Movers and shakers w/e 19 January 2023

Michelle Ostermann appointed as CEO of The Pension Protection Fund

The Pension Protection Fund (PPF) has appointed Michelle Ostermann as its new CEO. She will succeed Oliver Morley on the 1 April. 

The PPF, is the umbrella scheme in charge of protecting eligible members of defined benefit pension schemes. It oversees a portfolio of £32.5bn in assets. 

Ostermann is currently the chair of the International Centre for Pension Management. She has worked in the pensions industry for over 30 years and has recently worked as senior vice president and global head of capital markets at PSP Investments in Canada, as well as the managing director of Railpen Investments in the UK. 

Kate Jones, chair of the PPF, said: “We are delighted to welcome Michelle to the PPF as we navigate our next chapter.  Her member centric approach and fiduciary experience will certainly help us to continue to play a pivotal role in safeguarding the futures of those who rely on us, while also delivering for our levy payers and other key stakeholders. 

“As a recognised thought leader in the global pensions industry, her vision, curiosity, knowledge, and transformative approach will be invaluable as we continue to explore the possible expansion of our remit in support of the government’s economic plans for the UK. I very much look forward to working with her.” 

Michelle Ostermann added: “Having long admired the PPF’s astute approach to investing and its profound impact on the UK pension system, as evidenced by its award-winning investment and administration businesses, it is both an honour and a privilege to now contribute to shaping its future. In a pensions industry rife with challenges and opportunities, I firmly believe the PPF is poised to play a critical role in defining best practices and reshaping the UK pensions landscape – a prospect I eagerly anticipate diving into.”

GAM hires Paul Markham from Newton

Paul Markham joins GAM as its new head of global growth equities. Markham will lead GAM’s global growth equities and disruptive growth teams. 

Prior to this, Markham spent 25 years at Newton Investment Management, where he was previously head of global opportunities, equities.

Elmar Zumbuehl, CEO of GAM said, “I am delighted to welcome Paul to GAM, his experience and track record will help us grow our global equity franchise as part of our strategy which is focused on creating long-term value for all our clients, shareholders, and employees.”

Paul Markham said: “This is an exciting time to join GAM’s highly regarded global growth and disruptive equities team. I share GAM’s belief in building concentrated long-only portfolios with high active share and diversified risk in order to deliver long-term outperformance for clients. I am looking forward to working with the team to deepen and expand the firm’s expertise across the considerable market opportunity set in global equities.” 

NOW: Pensions appoints Fiona Matthews to its trustee board 

Master trust NOW: Pensions has today announced the appointment of Fiona Matthews to its board of trustee directors, effective from 1^st January. 

Matthews has worked in the pensions and life assurance industry for over 25 years. She established UK master trust LifeSight and oversaw its global expansion. She has also sat on the PLSA’s master trust committee and is a fellow of the Institute and Faculty of Actuaries.  

NOW: Pensions anticipates a pivotal year ahead; the master trust is planning to roll out upgrades to its proposition in the early summer. 

Joanne Segars OBE, chair of Trustees, NOW: Pensions, commented: “Fiona joins during a transformative year for the scheme and the pensions industry at large. The extensive experience, knowledge and enthusiasm that I know she will bring to the role will play a key part in helping to uphold the board’s commitment to promoting good member outcomes. We look forward to working closely with Fiona in the years ahead.” 

Commenting on her appointment, Fiona Matthews said: “As one of the most prominent master trusts in the industry, NOW: Pensions has an important role to play in ensuring improved outcomes for members. By undertaking this new challenge, I hope to play an essential part of the Board’s commitment to upholding excellence for members.” 

Jit Parekh joins Aon as a partner in the UK DC team 

Professional services firm Aon has today announced that Jit Parekh has joined the firm as a partner in its UK defined contribution (DC) team. 

Parekh joins Aon from Schroders Solutions, where he was initially head of the DC team and responsible for advisory and fiduciary clients. He then moved into a broader role covering proposition development and strategic opportunities across DC and defined benefit schemes, both in the UK and globally. 

Parekh started his career at WTW as an investment consultant, before moving to Isio where he focused on DC opportunities, including DC trust and master trust clients. 

Ben Roe, senior partner and head of DC consulting at Aon in the UK, said: "As DC pensions become the main retirement vehicle for the UK population, we are inevitably seeing expansion in the market, requiring fresh solutions and thinking to build a more resilient workforce. 

"Jit Parekh has joined us at this key time in the market’s development. I'm sure our clients will soon be benefiting from his wide and excellent knowledge and experience."

Jit Parekh, partner in Aon’s DC team, said: “The DC market continues to grow and evolve at pace. However, there remains a real issue around retirement income adequacy. It is therefore critical that corporates and trustees look to deliver strong outcomes for members. 

“I’m joining a market-leading team at Aon which is strongly positioned to help clients make better decisions on these challenges – and I’m looking forward to building on the team’s successes in driving best-in-class investment solutions.” 

Gowling WLG strengthens Financial Services sector team with corporate insurance and de-risking specialist 

International law firm Gowling WLG has appointed Madhu Jain as a partner in its London financial institutions and services sector team.

Jain advises clients in the insurance and reinsurance sector, including pensions de-risking. She joins the firm from Pinsent Mason, where she was a partner and also a co-chair of one of Pinsent’s diversity networks. Prior to this she worked for Linklaters.

Jain said: "I'm thrilled to have joined the firm to continue the growth of the financial institutions and services sector team. Gowling WLG has an exceptionally strong pensions risk transfer practice and there is strong synergy with my experience of advising trustees, insurers and reinsurers.

“The firm has an exciting vision to grow and I'm looking forward to working with our sector teams and wider practices as part of our full-service offering to clients."

Stuart Young, head of corporate, finance and tax at Gowling WLG, said: "Jain is an exceptional corporate lawyer who strengthens our firm across multiple practices and sectors and we're delighted to welcome her to the firm."