Key Takeaways
- • Willis Towers Watson has bifurcated its diversifying strategies leadership, creating separate head of liquid alternatives and head of real assets positions to replace departing head Damien Lovejoy, who joined Angelo, Gordon & Co in September 2016.
- • Sara Rejal appointed head of liquid alternatives will oversee hedge fund selection, alternative beta, reinsurance, and multi-asset strategy research within the institutional consultancy's investment division.
- • Karen Dolenec elevated to head of real assets maintains oversight of real estate, infrastructure, and natural resources within the same diversifying strategies team.
- • Both Rejal and Dolenec joined Willis Towers Watson as senior investment consultants in 2014, indicating internal promotion and retention of institutional talent.
- • Willis Towers Watson operates two liquid alternatives pooled vehicles under its funds business (headed by Paul Berriman) that implement the firm's diversifying strategies investment theses across hedge funds, systematic strategies, multi-asset vehicles, and alternative return drivers.
Summary
Willis Towers Watson, the institutional investment consultancy, has restructured its diversifying strategies division by splitting leadership responsibilities following the September 2016 departure of Damien Lovejoy, the former head of the unit. The reorganization creates two distinct senior roles tasked with managing different asset class specializations within the alternative investment research and selection framework.
Sara Rejal assumes the newly created position of head of liquid alternatives, a role that encompasses oversight of hedge fund selection, alternative beta strategies, reinsurance products, and multi-asset approaches. This appointment reflects the firm's strategic focus on systematizing its alternative investment research across liquid vehicles. Simultaneously, Karen Dolenec has been appointed head of real assets while retaining her existing responsibilities for real estate, infrastructure, and natural resources investments. Both executives joined Willis Towers Watson in 2014 as senior investment consultants, signaling the firm's preference for internal promotion to fill senior strategic roles.
The diversifying strategies division, which now operates under this dual leadership structure, conducts research across a comprehensive range of return drivers. These include macro hedge funds, reinsurance, systematic hedge fund strategies, multi-strategy and multi-asset funds, real estate, infrastructure, agriculture, timber, and emerging diversifying strategies. The team includes Jennifer Bishop (head of macro/absolute return and alternative credit research) and Duncan Hale (head of infrastructure), creating a specialized talent base across multiple alternative asset classes.
Willis Towers Watson implements its diversifying strategies research through two liquid alternatives pooled vehicles operated within its funds business division, headed by Paul Berriman. These vehicles serve as deployment mechanisms for the firm's investment ideas across institutional clients. The reorganization occurs within a broader market context in which alternative asset managers are expanding liquid alternatives offerings; JP Morgan Asset Management's liquid alternatives product, for instance, reached $160 million (€142 million) in assets including seed capital since its January 2016 launch.
Sara Rejal assumes the newly created position of head of liquid alternatives, a role that encompasses oversight of hedge fund selection, alternative beta strategies, reinsurance products, and multi-asset approaches. This appointment reflects the firm's strategic focus on systematizing its alternative investment research across liquid vehicles. Simultaneously, Karen Dolenec has been appointed head of real assets while retaining her existing responsibilities for real estate, infrastructure, and natural resources investments. Both executives joined Willis Towers Watson in 2014 as senior investment consultants, signaling the firm's preference for internal promotion to fill senior strategic roles.
The diversifying strategies division, which now operates under this dual leadership structure, conducts research across a comprehensive range of return drivers. These include macro hedge funds, reinsurance, systematic hedge fund strategies, multi-strategy and multi-asset funds, real estate, infrastructure, agriculture, timber, and emerging diversifying strategies. The team includes Jennifer Bishop (head of macro/absolute return and alternative credit research) and Duncan Hale (head of infrastructure), creating a specialized talent base across multiple alternative asset classes.
Willis Towers Watson implements its diversifying strategies research through two liquid alternatives pooled vehicles operated within its funds business division, headed by Paul Berriman. These vehicles serve as deployment mechanisms for the firm's investment ideas across institutional clients. The reorganization occurs within a broader market context in which alternative asset managers are expanding liquid alternatives offerings; JP Morgan Asset Management's liquid alternatives product, for instance, reached $160 million (€142 million) in assets including seed capital since its January 2016 launch.
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