Steve Ilot resurfaces at F&C after break from BlueCrest unit
F&C has made a major appointment in London by hiring Steve Ilott, who late last year departed a unit he helped establish at hedge fund BlueCrest Capital Management, as F&C’s head of multi-strategy investments consulting with institutional clients.
BlueCrest established Alignment, under founding principals George Cooper and Richard Williams, at the height of the credit crisis, in August 2008, to provide strategic absolute return strategies for institutional investors putting fixed income money to work.
The establishment of the unit – of which Ilot was a partner – was heralded at the time by Michael Platt, co-founder of BlueCrest.
But it hit some turbulence last year, when news emerged that Andrew McCaffery, a senior manager in Alignment, was returning to head up institutional hedge funds at Aberdeen Asset Management from April.
Ilot, who has also previously worked at Aberdeen, was welcomed today by F&C as “a seasoned senior investment professional with proven experience in building teams and businesses”.
Richard Wilson, F&C’s head of investment and institutional business, said: “The new investment and institutional business structure is an important development for F&C [and] moves away from the traditional model of allocating front-office management responsibilities according to asset class, to aligning the investment teams with the objectives of our institutional clients.”
Wilson said F&C has had success bringing together internal expertise in liability-driven investments, credit and debt, to launch Dynamic LDI funds.
“The addition of Steve to the senior management team enables F&C to replicate this success in multi strategy investments,” he added.
Ilot also worked as global head of fixed income at Aberdeen Asset Management, until 2007, when he took a break before joining Alignment.
He began his career with Robert Fleming & Company, before moving to Morgan Grenfell which became Deutsche Asset Management (DAM).
At DAM he spent two years in the US, then was head of fixed income in the UK responsible for integrating and restructuring the fixed income businesses of Deutsche and Aberdeen, after Aberdeen bought a number of businesses from DAM.