James Hughes has joined Aberdeen Asset Management in the newly created role of head of insurance solutions within its investment solutions business. He will report to Archie Struthers, global head of investment solutions, and work closely with the insurance specialists team in the firm's distribution division.
Aberdeen manages more than £120bn ($170bn) for global insurance businesses (as at 30 September 2015), covering policyholder funds, with-profits mandates, general insurance and bespoke risk-mitigating strategies for insurance company assets. The group, an FTSE 100 company, manages assets of £284bn in total.
Aberdeen wants to expand its insurance solutions business "in a structured manner," using Hughes's experience in both asset management and insurance.
Hughes was managing director of the multi-asset solutions division at Gottex Fund Management in London. Gottex specialises in alternative investments and manages around $8.5bn in assets. Before that, Hughes worked at HSBC for eight years, his last position being group CIO at HSBC Insurance.
According to consultancy Spence Johnson, insurance assets managed by third-party fund managers are set to double to almost €1trn ($1.1trn) over the next 10 years, thanks to structural changes and new regulations for insurers.