American Beacon Advisors started the month of June on a strong note, naming industry veteran Paul Cavazos as its new Chief Investment Officer. Mr. Cavazos, who joined American Beacon from DTE Energy, was recognized by Chief Investment Officer magazine with the prestigious CIO Industry Innovation Award in 2014. At Detroit-based DTE, Mr. Cavazos was CIO and assistant treasurer, providing fiduciary oversight for $10 billion in retirement assets and developing asset-allocation strategies.
“We are extremely pleased to welcome Paul to the company,” said American Beacon CEO Gene L. Needles, Jr., in a recent statement. “Paul’s comprehensive background leading defined-benefit plans of varying sizes, conducting investment manager searches, due diligence and risk control oversight make him an excellent fit to the evolving business needs of American Beacon.”
In his new position at American Beacon, Mr. Cavazos will be responsible for overseeing corporate pension plan investments and the sub-advisors to American Beacon Funds. He’ll assume the roles of CIO and Senior Vice President on June 20.
“I am excited about joining the outstanding team at American Beacon,” said Mr. Cavazos, in the same statement. “To be able to join one of the leading sub-advised mutual fund firms and be an integral part of achieving the firm’s growth objectives were very appealing to me.”
Prior to his time at DTE, Mr. Cavazos was CIO at Navistar, where he was responsible for all investment aspects of the company’s $5 billion in retirement trust assets. Prior to that, he worked in finance and investment roles at Chrysler and Boeing.
Mr. Cavazos is also a former executive board and working group member of the Committee on Investment of Employee Benefit Assets (“CIEBA”), a plan-sponsor organization representing $1.5 trillion in retirement assets. He earned his undergraduate degree in Finance from Oakland University in Rochester, Michigan and his MBA in Finance from the University of Texas at Austin.
For more information, visit americanbeaconfunds.com.