UK - Cliff Speed, formerly of Paternoster, has joined Bank of America Merrill Lynch's pension and insurance solutions division, IPE understands.

Speed, who will be based in one of the group's London offices, has been named director within the division responsible for market solutions group (MSG) sales.

He will report to Benjamin Sturges, head of UK FICC sales.

Previously, Speed worked as investment strategy director at Paternoster, acquired by Goldman Sachs-owned pension insurance group Rothesay Life in January.

Joining in 2006 from Hewitt Associates, he focused on liability driven investment strategy, as well as the use of derivative overlay strategies for pension schemes.

He has also worked for Aon Consulting and lectured at Heriot-Watt University on actuarial mathematics.

He is a fellow of the Faculty of Actuaries and a former member of the Faculty Council and the Pensions Board.