Synesis Life, a company set up specifically to enter the bulk annuity market, has made a new appointment to its board.
Gavin Hill, a former chief executive of GE Asset Management, will join the company as investment director from the 17 July.
Before spending the last three years as head of GE Asset Management, Hill was previously chief executive of National Mutual Life, and oversaw its demutualization and transfer to GE in 2002.
Synesis says Hill will take on the new role as he has significant investment and asset and liability management experience in the life and pensions industry having previously been chief investment officer at GE Pensions, GE Life and GE Life Fund Management.
David Newbigging, chairman of Synesis Life, says: “I am delighted to welcome Gavin as our investment director. This is an important appointment for Synesis as we move towards completing our first transactions. I am confident Gavin’s expertise will make a significant contribution as we continue to grow and develop our business.”
Synesis Life, which has been set up by three former Prudential executives and backed by JP Morgan, the Royal Bank of Scotland, and Warburg Pincus, is just one of a number of companies who have recently decided to enter the bulk annuity market.
Other planned entrants over the next few months include AIG, Aegon and Paternoster, the new company set up by former Prudential chief executive Mark Wood which has recently received approval from the Financial Services Authority (FSA).
However in addition to pension funds, Synesis Life, which is in ongoing talks with the FSA over its approval, also plans to target medium to large annuity portfolios of other insurance companies, continuing the work the directors Isabel Hudson, Mark Duffy and Jay Shah, carried out at Prudential in the corporate partnerships department.
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