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Deutsche Asset & Wealth ManagementMunish Varma has been hired by Deutsche Asset & Wealth Management to its loans and deposits group as head of structured solutions – a newly created role. He is based in London and reports to Balaji Prasanna, head of lending in the deposit products and wealth planning solutions division. Varma was most recently global head of structured credit at Nomura, having previously worked for Deutsche Bank in its global markets division for 10 years. 

UK National Employment Savings Trust – Otto Thoresen, acting director general of the Association of British Insurers (ABI), is to be appointed by the UK government as chairman of the National Employment Savings Trust (NEST). He will replace Lawrence Churchill, who is to step down in February 2015 after five years in the role. Thoresen has led the UK’s insurance lobby group since 2005, and he was chief executive at Aegon Group from 2005 to 2011.

Lloyds BankMiranda Zhao has been appointed by Lloyds Bank as head of UK funds, taking over from Robina Barker Bennett. Barker Bennett has moved to New York and is leading the bank’s global funds team there. Zhao will be based in London and report to Barker Bennett. She comes to Lloyds Bank from Erste Group Bank, where she was leading the international business and risk-management division. Before that, she was at Citigroup, in the role of director of structured products. 

PembertonThomas Duetoft and John Doyle are joining asset manager Pemberton in loan origination. Duetoft will be head of origination, leading the company’s investment sourcing team across Europe, focusing on the UK, Germany, France, Benelux, Italy and Spain in particular. Meanwhile, Doyle has been hired as head of origination for the UK and Ireland. Duetoft was previously at Citibank, Dresdner Kleinwort Wasserstein and Royal Bank of Scotland. Doyle joins Pemberton from Siemens Bank, where he headed the European leveraged finance platform. 

Mercer Norbert Fullerton has been appointed by Mercer as a partner in its financial strategy group (FSG). He will be based in London and focus on expanding the consultancy’s investment advice business to large UK pension funds, with an emphasis on strategic risk management. He joins Mercer from Russell Investments, where he was director in the pension solutions business area. Before that, Fullerton was a senior investment consultant at Towers Watson

InalyticsNeiloy Ghosh has been appointed to the data and analysis company’s client servicing team. Ghosh joins from Hermes Investment Management, the asset management arm of the BT Pension Fund, where he was head of the investment office, adding to his 17 years’ experience in asset management. He joins as a director.

KGAL Kurt Holderer, the chief executive and CFO of German asset manager KGAL, is leaving the company at the end of December at his own request, the company said. He will be replaced as chief executive by Gert Waltenbauer. Holderer said he was leaving the company, which he first joined in 2007, to make a “personal and professional change”, and added that he had not taken the decision to leave lightly. Waltenbauer joined KGAL in 1993, and has been managing director of KGAL GmbH & Co since 2007.

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