Paul McCauley, PICThe UK’s Pension Insurance Corporation (PIC) has hired a
funds-of-hedge funds expert to manage its alternatives portfolio.
Paul McCauley, an alternative researcher for 15 years, joined PIC on February 1 as a portfolio manager, the pension insurer confirmed to CIO.
“PIC invests a portion of its surplus capital in alternative investments and Paul has been brought on board as a specialist resource to focus on this,” the spokesperson said.
The alts portfolio targets “compelling investment opportunities outside of the credit markets,” the spokesperson continued, without backing pension liabilities.
Prior to joining PIC, McCauley most recently co-founded an alternatives marketing and research firm. He also spent nine years with International Asset Management—one of the oldest funds-of-hedge funds firm in Europe—as head of risk and portfolio analysis covering multi-asset, credit, and equity hedge funds.
McCauley also served as an executive director at Goldman Sachs, working in prime brokerage risk. He holds a degree in accounting from the University College Dublin.
PIC has more than £16 billion ($18 billion) in assets insuring nearly 130,000 pension fund members.
Last June, PIC struck a deal with Prudential Insurance Company of America to reinsure £1.6 billion of pension fund liabilities against longevity increases. The agreement covers members of 74 pensions that have moved to PIC through buyouts and buy-ins in recent years.
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