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Pearl Group appoints Gavin Stewart to run combined asset management arm

Pearl Group has announced the appointment of Resolution asset management chief executive Gavin Stewart to manage the firm’s combined asset management business.

Stewart will be responsible for pulling the expertise of both Resolution and Axial Investment Management together with the pair forming an asset management arm with £80bn in funds under management.

Earlier this month the Financial Services Authority granted Pearl Group control approval for its acquisition of Resolution, bringing an end to a long takeover saga that dated back to the proposed Friends Provident and Resolution Life merger proposals in the summer of 2007.

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 very much looking forward to.”

Current CEO/CIO of Axial Jan Straatman is to leave the firm taking up a position as CIO for ING Europe in the Netherlands.

Pearl’s 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 CEO with an impressive track record in the asset management sector and we believe he is the right person to ensure that the businesses’ full potential is reached.”

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