Former insurance CIO joins Brookfield in Hong Kong

The former group CIO of Richard Li-owned Pacific Century Group and insurer FWD has joined an alternatives manager to expand its insurance solutions business.
Former insurance CIO joins Brookfield in Hong Kong

Paul Carrett, former group chief investment officer at Hong Kong tycoon Richard Li-owned Pacific Century group, has joined Brookfield Asset Management, an alternatives investment manager. 

Carrett joins as managing director, reinsurance and head of APAC reinsurance, a new role created as part of the global expansion of Brookfield’s insurance solutions business, a spokesperson confirmed to AsianInvestor.

Based in Hong Kong, Carrett - who has previously worked with insurers FWD and Prudential - started his role on January 18, the spokesperson said.

Paul Carrett

He also sent an email seen by AsianInvestor that said he started in his new role at Brookfield.

Carrett reports to New York-based Jon Bayer, managing partner, reinsurance.

The insurance solutions business, which has about $41 billion of assets under management globally, offers capital-based solutions to insurance companies.

The business covers reinsurance, annuities, operating platforms and investment solutions.

Carrett became CIO of Pacific Century Group in September 2020, after stepping down from his position as group CIO of FWD.

Both Pacific Century, a private investment group, and life insurer FWD are owned by Hong Kong tycoon Richard Li.

Carrett did not respond to an AsianInvestor enquiry on when he left Pacific Century. Pacific Century also did not respond to AsianInvestor’s query on when Carrett left the firm.

Carrett joined FWD in October 2016, after having worked previously with Prudential as its regional director for investment. His appointment at the time was widely seen to raise the financial sophistication of its investment team.

The story has been updated with new information in para 5.

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