Alice Wilmot from Cardano and Michael Fenton from Mercer are joining Aon’s covenant and security team, with both joining in the capacity of associate partner.
At Cardano Wilmot has provided strategic advice to corporates and trustees on ongoing, transactional, and regulatory covenant matters for more than 10 years.
Fenton has previously spent three years with Mercer in its covenant practice.
Aon has also renamed the group as its covenant and security team and expanded its services with a new security assessment which aims to help clients to gain a better understanding of the security of benefits within their scheme, and how benefit security may be impacted by insurance or other covenant solutions. This new approach aims to support increasing interest among UK pension schemes in exploring how surplus scheme capital could be returned to sponsors or members, without impacting the security of benefits.
Alex Beecraft, partner and head of the covenant and security team at Aon, says: “These new appointments and the new service reflect how we are continuing to develop our covenant and security team to meet changing circumstances for schemes and demand from clients. I’m very pleased to welcome Alice and Michael as high calibre additions to our team to help us do this.
“We are at a point where many schemes are facing significant strategic decisions over their future and need fresh perspectives on how they meet this challenge. Our new name for the team reflects this approach, while new propositions will help our clients to make better decisions by fully understanding the scheme’s covenant and security, as well as driving forward an evolution in market practice.”