UK – The Royal Bank of Scotland has hired consultants from Mercer Investment Consulting and Milliman UK to boost its UK and European Insurance and Pensions Group.

The bank said in a release that Marcus Mollan joins from Mercer where he was a senior consultant. And Stuart Morris was a principal consultant specialising in life insurance at Milliman.

They will report to Andrew Walker, head of rates structuring and Mike Ricketts, head of UK and European Insurance and Pensions Group.

In July IPE reported that UBS had hired Huw Williams, the Royal Bank’s head of pension fund strategy.

Mollan and Morris will structure and market risk management solutions, including derivative-based products, for pension funds and insurance companies. Both are Fellows of the Institute of Actuaries and will be based in London.

“We are delighted to have Marcus and Stuart join RBS,” Ricketts said. “They both have tremendous experience and will make a significant contribution to building our presence and profile in this significant part of our business.”

The group is part of the Edinburgh-based bank’s financial markets business.

In March this year the 12 billion-pound (17.9 billion-euro) Royal Bank of Scotland Pension Fund moved to a multi-manager strategy, adding seven new asset managers, as well as changing its actuary.