UK - Clerical Medical Investment Management (CMIM), a unit of HBOS's fund management business, has appointed Keith Lovett as chief operating officer.
Lovett joins CIO Michael Deakin and managing director Gary Mairs to complete the firm’s senior line-up. He reports to chief executive Douglas Ferrans and is responsible for supporting the business, including finance, investment administration, performance analysis and IT.
HBOS’s Asset Management business was created at the end of last year by combining Clerical Medical Investment Management, Halifax Investment Management and the investment unit of Equitable Life. The operation manages £62bn, of which £8bn is institutional business.
By Madhu Kalia
This week's edition of Professional Pensions is out now.
Nearly 60% of UK employers consider defined contribution (DC) master trusts to be the "most suitable" pension fund for their employees, according to research by Buck.
Companies which have tried to dodge their pension duties by changing their identities are being "hunted" by The Pensions Regulator (TPR) in a crackdown on non-compliance with auto-enrolment (AE).
Removing liquidity restrictions would enable DC funds to capitalise on the potentially higher and safer returns that DB schemes have benefitted from, says Patrick Marshall.