GLOBAL - Barclays Global Investors (BGI) has appointed Rohit Bhagat as global chief operating officer (COO).
Bhagat succeeds Rich Ricci, who was appointed COO of Barclays Capital, Barclays PLC’s investment banking division, and Barclays Private Clients in January. He will be based in San Francisco.
Bhagat joins from The Boston Consulting Group (BCG) where he was a senior vice president and ran the west coast Financial Services practice based in San Francisco.
Reporting to BGI’s global co-CEOs, Blake Grossman and Andrew Skirton, he will be responsible for the technology, operations, finance, strategic planning, human resources, legal, compliance and risk functions for the firm. He will also be a member of BGI’s executive committee.
“Rohit brings a wealth of relevant experience to BGI,” said Blake Grossman. “He has worked across a broad range of financial services, with extensive experience in asset management and his work has familiarised him with best practices in the functional areas critical to the COO role.”
While at BCG, Bhagat’s responsibilities included leading assignments for clients in retail banking, asset management, wealth management, brokerage and capital markets. He also launched and developed BCG’s Indian practice.
Bhagat was a core member of BCG’s technology and corporate finance & Strategy practices. Prior to that, he was with Booz-Allen & Hamilton, a strategic management and technology consulting firm. Rohit is uniquely qualified for the position and he will be a valuable addition to BGI’s management team, said Andrew Skirton. I am confident that Rohit’s leadership, energy and experience will serve BGI well. He knows our business and will immediately fit with BGI’s culture.”
Coats' pension scheme members are not entitled to annual increases of 5%, the High Court has ruled in a rare instance of a court overturning a decision of The Pensions Ombudsman.
Trustees of the Airways Pension Scheme (APS) have been granted permission to use more than £1m of scheme assets to fund an appeal over discretionary increases.
Chancellor Philip Hammond is being pressed to tackle the impact of pensions allowances on the NHS' ability to recruit and retain staff.