By Sophie Baker
Financial consultant Towers Perrin has built upon its pension related investment consulting business by forming a new European Investment Consulting Group based in Munich, Germany.
Local business practice will be supported by the new centre of investment excellence, and will be lead by Nigel Cresswell, newly appointed principal at Towers Perrin.
Cresswell was previously executive director of the Investment Banking Division and head of the German, Swiss and Austrian Pensions Advisory Group at doomed Lehman Brothers, and prior to this he worked as executive director at Morgan Stanley in the European Pensions Group in Frankfurt.
"We are pleased to welcome Nigel," said Reiner Schwinger, head of Retirement Consulting, Germany at Towers Perrin. "He not only has an excellent knowledge of the financial markets across Europe but his relationships with large multi-national companies in Germany and beyond further supports our growing investment consulting business at a national and Pan-European level."
John Manion, head of Retirement Risk Solutions, Europe at Towers Perrin, added: "The current financial crisis is of major concern to companies and their pension schemes. There has never been a more important time for companies to manage the impact of pension risk on their balance sheets. Nigel's experience to structure and execute pragmatic and timely risk management solutions is a perfect fit for
the increasing demand from our clients to manage their pension risk challenges," he concluded.