UK – Former HSBC Actuaries and Consultants (HACL) investment strategy head Bobby Riddaway, has been appointed client consultant at Hewitt Associates.
Riddaway joined HACL in November 1997 and left in September 2005. He was responsible for a number of key clients, and “instrumental” in the development of HSBC’s proprietary asset liability modelling process, said a statement released today.
He has been replaced internally by two investment strategy co-heads: Mark Hodgson and Ross Pritchard.
HACL – which advises approximately 240 clients – stated that it and the wider HSBC group was “committed to the marketplace”.
A spokesperson told IPE: “We’re profitable, and from what we understand, we’re more profitable than many”.
HACL’s investment consulting practice makes up nearly 11% of business. It has a 35-strong team in the investment practice and 440 employees in total.
Riddaway – a “lead client consultant” at Hewitt – will provide general investment advice to a number of Hewitt’s larger pension fund clients, said the statement.
A Hewitt spokesperson stated that he would be primarily based in the UK.
According to Hewitt, Riddaway’s appointment forms part of its “continued” investment practice expansion. Other recent investment consultant appointments include Clint Dove, Alistair Jones, Richard Lunt and Paul Richmond.
According to Hewitt, this expansion is largely due to “winning business”.