Mercer has created a new global CIO role in response to the rapid evolution of its investment management business, which now manages more than $44 billion globally.
Russell Clarke, Mercers current Asia Pacific CIO, will take the new role of global CIO of mainstream assets and report to the firms London-based Global CIO Andrew Kirton.
As CIO of mainstream assets, Clarke is now responsible for worldwide investment management decisions concerning all traditional asset classes including equities, property, fixed interest and multi-asset portfolios.
Our business is growing rapidlyboth in terms of assets under management and the range of investment strategies were bringing to market in response to client needs, says Kirton. As we evolve our portfolio management activities to an increasingly global footing and integrate it more closely with the underlying strategic and manager research that underpins it, the need for a pivotal leadership role in managing the challenges of the growing scale and complexity has become apparent.
The new role is a logical extension of Mercers reorganization earlier this year of alternatives research and portfolio management activities along global lines, Kirton says.
That reorganization saw the formation of an Alternatives Investment Committee, chaired by our CIO [of] Alternative Assets, Bill Muysken, and an expansion of Bill’s role to take in both beta and alpha strategies. Some of the changes introduced in respect of alternatives will also be applicable to mainstream assets and part of Russell Clarke’s role will be to work closely with Bill exploring the scope of potential crossovers, Kirton says.
Regional CIOs across the globe, including Andrew Howard who has been appointed as Clarkes replacement in Asia-Pacific, will now report to Clarke. Howards appointment is also an internal promotion from his role for the past seven years as Mercer Australia’s senior portfolio manager. Phil Graham, Mercer Australias senior portfolio strategist since 2007, becomes deputy CIO of Asia-Pacific. Staff hires are planned over the coming months to fill the vacancies resulting from these promotions.
Were delighted to be able to fill these roles with such high-caliber internal candidates, says Stephen Roberts, Mercers regional business leader of investment management, Asia-Pacific. These appointments are testament to the career prospects for talented individuals in our organization.
Roberts says Mercers Australian and New Zealand investment management clients would benefit from Clarkes move to the new global role as it would enable even stronger advocacy of local issues at the highest levels within Mercer internationally.
Clarke reassured Mercers local clients that he was transitioning to a most capable successor in Andrew Howard, who has worked closely with him over the past seven years and has a deep insight into and appreciation of the needs and challenges of local investment management clients.
I will be transferring my responsibilities to Mr. Howard in a phased, orderly fashion to ensure continuity and a smooth transition, Clarke says. Andrew will continue to report to me, so Ill retain high-level oversight of the local portfolios going forward.
(CM)