Escobar Joins Bay Colony Wealth Management Unit
November 22, 2010
Bay Colony Partners has named Paul G. Escobar senior vice president of its new wealth management division.
Escobar, who has more than 20 years of investment management and retirement planning experience, was previously managing director of retirement planning services for U.S. Wealth Management of Braintree, Mass. He has also held senior-level positions with State Street Global Advisors, Columbia Management Group, Standish Mellon Asset Management and Mercer Investment Consulting.
"We're pleased and proud to announce Paul to the critical role of senior vice president of our new wealth management practice," said Bob Auditore, a principal of Bay Colony Partners. "His remarkable industry experience and knowledge, combined with a proven commitment to excellence, are certain to contribute to the success of this division. Our entire team welcomes him."
Glenmede Taps Wells Exec As Director of Wealth
Glenmede, a Philadelphia wealth management firm, has hired Susan P. Mucciarone as a senior vice president and director of wealth services. She will also be a member of the company's management committee.
The hiring is part of Glenmede's initiative to expand its wealth advisory platform. The firm has added about $3 billion to its assets under management since the end of 2008, for a total of $19 billion. Its New York office, which opened in February, has been "a significant contributor" to the growth, according to Glenmede President and Chief Executive Officer Gordon Fowler.
In addition to Mucciarone, Glenmede has recently hired Steven J. Brandfield as managing director of business development, Lee P. Miller as a senior wealth advisor, Jason D. Pride as director of investment strategy and Glenn N. Switzer as a senior portfolio manager.
Glenmede , which has six locations, has been gradually adding personnel in recent months, but there are no plans to open more offices, Fowler said. Glenmede remains wary of fast expansion that might compromise its level of client service, he said.
Mucciarone will work from the company's Philadelphia office, reporting to Chip Wilson, an executive vice president and director of client services. She replaced Warren Reintzel, who will retire at the end of the year.
Mucciarone will oversee the wealth management services for high-net-worth, ultra-high-net-worth and family office clientele. She was the executive vice president and senior managing director of Wells Fargo's east coast family wealth business. Before that, she was the managing director of the Calibre family office, a former unit of Wachovia.
Lineberry to Develop Sales For DST Retirement
In support of the growth of its retirement business, DST Retirement Solutions has brought on Gary Lineberry as vice president. In his new role, Lineberry will focus on business development opportunities while establishing and managing long-term relationships with retirement search consultants and advisers.
"Part of Gary's charge is to educate the industry on the benefits of the application service provider and the business process outsourcing service model," said Jude Metcalfe, president of DST Retirement Solutions. "In order to maintain a foothold in this shifting economic and regulatory landscape, we believe retirement plan providers are best served by a flexible outsourcing model that enables them to select what capabilities to outsource while allowing them to focus on more value-added services."
Lineberry has more than 30 years of experience in retirement services and has held senior positions at Spectrem Group, AXA Financial and Metropolitan Life.
Janus Adds DeMarino to Financial Institutions Team
Janus has appointed Edward DeMarino as vice president and director of financial institutions, responsible for the sales and servicing of designated insurance and asset management accounts on the East Cost. DeMarino will work closely with clients to strengthen strategic relationships and ensure the delivery of a superior client experience. He reports to Chris Furman, vice president and managing director of financial institutions.
"Ed brings a wealth of industry knowledge to the table and enables us to continue to meet the specialized and evolving needs of our diverse financial institutions client base," Furman said. "Although we've long had a first-rate sales and servicing team, he is an important part of the continued expansion of our financial institutions team."
Prior to joining Janus, DeMarino spent five years as a vice president with Fidelity Investments' institutional insurance group, where he was responsible for gathering assets with insurance company clients through placements in variable annuity and 401(k) products. He has 16 years of experience in the financial services industry, including more than 11 years with MFS Institutional Advisors and MFS Fund Distributors.
Horizon Names Shulman Chief Compliance Officer
Robin Shulman, former managing director and compliance officer at Seix Investment Advisors, has joined Horizon Asset Management as chief compliance officer. Shulman has more than 15 years of experience as a compliance professional in the financial services industry.
She has held senior compliance and regulatory consulting roles at Deutsche Asset Management, Ernst & Young and Prudential Insurance.