth of multi-asset, sophistication in the use of derivatives to hedge risks and mirror liabilities, the growth of private debt and innovations in IRM all seem to be contributing to what we might one day call Peak LDI. Whether its 2019 or a couple of years later, my hunch is that LDI, whilst always having a place, is enjoying its peak right around now.

To ensure you have the very best LDI talent, or to discuss the concept of peak LDI and the future direction of travel, please get in touch with Plenum.

Will the CFA's ESG Qualification Transform ESG?

The CFA have recently introduced a level 4 qualification in ESG investing, supported by the UN PRI. Aimed at investment professionals, this qualification seeks to help practioners analyse and integrate ESG factors into their day to day job; anything from sales and distribution to product development across a variety of different asset classes. Existing IMC holders can also top up with the ESG qualification to lead onto the Diploma in Investment Management (ESG). But how will such a new qualification be received?

For many pension trustees the view holds that ESG investing limits diversification and underperformance, resulting in a low rate of adoption. Where it is adopted, this is can be viewed by some as a ‘box ticking’ exercise. However, several institutions have already highlighted the benefits of incorporating ESG not only to improve returns but manage risk more effectively (Columbia Threadneedle 2019).

As per the Latham and Watkins article on August 2nd “The 2018 and 2019 Regulations introduce a suite of new disclosure requirements to defined benefit and defined contribution schemes, aiming to further integrate ESG factors and disclosure into standard pension reporting requirements.”

As a result of ESG creeping up the agenda, Square Mile Investment Consulting and Research have developed an ESG integration assessment for business funds.: https://www.moneymarketing.co.uk/square-mile-new-initiatives-esg-investing/

The firm will provide ratings between zero (no incorporation) and 3 (ESG an integral part) across approximately 350 funds.  

With such an interest, it will be fascinating to see if the rate of adoption for the new CFA certificate is high and the motive behind it. Does the course offer a real insight into how professionals can invest, or is it another box ticking exercise to show consideration for ESG?

The CFA have several articles highlighting the issues behind ESG investing as it doesn’t conform to traditional financial metrics; however, ways of managing this are becoming more prevalent. This article highlights further the issue of challenges in applying ESG methods across different asset classes. This is clearly something the CFA ESG qualification seeks to address. But how successful will this be?

 At level 4, the CFA is at the same level as the IMC. It will be interesting to see who and how many people take on the qualification, whether firms will sponsor it and what impact it has on career opportunities. Will this become the standard qualification that firms look for in ESG? Or will this be viewed as a “green” version of the IMC, often self-funded by individuals but, in our experience, rarely requested by hiring firms?

 As Plenum runs searches for firms looking to hire ESG capability, we are watching this with anticipation.

To discuss the market in more detail and see how Plenum’s network in the space can be of use please contact:

George Mingo or TC Jefferson.

 george.mingo@theplenumgroup.com       07944733330

tcjefferson@theplenumgroup.com            07581466620

Researcher/Data-Manager Required

 Title: Researcher/Data-Manager

Start-up niche executive search firm is looking to hire a researcher/data-manager to support our growing team of consultants.

Working in financial services, we have an enviable client list including top tier global consulting firms, big four accountancy firms, asset managers, insurers and banks. Our small business enjoys continued repeat business from top firms in this space and we are recognized as a leading provider in our niche area.

We are a still a small firm, growing rapidly, but without losing what’s important to us: like team culture, flexible working and integrity in everything we do.

The Role

We are looking for a researcher to fit into our tight-knit London based team. The job would include creating target lists for our search mandates for our headhunters to reach out to; administration: supporting our headhunters through the process, scheduling calls and meetings for example; formatting candidate CVs in addition to other administrative help for the team.

What You’ll Get

You’ll be working with a team of ambitious, fun and genuinely considerate people and you’ll play an instrumental role in building this business.

As the firm grows, we are looking for people who can take on bigger projects, look after different regions and manage teams of people. This role could be the start of a career as an office manager, an entry point for our future global COO, or a chance to dip your toe into the world of city headhunting and see where this could take you.

Requirements

·      As we grow, we need someone who is passionate, organized and thrives on creating order from an abundance of information

·      We are looking for an intelligent, capable and driven individual who is able to get a grasp of new concepts quickly in order to understand our clients’ vision for their ideal candidates

·      As a forward-thinking firm, we want someone who is open to operating flexibly as work happens at all hours – especially when conducting global business, yet we also know that personal lives interrupt the regular 9-5; flexibility and homeworking are all possible for the right person

·      We look for top exams results and a hard work ethic; however, we hire people based on their capability and personality rather than it being a box-ticking exercise

·      Whether you have 20 years office experience or are leaving university or even school, if you think you can add value and be part of our growth journey, we would love to hear from you

To apply please email info@theplenumgroup.com

Buyout in 2017

Keep Small and Plentiful, if You Wanna be Loved

Last year it was predicted that 2017 would be the biggest year so far for the Pension Buyout market. So have the first few months of this year given us an indication that it will indeed surpass last year’s total?

It was announced at the end of March that there had been over £1bn of transactions, which seems underwhelming given that the volume for 2016 was £9bn. However, we are perhaps seeing more activity in this space than ever before despite transaction sizes frequently coming in at under £100m. Deals such as the PIC buyout of Alps Electric came in at £33m, and their buy-in deal with the Civil Aviation Authority saw £90m worth of pension promises passed over from the aircraft safety regulator.

That’s not to say we haven’t seen larger deals. PIC have completed the buyout of GKN in a deal worth £190m, with Mercer and Cardano advising, but we have yet to see deals as large as Legal and General’s £1.1bn buyout of the Rolls Royce Group in November. Why?

