EUROPE - Morgan Stanley has confirmed it's hired PricewaterhouseCoopers' Neville McKay as the new head of its European Pensions Group.
"Mr. McKay, aged 49, joins after 16 years at PricewaterhouseCoopers, where he held a variety of senior roles in London and New York," the bank said. He will be based in London and report to Jakob Horder, head of capital markets for European financial institutions.
McKay was most recently a partner in PWC's pensions business with responsibility for advising European companies and trustees on all of their pension issues. The appointment had been expected following earlier media reports.
He'll take on a role vacated by Alan Rubenstein when he joined rival Lehman Brothers earlier this year. McKay began his career as an actuary at the Government Actuary's Department in 1979, before joining Mercer as a consultant in 1987. He joined PWC in 1990.
"In his new role, Mr. McKay will lead a team of professionals in the UK and Europe with responsibility for advising clients on issues such as managing and reducing pension deficits, as well as complex pension-related issues in M&A situations," Morgan Stanley said.
Horder said: "Neville brings many years of pension industry experience and in particular a unique skillset in terms of advising companies on broader strategic issues related to their pensions plans.
"His appointment is a further sign of Morgan Stanley's commitment to helping clients realize creative, long-term solutions to their pension issues at a time of profound change in the industry."
McKay began his career as an actuary at the Government Actuary's Department in 1979, before joining Mercer as a consultant in 1987. He joined PWC in 1990.