January 25, 2010
Petrone, Rowley Take Key FRC Research, Sales Posts
Financial Research Corp. has named Larry Petrone director of research and analysis and Stoddard K. Rowley senior vice president of sales. Petrone, who was promoted from director of investment research, is now in charge of researching mutual funds, separately managed accounts, variable annuities, alternative products, sub-advised retirement plans and 529s. Prior to joining FRC, he was a senior equity analyst at WR Hambrecht & Co., and he also worked for TheStreet.com Ratings, America's Growth Capital, Walden Brook Capital Partners and Fidelity Investments.
Rowley comes to FRC from annuity software provider Blue Frog Solutions, where he was sales VP. He held similar positions at New River and Thomson Financial, First Call.
In announcing the appointments, FRC Chief Executive Officer Bruce Fador said, "Larry has superior research abilities, having led the investment management research function among a broad range of leading financial institutions. Stoddard has a superior reputation for his ability to understand client needs to build sales."
TCW CEO Redell Leaves For New DoubleLine Funds
Ronald R. Redell, former president and chief executive officer of TCW Funds,has joined fixed income manager DoubleLine to establish a new mutual fund family. He joins more than 40 portfolio managers, analysts, traders and trading assistants who have left TCW for DoubleLine.
"Ron Redell was instrumental in growing the brand of TCW mutual funds, which became dominated by fixed income funds," said Jeffrey Gundlach, chief executive officer of DoubleLine. "I've known Ron for many years and tremendously appreciate the support he gave to what is now the DoubleLine team in making the TCW Total Return Bond Fund one of the fastest growers in assets under management in the industry."
Blood to Lead Dimensional Broker/Dealer Strategies
Dimensional Fund Advisors has hired John Blood, formerly Commonwealth Financial's chief market strategist and VP of investments, to develop strategic relationships within the broker/dealer community.
"We are establishing selling agreements with select independent broker/dealers that will allow their fee-based advisers to provide clients with Dimensional strategies," said Michael Lane, vice president and head of DFA's B/D, bank trust and third-party asset management provider programs. "John's investment and industry experience will be invaluable to us as we expand our presence within this important industry segment."
Great-West Selects Shea For Business Development
Great-West Retirement Services has appointed Steve Shea to a new position as director of business development, in charge of national distribution relationships. In his 20 years in the financial services business, Shea has helped advisers sell more than 1,000 group retirement plans. He joined Great-West in 2006 from John Hancock, where for 12 years he was a sales leader in the Kentucky and Ohio markets.
"Given his extensive background assisting the leading broker/dealers in our industry, Steve is an outstanding addition to our business development team," said Bill Harmon, vice president of 401(k) sales. "We've enjoyed sales growth across all our 401(k) markets, and in particular among the major broker/dealers and TPAs, so his transition to this role is well timed."
Shea will report to Tom Connolly, vice president of business development, out of Columbus, Ohio.
(c) 2010 Money Management Executive and SourceMedia.