I am confused about Apollo’s intentions in investing in the UK DC Market. I am confused by L&G’s top DC investment person is finding a new home with them!
Corporate Adviser make this their main story..
Legal & General’s head of DC Investment Jesal Mistry has joined Apollo Global Management as a managing director for UK defined contribution.
Mistry has been at L&G for nearly seven years, holding multiple positions throughout his time there, starting as senior business development director and progressing to becoming intern head of DC investment for nearly a year, until taking on the most recent position.
He joined L&G from Hymans Robertson, where he was for nearly three years, joining as a senior DC investment consultant and leaving as head of DC scheme design and provider evaluation.
He’s also had roles at Aon, Barclays, Capita and Universities Superannuation Scheme (USS).
In a LinkedIn post, Mistry said: “I’m delighted to be joining Apollo Global Management, Inc. as Managing Director, leading DC across UK and Europe. With the DC market evolving rapidly, Apollo are uniquely positioned to deliver outstanding value and outcomes.
“I’m really looking forward to working with you all and getting started in my new role.”
But I’m unclear what Apollo are going to do in the UK DC market that isn’t being done by his former employer L&G or WTW or Aon?
He is one of the few people who has disconnected from me on linked in and I’d ask him to get back in touch so I can explain the Apollo proposition when it arises. Former head of Scottish Widows Jeff Sayers is there and there is huge strength in the USA.
My hope is that we can have progress in DC pension investment – whether on accumulation of in the payment of pensions or equivalent. CDC is a variant of DC investment and I look forward to finding out from L&G later in the month what their thinking is (though I will be under NDA so nothing yet on here).
It is important that we have a proper debate on what we can do in the UK and if we have an American firm such as Apollo investing in DC pension investment management, I look to hearing new thinking, from a firm famous for being “alternative”
Get back in touch Mr Mistry! We want to know what you and Mr Sayers are up to! Britain needs an enhancement in its DC – whether collective or retail investment!
