Pension Insurance Corp. Recruits Hedge Fund Specialist

Paul McCauley PIC 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.

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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.

Redington Mitesh Sheth Mitesh Sheth, CEO, RedingtonUK-based consulting firm Redington has tapped a new CEO.

Mitesh Sheth, the firm’s current director of strategy, will begin his new position effective April 5, Redington announced Friday.

Following Sheth’s promotion, co-Founders Robert Gardner and Dawid Konotey-Ahulu will step down as co-CEOs to “dedicate more of their time to clients, innovation, and development,” the firm said in a statement.

“Mitesh’s appointment as CEO ensures we are well-placed to accelerate our efforts in helping our current and future clients meet the challenges posed over the next decade,” the co-founders said.

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Prior to joining Redington, Sheth was head of fixed income at London-based asset manager Henderson Global Investors and has also spent time at Watson Wyatt (now Willis Towers Watson) and Aon Consulting (now Aon Hewitt).

“Redington is renowned for its commitment to its clients, unique culture, and being at the cutting edge of innovation in the UK pensions industry,” Sheth said. “I look forward to building these strong foundations as we tackle the UK’s savings challenge in the coming years.”

Sheth holds a degree in actuarial science from the London School of Economics.