Aon – Carsten Christoffersen has been appointed as the new chief executive officer of Aon Denmark, and is set to join the consultancy in October. He will succeed Allan Karlsen, who has now become chief operating officer of Aon EMEA. 

As CEO, Christoffersen will oversee Aon Denmark’s operations, develop strategic initiatives, and cultivate partnerships with clients, industry stakeholders, and colleagues, the firm said. Christoffersen is currently CEO of Zurich Denmark, part of Zurich Insurance, having worked at the subsidiary since the end of 2018. Before that, he worked at Novo Nordisk, latterly as director, risk insurance management.

Johan Forsgård, the Nordic CEO of Aon, said he was confident that Christoffersen has the ability to steer Aon Denmark towards new strategic acheivements.

He said: “I have no doubt that he will bring fresh perspectives and strategic insights to guide Aon Denmark to new heights.”

 

PIC – Mitul Magudia has been promoted to deputy chief origination officer, from head of business development, and will join PIC’s executive committee as co-chief origination officer from 1 January 2024. He will take over from Jay Shah, PIC’s existing chief origination officer, who has decided to retire after 15 years with PIC.

Magudia joined the company as a student actuary and has led many of PIC’s most notable transactions during his 15 years at the organisation, which said his promotion to Exco “is a significant achievement and demonstrates both the depth of talent we have within the company and the career advancement opportunities at PIC”. 

Announcing details of the succession plan to employees, Tracy Blackwell, CEO of PIC, said: “Jay has been with us for 15 years, joining just after we signed our first deal. Under his leadership of the origination team we have signed almost 260 buyouts and buy-ins with schemes of all shapes and sizes, covering more than £50bn of pension liabilities, consistently innovating new solutions and breaking industry records for the largest transactions. It’s a phenomenal track record and one that we intend to continue, so I very much look forward to working with Mitul in his new role as we grow the business.”

 

DWS – Markus Kobler has been appointed chief financial officer and member of the executive board at DWS, effective from 1 November, latest. He will replace current CIO Claire Peel, who decided to step down from the company earlier this year and will leave in September.

Previously, Kobler was chief financial officer at Allianz Global Investors from 2013 to 2020, when he took over as head of the company.

Karl von Rohr, chairman of the supervisory board at DWS, said: ”We look forward to welcoming a professional of Markus Kobler’s calibre and standing to DWS. His experience as CFO at one of the leading asset management companies positions him ideally to make an outstanding contribution at DWS.”

He also paid tribute to DWS’ departing CFO: “I would like to offer most sincere thanks to Claire Peel for more than 20 years of loyal and distinguished service to Deutsche Bank Group and for her many outstanding contributions to DWS, including her key role in DWS’ flotation in 2018. We wish Claire all success in the future.”

 

PPF – Shalin Bhagwan has joined the organisation as chief actuary, effective in July.

Bhagwan brings extensive pensions, insurance and investment experience to the role having worked across the sector for many years. He started his career in South Africa in life insurance pricing and reserving before moving to London and transitioning into liability valuations for defined benefit pension funds. 

In addition, he brings significant LDI, derivative and credit portfolio management experience and has advised some of the UK’s largest pension funds on their LDI strategies both as a consultant with Mercer and portfolio manager with Legal & General Investment Management.

He also served as a member of the Institute and Faculty of Actuaries’ Finance and Investment Board, and his recent advisory work with the task force to boost socio-economic diversity in both the financial and professional services sectors, aligns well with the PPF’s commitment to greater diversity and inclusion across the sector.

Oliver Morley, CEO said: “We are delighted to welcome Shalin to our executive team at a time of change and challenge for the DB sector. We have important priorities to deliver as part of our strategic plan and we look forward to his contribution to ensure we continue to deliver for those who rely on us.”

Bhagwan added: “The PPF has demonstrated its deep expertise across both asset-liability management and delivering an excellent customer experience. It is exciting to join at a time when this expertise is increasingly being recognised for the broader role it can play. I am looking forward to working with my colleagues to build on the important role that the PPF has to play in enhancing security for all members of our diverse DB pension fund universe.”

 

LCP – Amlan Roy and Mark Watts are joining the firm’s growing investment team.

Mark Watts has served on a number of boards in both executive (CEO and (CIO) and non-executive positions. He also chaired the FCA’s DB and DC Pension Plan Risk and Audit Committee and the Responsible Investment Working Group. Throughout his career he has advised a range of clients, including pension funds, sovereign wealth funds, central banks, insurance companies and family offices.

As an LCP partner, Watts will be supporting LCP’s investment clients both in the UK and globally with an immediate focus on helping them navigate the energy transition and ensuring they are deploying their capital effectively. He will be working closely with LCP Delta, the firm’s energy team.

Roy is a global macro client-facing researcher with almost four decades of experience across investment banking, asset management, academia, and policymaking. His institutional client advisory and policy/regulatory advice (central banks, SWFs, pension regulators, markets regulators) extends beyond 50 countries.

He will be working primarily in the sovereign wealth space as a senior advisor, bringing his wealth of knowledge and contacts to LCP’s sovereign wealth funds, public pension funds and central bank clients.

Watts said: “I am excited to be joining LCP at this critical time. Asset owners will need expert support if they are to navigate the complex world of the energy transition. LCP is uniquely placed to offer that support, drawing on both its well-regarded investment team and the deep expertise of our energy consultancy.”   

Roy added: “I am looking forward to bringing my knowledge and global client connectivity to help develop LCP’s offering in the sovereign wealth space and beyond. LCP isn’t afraid to challenge the status quo, and is looking to develop high impact and thought-provoking content.”  

Zuhair Mohammed, head of LCP’s investment team, said: “The interplay of ageing populations, rapid technological progress, and the ever-pressing realities of climate change has forged a formidable set of challenges on the global economic stage. Within this dynamic context, the diverse skillsets brought by Mark and Amlan stand as invaluable assets. Collaborating with our 170-strong investment team, they are primed to skilfully steer our clients through these megatrends.”