Paternoster brings in ex-UBS banker

PENSIONS insurer Paternoster has appointed former UBS banker Julie Chakraverty as non-executive director as it begins a review of its business.

Chakraverty, 38, will give advice to Paternoster’s board on all aspects of governance. An experienced investment banker, she worked for JPMorgan and UBS in the 1990s, sitting on UBS’ board until May 2008.
She joins at a time when Paternoster is considering its options for the future.

The specialist insurer stopped writing new business on defined benefits schemes cover last autumn due to concerns over its core capital level. Its other area of business, creating products such as longevity swaps for de-risking pension funds, has continued to grow, however. In February, Paternoster helped car manufacturer BMW hedge its £3bn retirement scheme liabilities.

Paternoster is owned by Deutsche Bank and US asset manager Eton Park. Despite suggestions Deutsche Bank may be interested in buying out other investors and merging Paternoster with its Abbey Life insurance arm, chief executive Ed Jervis said the review of Paternoster’s options was at an early stage.

He added: “If the world becomes a little bit more certain in the next few months we’ll be clearer as to how we move the business forward.”

Jervis said shareholders’ wishes would determine the outcome.