One well known Director of a buyout provider explained that the focus this year will be on mid-market pensions as many insurers will not want to risk allocating significant amounts of limited recourse to a sizeable pension deal that may not come to fruition. Notwithstanding this, as so many of the pension schemes that were being optimised in 2016 are now coming to market, 2017 is likely to be a significant year, at very least in terms of volume of deals.

Plenum is a specialist Executive Search provider within the Pension & Insurance De-risking market. To discuss how our network could help you please contact: matthew.ayub@theplenumgroup.com

Talent Moves February 2017

FEBRUARY

Andy Scott joins Capital Cranfield as Client Director & Independent Trustee from Punter Southall

Cliff Speed joins TPT Retirement Solutions as CIO from BlackRock

Helena Morrisey joins LGIM as Head of Personal Investing from Newton Investment Management

JANUARY

Costas Yiasoumi joins Legal & General as Head of Core Business, Pension Risk Transfer from Partnership

Chris DeMarco joins Legal & General as Managing Director for the Risk Transfer business from LGIM

Nicholas Bamber joins LGIM as Head of Private Assets from RBS

Lara Desay joins Scottish Widows as Senior Manager in Bulk Annuities Division from Prudential Assurance

Mehdi Guissi joins LGIM as Head of European Bespoke Solutions from Lombard Odier Asset Management

Michael Henderson joins Legal & General as Matching Adjustment Optimisation Actuary from Barnett Waddingham

Jonathan Smith joins BMO Global Asset Management as Investment Solutions Director from Schroders

William Parry joins Aon as Senior Consultant, Fiduciary Management from Xerox

Moira Beckwith joins Capital Cranfield as Client Director & Independent Trustee from GlaxoSmithKline

Mark Clacy-Jones joins Standard Life Investment as Fund Strategist from Knight Frank

John Nestor joins Capital Cranfield as Client Director & Independent Trustee

Phil Spencer joins LGIM as Solutions & LDI Product Specialist from Hymans Robertson

Paul Black joins Capital Cranfield as Client Director & Independent Trustee from Lane, Clark & Peacock

It is understood that Andrew Dyson will be joining QMA (US) as CEO from Affiliated Managers Group

DECEMBER

Aimee Bowkett joins LGIM as Smart Beta Product Specialist from AXA Investment Management

Simon Betteley joins SEI as Fiduciary Sales Director from BlackRock

Andrew Ridgers joins LGIM as Multi Asset Product Specialist from Aviva

Mahmoud El Shaer is understood to have joined Wellington from Aviva Investors

A year at Plenum - Nick's Experience

My internship at the Plenum Group provided me with an excellent opportunity to explore my wider career options, while also enabling me to develop a broad set of transferrable business skills. This suited me very well in my position as a recent graduate with an interest in pursuing a career within the financial services industry.

I was given the opportunity to work on various projects for clients across the pensions, insurance and investment space, thus allowing me to develop a comprehensive overview of the finance sector. By gaining such wide exposure to this industry I vastly improved my understanding the general business environment and how firms operate, as well as the various investment assets and products and also the challenges & developments within the pension industry.

On a typical day, my work would involve supporting the senior consultants by conducting comprehensive research across a broad range of assignments. This could consist of identifying and communicating with relevant candidates for a particular role, conducting market research on behalf of a client or identifying or researching the key firms and individuals within a niche market area in order to further Plenum’s expertise. These activities enabled me to develop my research skills, and subsequently deepen my knowledge of the industry.

I very much enjoyed my year at the Plenum Group and I feel that this internship gave me a very solid professional foundation, which will prove to be invaluable as I embark upon the next stage of my career.

NICK WORKED WITH PLENUM IN 2016 AND HAS SINCE GONE ON TO BECOME A TRAINEE CHARTERED ACCOUNTANT AT SAFFERY CHAMPNESS

Freelance CORPORATE FINANCE analyst required

We are working with a start up corporate finance and pension consulting business that is looking to hire a freelance analyst to prepare and review papers for their clients. 

The appropriate individual will have a background in either a top tier bank or consulting firm and will be highly numerate and literate, ideally with experience in corporate finance. Expertise in pensions would also be highly desirable. 

Working directly with the CEO, the incoming person must have high levels of self motivation along with great time management skills and must be credible operating at board level. 

The work will be on a freelance flexible basis and the incoming the person must be comfortable managing multiple demands on their time from competing priorities. Home working will also be possible. For the right person, this is an excellent opportunity to join a high calibre team at such an early stage of its development. 

To apply please email info@theplenumgroup.com or phone 0207 9936390

We are hiring:

Job description

Search Consultant

We are looking to hire a headhunter with high levels of self-motivation to service and develop our growing client base.

Based in London, our small team provides Executive Search services across the institutional investment market.

Focusing on retained and exclusive mandates at the senior end of this niche market, we pride ourselves on our research-intensive approach and market intelligence that has been well received by senior industry participants.

Working across asset managers, global consultancy firms, banks and boutiques, the firm has an established network and enviable client base; providing repeat business.

The culture of the firm is best described as mature, ethical and innovative, suiting people with high levels of self-motivation. Central to our team is the emphasis on building relationships and credibility that foster long-term success.  Free from the aggression and short-termism so often found in the recruitment world, we encourage refreshingly flexible working to get the best out of people.  

Requirements:

Minimum 2:1 degree from leading UK University

Minimum 12 months experience as a billing recruitment consultant (although more senior application are also welcomed).

Experience of insurance/pension/investment market is highly desirable

Compensation:

With an established franchise in this market and high average fees reflecting the seniority of our placements, there is considerable earning potential.

Whether you are an experienced headhunter with years of experience, or have recently started out, if you think you could flourish in an environment very different from your average headhunting firm, please get in touch. Please apply by emailing info@theplenumgroup.com detailing how the above description fits with your experience, capability and aspirations.