William Nicoll, head of private assets at Royal London Asset Management.

Nicoll joins Royal London Asset Management from M&G where he served as CIO, private and alternative assets, and was in charge of overseeing a global team that was in charge of managing assets worth about £70bn ($85bn).

Additionally, Nicoll spent 19 years working for the company, during which time he also served as co-head of alternative credit and head of institutional fixed income.

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He will start his new position on 3 October 2023, and will be reporting to Piers Hillier, chief investment officer of Royal London Asset Management.

The hiring is a component of a significant strategy for Royal London Asset Management that will increase its ability to participate in private markets.

The rise in interest rates and the normalisation of bond markets, in particular, Royal London Asset Management believes, have created a highly supportive environment for the development of this new offering and the delivery of attractive solutions to further assist investors in achieving their long-term goals. This belief is supported by extensive research and due diligence.

Furthermore, following thorough research and due diligence, Royal London Asset Management believes that the current market and economic conditions, particularly the rise in interest rates and the normalisation of bond markets, provide a highly supportive environment for the development of this new offering and the delivery of appealing solutions to help investors further achieve their long-term goals.

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Commenting on the appointment, Hillier said: “As part of our continuing commitment to deliver best-in-class investment solutions and services to our clients, we place significant focus on carefully assessing markets to identify where the most attractive opportunities lie and how investors can best access these. We believe that private markets have an important role to play in portfolios, with current market conditions providing a very conducive entry point for our business as we seek to expand our range of capabilities into this space.  Will brings extensive experience and a proven track record of building and managing investment capabilities in this area, and we believe his experience will be invaluable to our clients as we embark on this exciting new initiative.”  

Nicoll added: “This is an exciting time to join Royal London Asset Management, which already has such a strong investment capability and excellent long-term performance. We are seeing tremendous growth in private markets and I am thrilled to be leading the build-up of Royal London Asset Management’s private assets business. Private markets, with their flexibility and innovation, are going to be a central part of market developments allowing us to transition to a more sustainable future. I am eager to get started and to build a strong private asset offering solutions for our clients which will work for them for decades to come.”