Monday Movers

GLOBAL - USS; Record Currency Management; BlackRock; First State; West Midlands; Mn Services;

The Universities Superannuation Scheme has doubled its private markets investment team with four hires to help boost its direct infrastructure investment capabilities.

The £32bn ($51bn) outfit has recruited infrastructure fund manager Gavin Merchant from Equitix to act as senior investment manager for the private markets team and three new analysts, Tahir Bhimji, Teia Merring and Sanjeev Phakey. They will cover USS's investment in private equity, timberland and infrastructure.

Bhimji joins from Lloyds Banking Group Equity Capital Markets & Advisory, Merring joins from Goldman Sachs International and Phakey has been hired from corporate finance advisory boutique Spayne Lindsay & Co.

Senior investment manager Merchant will report directly to head of alternative assets Mike Powell.

The alternative assets division of USS was established in 2007 and now numbers 17 people with the new hires. USS chief investment officer Roger Gray (pictured) said the hires marked an important step in building the scheme's alternative assets programme.

UK-based Record Currency Management has made its first US appointment, hiring Chris Adair as head of Americas consultant relations and sales.

Adair will open the firm's new US office in Atlanta, Georgia. He joins from Ryan Labs Asset Management where he worked on institutional marketing and liability driven investment portfolio strategy. Adair will report to Leslie Hill, head of client team and board director at Record.

Over 28% of Record's $31.4bn in total exposures under management comes from clients in the Americas. Officials at the firm expect further growth as US investors take on more international assets putting currency risk management at the forefront. Other US institutions are looking to currency management for alpha generation, said James Wood-Collins, chief executive of Record.

Adair added: "Since 2002, the MSCI EAFE index in US dollars is up 48%, 43% of which has come from currency appreciation versus the dollar. Protecting this embedded currency return in international equity portfolios for our clients will continue to be a core focus.

BlackRock announced Mark McCombe, former CEO of HSBC Hong Kong, will join as the new chairman of Asia Pacific, replacing Rohit Bhagat who is at the end of his two-year term at the post.

McCombe will be a member of the firm's global executive committee and global operating committee. He reports to chairman and chief executive Laurence Fink. McCombe was most recently CEO of HSBC Hong Kong, and previously led HSBC Global Asset Management.

"We've expanded significantly in the region in recent years and, with a leader of Mark's caliber joining our team, I am confident we can accelerate the growth of our business and brand in Asia and continue strengthening the investment capabilities needed to help our clients achieve their financial objectives," said Fink.

Diring his time in the role, Bhagat "led the integration of the BlackRock and Barclays Global Investors' businesses in Asia Pacific, substantially strengthened the regional leadership team, delivered strong business growth in a challenging environment, and further enhanced BlackRock's Asia Pacific investment capabilities, product lineup, risk management and infrastructure," the firm said.

First State Investments has hired Philippe Taillardat as co-head of Infrastructure Investment Management Europe as the firm plans its expansion into continental Europe with a new office in Paris.
Most recently, Taillardat ran his own consultancy business focusing on financing and investment strategies for unlisted infrastructure. Before that, he worked at Amundi Private Equity Funds where he was responsible for developing unlisted infrastructure funds of funds for institutional investors. He will report to Christine O'Reilly and Perry Clausen, global co-heads of global unlisted infrastructure.

Brian Bailey, director of pensions at the £7.7bn ($12bn) West Midlands Pension Fund, has announced his retirement after 40 years' service with Wolverhampton City Council. Bailey - who will leave the city council on 31 March next year - was first appointed as a trainee accountant in August 1972 after obtaining a degree from Birmingham University and occupied various accounting positions after qualifying as an accountant in 1976. (Global Pensions; 9 September 2011)

Northern Trust has swelled its Hong Kong-based team as it prepares to offer index equity portfolio management services after receiving regulatory approval this week.

The firm has appointed Patrick Dwyer senior portfolio manager in the global index equity team, moving him from the firm's Chicago offices in March. Craig Annakin has joined Northern Trust as head of Asian dealing with responsibility for setting up the new Asian dealing desk. He joined in May from Deutsche Asset Management in Singapore where he served in a similar capacity. (Global Pensions; 8 September 2011)

Fiduciary manager Mn Services has added three staffers to its UK team. Jeff Neate will be now senior account manager UK and will report to Remco van Eeuwijk, managing director UK. He joins from P-Solve Asset Solutions where he was head of strategic consulting.

Marcelo Dellavedova joins from Northern Trust, where he was institutional business development manager. He will be business development manager UK and will report to Colin English, head of business development UK.

Chun-Kong Lui has been appointed risk and operations manager and will relocate from the Mn Services headquarters in the Netherlands where he was senior performance analyst. He will report to Dirk de Heer, head of risk, reporting and operations UK.