Hewitt Bacon & Woodrow hires ex-Pilkington CIO

Hewitt Bacon & Woodrow says it has hired Jeff McMahon, former chief investment officer at the 1.1 billion-pound (1.7 billion-euro) Pilkington Superannuation Scheme, which outsourced its assets to State Street last year.

The firm, part of US-based Hewitt Associates, added that has hired former Citigroup executive Yusuf Samad.

“I am delighted that we have managed to secure two such senior people to add to the existing strength within the investment team,” said Andrew Tunningley, head of UK investment consulting at the firm.

“Yusuf and Jeff have a great deal of varied experience within the investment industry and our clients will certainly benefit from the expertise that the pair bring to our practice.”

Glassmaker Pilkington outsourced the bulk of its pension assets to State Street Global Advisors on December 1 2003.

Yesterday asset manager King & Shaxson said it hired Andrew Wilson, a senior investment manager at the Pilkington scheme.

Samad was managing director for European fund manager relationships at Citigroup, Hewitt said. He is chairman of the UK Society of Investment Professionals.

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