Towers Watson Appoints CIOs in Step Towards Asset Management

(June 18, 2014) – Towers Watson has appointed two CIOs in a move which adds to the consultancy giant’s asset management capabilities.

Craig Baker has been handed the newly-created role of global CIO, while Chris Mansi has taken on the same position for Towers Watson’s “delegated clients”, including those using the firm’s outsourced CIO offering.

Together the pair will share responsibility for more than $60 billion in assets under management and $2 trillion in assets under advisory.

Mansi—who has worked at the group for 15 years—previously led the group’s fiduciary management arm, and will now take charge of its wider outsourcing business.

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Baker was previously Towers Watson’s head of research, and has been at the company for 20 years in various roles.

Chris Ford, global head of investment at Towers Watson, said the global CIO roles would “bring together all of our research and portfolio construction resources”. Baker will also have responsibility for the group’s investment philosophy.

The appointments are the latest in a number of staff changes at Towers Watson this year. In March Steve Carlson was promoted to head of investments for the group’s Americas business, replacing the departing Chris DeMeo. Ed Francis took charge of the European investment arm in the same month following Chris Ford’s promotion to global head of the investment business.

(June 17, 2014) – Consultant Diane Improta, an expert in the 403(b) savings vehicles used by universities, has joined Rocaton Investment Advisors as a managing director.

Improta’s move brought to a close a nearly 16-year career with another Norwalk, Conn.-based investment consultancy, Hewitt EnnisKnupp. She served as a member of its defined contribution leadership team, and led the firm’s 403(b) practice.

“It’s an extremely challenging and rewarding area,” Improta told aiCIO during her interview for the 2013 Knowledge Brokers list. “We’re dealing with some of the smartest folks out there—investment committee members who write CFA [chartered financial analyst] textbooks or research behavioral economics, for example.”

Many post-secondary institutions professionalized the management of their retirement schemes following the financial crisis, and Improta has seen much progress from there. “University 403(b) plans are already ahead of the curve with retirement income options.”

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Rocaton’s Head of Defined Contribution Chris Lyon pointed to Improta’s expertise in this area as a motivation for the hiring.

“Diane’s reputation and knowledge of the 403(b) market, combined with her broader experience across plan types, make her an excellent complement to our team,” he said.

Improta will work closely with Lyon and Managing Director Jeri Savage to advise Rocaton’s defined contribution clients, which together represent approximately $150 billion.