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Pearl recruits from FSA to focus on closed funds

Pearl Group has recruited David Baker from the FSA to oversee closed fund policyholder issues.

Baker joins in April as director of business transformation from the regulator, where he has been working on closed life funds since 2003.

He worked on an FSA study on the impact of an ageing population on the UK financial services sector. Before joining the FSA, he worked for 10 years as an economist in internat- ional development.

Baker will be focusing on the management of Pearl from a regulatory point of view and looking to ensure best practice in the running of its closed funds, with a emphasis on treating customers fairly. He will be driving Pearl’s strategy of ensuring that the management of its with-profits business is communicated to policyholders.

Baker’s recruitment follows the appointment of Jan Straatman as chief investment officer from Dutch pension fund ABP at the end of 2005.

Baker says: “Pearl’s goals are to focus on improving investment returns and to place TCF at the centre of its strategy. I am delighted to be joining to assist in achieving these goals and to help develop the best possible long-term proposition for policyholders.”

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