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Pearl appoints director of M&A

Pearl Group has appointed former JP Morgan Cazenove vice-chairman Terry Eccles as director of M&A.

Eccles worked at JP Morgan for 30 years and helped launch JP Morgan’s financial institutions team in 1986.

Transactions he worked on include advising TSB on its merger with Lloyds, Banco Santander on its acquisition of Abbey National and Barclays on its purchase of South African retail bank ABSA.

He became global head of financial institutions before becoming vice-chairman of the joint venture between JP Morgan and Cazenove in February 2005.

Eccles will work part-time with Pearl Group and will be responsible for dealing with acquisition opportunities.

Pearl Group executive director Hugh Osmond says: “We’re delighted that someone of Terry’s calibre has agreed to join us and coordinate our M&A activities.

“We have big ambitions in the sector and believe that the innovative steps we’ve taken so far demonstrate our commitment to improving prospects for policyholders and pensioners.

“We are keen to attract other life books and significant final salary pension schemes, where vendors, sponsors or trustees are looking for a better approach to managing their capital, assets and liabilities, and which can improve the prospects for policyholders or pensioners.”

Eccles says: “I’ve been very impressed by what Pearl has achieved for its policyholders since acquisition. It is taking an innovative approach to closed life books, applying new skills and techniques which have quite dramatically changed the prospects for Pearl policyholders in a short time. I’m looking forward to working with the team at Pearl to help effect further transactions.”

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