Partnership's director of defined benefit (DB) solutions Costas Yiasoumi has left the firm after two years and has been replaced by Tim Coulson.
Yiasoumi's departure in late June followed Just Retirement and Partnership completing a £15bn merger in April to become JRP Group. Partnership confirmed Coulson has been appointed as director of DB solutions and will be managing all the de-risking work for JRP Group.
JRP Group deputy group chief executive and managing director of UK corporate business David Richardson said "As part of the JRP Group integration process, we can confirm Costas Yiasoumi left the business at the end of June. He has made a valuable contribution to developing the DB proposition at Partnership and we wish him well as he continues with his career."
It is not yet known which firm Yiasoumi (pictured), who has over twenty years of experience in the bulk annuity industry, will be moving to but PP understands he is on gardening leave.
He joined Partnership in April 2014 and was responsible for developing the company's bulk annuity business finding appropriate and efficient transaction methods for corporates, trustees and consultants. He was involved in all of Partnership's bulk annuity transactions including a £206m case with an undisclosed client which at the time was the largest ever medically underwritten bulk annuity.
Yiasoumi's background includes roles as head of longevity solutions at Swiss Re, executive director at JP Morgan Chase and European principal at Mercer Human Resource Consulting.
Coulson joined Just Retirement in April 2012 to build and lead Just Retirement's DB de-risking business. He started his career at Pearl Assurance and spent six years at Prudential in actuarial product development and sales roles in the annuities business. He then moved to Paternoster UK to take the role of business development actuary.
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