Patrick McCoy has been appointed to lead Xafinity Punter Southall's combined investment teams.
McCoy will lead the team - which was formed following Xafinity's purchase of the actuarial, investment consulting and administration businesses of Punter Southall last year - and also sit on the executive committee driving and implementing the firm's strategy. He will report directly to Xafinity Punter Southall co-chief executive Paul Cuff.
McCoy was formerly a partner and head of investment advisory at KPMG, but the left the firm in 2016 after being charged with offences relating to a film tax scheme. All charges against him were later dismissed.
At KPMG he built the firm's investment team from two to 80 people over a period of ten years. Prior to this he worked for 12 years at Aon Hewitt as an investment consultant.
Commenting on McCoy's appointment, Cuff said: "It is an exciting time for us following the acquisition of the actuarial and investment consulting and pensions administration businesses from Punter Southall Group, and also for the sector. Patrick's arrival provides an ideal opportunity to take advantage of the pending market disruption which will be caused by the current CMA review."
McCoy (pictured left) added: "With trustees wanting to retain control of decision making and wanting more innovative client-focused advice, we are in an ideal position to help. They also want efficient and timely implementation, something the investment consulting industry has not always delivered. The people within the firm are easy to get on with and also have a depth of intellectual curiosity, wrapped by efficient processes and a get-it-done attitude."
This week's top stories included the Department for Work and Pensions issuing two separate consultations on the pensions dashboard and defined benefit consolidation.
A regime similar to that for defined contribution (DC) master trusts will be set up for regulating defined benefit (DB) consolidators under plans announced today.
Defined benefit (DB) superfunds that wish to enter the market must talk to The Pensions Regulator (TPR) about their plans before opening for business.