Pension Corporation Taps Friends Life for New CIO

A Forty Under Forty alumnus is to take the top job at a UK pension insurer.

RobertGrovesRobert Groves, CIO, PIC (Art by Chris Buzelli)Robert Groves has joined Pension Insurance Corporation (PIC) as its new CIO, replacing Tracy Blackwell who became deputy CEO of the company in March.

Groves, who appeared on CIO’s Forty Under Forty in 2012, has joined the pension de-risking specialist from insurance company Friends Life where he had held the same position and oversaw £100 billion in assets.

In this new role he will be responsible for PIC’s portfolio, including asset and liability management, manager selection, and interest rate and inflation hedging strategies, the company said.

PIC has £14 billion under management primarily invested in investment grade corporate bonds, UK Government debt, and cash. However, the investment team has made some more esoteric investments, including direct real estate financing and other illiquid products.

Last week, the company took top honours in the de-risking/swaps category at CIO’s European Innovation Awards.

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