Robert Groves was named chief investment officer of Pension Insurance Corp., a specialist insurer of defined benefit plans, sources said.
PIC announced in January it was searching for a replacement for current CIO Tracy Blackwell. Ms. Blackwell, also deputy CEO, will become CEO at PIC on June 30, when John Coomber retires.
Details of Mr. Groves’ starting date could not be learned by press time.
PIC has £13.8 billion ($21.6 billion) in assets under management.
A spokesman for PIC declined to comment.
Mr. Groves is currently CIO at Friends Life. “We can confirm that Robert Groves is leaving the role of chief investment officer at Friends Life to take up a new opportunity outside the group, and we wish him well in his new role,” said a spokesman for Friends Life in an e-mail. “Friends Life is now part of the Aviva Group, and we have considerable investment expertise across the group as a whole.”
Mr. Groves will remain with Friends Life “for up to six months in line with his notice period,” said the spokesman, during which time the firm will search for a replacement.