Bernard Hughes joined Mercer's annuity settlement group as a senior consultant, reflecting a pickup in client interest in pension risk transfer and management strategies, confirmed Rich Nuzum, the head of Mercer's U.S. investment business.
The position is new, bringing the number of senior annuity settlement group consultants at Mercer to four, Mr. Nuzum said.
Mr. Hughes joins Mercer from annuity brokerage firm Brentwood Asset Advisors, where he served as a senior portfolio manager. Before that, he served for 20 years as a consultant at Towers Watson and Towers Perrin.
Neil Ronco, a spokesman for Brentwood, said the senior portfolio manager position at Brentwood will be filled.
Mr. Nuzum called Mr. Hughes one of the most experienced consultants in the country when it comes to working with plan sponsors and working with insurers on risk transfer transactions. With the firm's annuity settlement group working “flat out” now, Mercer could add one or two more senior consultants, Mr. Nuzum noted.
Melanie Zanona contributed to this story.