Pearl picks Stewart to meld Axial and RAM
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Earlier this month, the FSA granted Pearl Group control approval for its acquisition of Resolution, ending a takeover saga that began last summer when Friends Provident tried to merge with Resolution.
Stewart will be responsible for pulling together the expertise of Resolution and Pearl's Axial Investment Management to create an asset management arm with 80bn in funds.
Stewart says: "I am delighted to have been appointed to this exciting new position. The Axial and RAM businesses complement each other extremely well with little overlap in the services they provide. The potential of the combined business is enormous and the challenge of ensuring it is achieved is one I am looking forward to."
Pearl will reveal further details of its combined asset management operation in the summer.
Current chief executive/ chief information officer of Axial, Jan Straatman, is to leave the firm to take up a position as chief information officer for ING Europe in the Netherlands.
Pearl chief executive Hugh Osmond says: "As a business, we are excited by the potential of an integrated asset management operation. By combining the different skills of RAM and Axial we have the opportunity to create a business that is a best-in-class provider of asset/liability and investment management services to our own in-house life funds as well as third-party institutional and retail clients.
"In Gavin, we have an experienced and dynamic chief executive with an impressive track record in the asset management sector and we believe he is the right person to ensure the businesses full potential is reached."
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