Ed Collinge, for four years a key part of the insurance sales team at market leader JP Morgan Asset Management, joined Invesco in the newly-created role in November. The firm made the announcement this morning, December 12. JP Morgan declined to comment.
Collinge’s new title is head of the UK insurance team, though he will also be lending a hand to Invesco’s institutional salesforces in continental Europe, particularly in the Benelux and Nordic countries.
Alongside the UK, these regions are particularly happy hunting grounds for institutional asset managers because of their comparatively large insurance and pension funds, which are willing to look externally for investment services.
Fund managers such as Standard Life Investments, Aberdeen Asset Management and Schroders have targeted insurance assets as a source for future growth.
Woes at Deutsche Bank could present further opportunities. Its asset management arm, Deutsche Asset Management, is one of the leading asset managers active in the insurance field – alongside BlackRock, JP Morgan and Goldman Sachs Asset Management, according to the annual rankings from the Insurance Investment Outsourcing Report.
At Invesco, Collinge reports to Hugh Ferrand, head of UK institutional sales and services. In the statement Ferrand said that insurers are reviewing their investments thanks to “low yields, regulatory and reporting requirements, technological advances … and the decline of annuities”.