Key Takeaways
- • Willis Towers Watson splits its diversifying strategies leadership, creating dedicated Head of Liquid Alternatives and Head of Real Assets positions following the departure of Damien Lovejoy to Angelo, Gordon & Co in September 2016.
- • Sara Rejal assumes Head of Liquid Alternatives role overseeing hedge funds, alternative beta, reinsurance, and multi-asset strategy selection; Karen Dolenec named Head of Real Assets with continued oversight of real estate, infrastructure, and natural resources.
- • Both Rejal and Dolenec were promoted internally after joining Willis Towers Watson as senior investment consultants in 2014, reflecting the firm's investment in developing talent within its alternatives practice.
- • The diversifying strategies division operates two liquid alternatives pooled vehicles implementing the firm's investment thesis across macro hedge funds, systematic strategies, multi-strategy funds, and real assets including real estate, infrastructure, agriculture, and timber.
- • The organizational restructuring reflects growing institutional demand for liquid alternatives; JP Morgan Asset Management's comparable product reached $160 million in assets since its January 2016 launch, signaling market momentum in the sector.
Summary
Willis Towers Watson, a major institutional investment consultancy, has restructured its diversifying strategies team by splitting the previous head management role into two specialized positions. Sara Rejal has been appointed Head of Liquid Alternatives, where she will oversee the selection and management of hedge funds, alternative beta strategies, reinsurance products, and multi-asset funds. Concurrently, Karen Dolenec was promoted to Head of Real Assets, maintaining responsibility for real estate, infrastructure, and natural resources investments. Both executives were elevated from senior investment consultant roles they assumed upon joining Willis Towers Watson in 2014.
The organizational change followed the September 2016 departure of Damien Lovejoy, the former Head of Diversifying Strategies, who left the firm to join alternative investment manager Angelo, Gordon & Co. The restructuring reflects Willis Towers Watson's strategic decision to compartmentalize expertise across the growing alternatives space, allowing for deeper specialization and more focused research capabilities within each domain.
The diversifying strategies division operates within a broader research and implementation framework that examines multiple return drivers. The team, which also includes Jennifer Bishop (Head of Macro/Absolute Return and Alternative Credit Research) and Duncan Hale (Head of Infrastructure), conducts due diligence across macro hedge funds, reinsurance structures, systematic hedge fund strategies, multi-strategy and multi-asset vehicles, and real asset classes including real estate, infrastructure, agriculture, and timber. As part of Willis Towers Watson's funds business under Paul Berriman's leadership, the firm manages two liquid alternatives pooled vehicles that operationalize the division's research and investment recommendations.
This staffing move occurs within a broader industry context of rising institutional interest in liquid alternatives. According to Funds Europe reporting, JP Morgan Asset Management's liquid alternatives product had accumulated $160 million in assets (€142 million equivalent) since its January 2016 inception, including seed capital. The growth trajectory in this segment reflects institutional investor appetite for strategies offering liquid access to traditionally illiquid alternative return sources while maintaining portfolio diversification benefits.
The organizational change followed the September 2016 departure of Damien Lovejoy, the former Head of Diversifying Strategies, who left the firm to join alternative investment manager Angelo, Gordon & Co. The restructuring reflects Willis Towers Watson's strategic decision to compartmentalize expertise across the growing alternatives space, allowing for deeper specialization and more focused research capabilities within each domain.
The diversifying strategies division operates within a broader research and implementation framework that examines multiple return drivers. The team, which also includes Jennifer Bishop (Head of Macro/Absolute Return and Alternative Credit Research) and Duncan Hale (Head of Infrastructure), conducts due diligence across macro hedge funds, reinsurance structures, systematic hedge fund strategies, multi-strategy and multi-asset vehicles, and real asset classes including real estate, infrastructure, agriculture, and timber. As part of Willis Towers Watson's funds business under Paul Berriman's leadership, the firm manages two liquid alternatives pooled vehicles that operationalize the division's research and investment recommendations.
This staffing move occurs within a broader industry context of rising institutional interest in liquid alternatives. According to Funds Europe reporting, JP Morgan Asset Management's liquid alternatives product had accumulated $160 million in assets (€142 million equivalent) since its January 2016 inception, including seed capital. The growth trajectory in this segment reflects institutional investor appetite for strategies offering liquid access to traditionally illiquid alternative return sources while maintaining portfolio diversification benefits.
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