February 8, 2010
Draper to Leave SocGen to Head ETFs at Credit Suisse
Credit Suisse has hired Dan Draper as managing director and head of exchange-traded funds. He comes to the firm from Societe Generale subsidiary Lyxor Asset Management, where he also was a managing director and global head of ETFs. Prior to that, he was director of U.K. and Ireland business development at iShares. Draper will start the position later this spring out of Credit Suisse's London office.
"Dan's extensive experience over the past decade in the development and trading of ETFs will be invaluable as we continue to grow this business," said Draper's new boss, Oliver Schupp, head of beta strategies in asset management and co-head of Credit Suisse's ETF steering committee.
"Our ETF business is a true one bank collaboration, and together with our partners in the investment bank and private bank, we made significant strides in the expansion of our ETF platform in 2009," Schupp continued. "This included the launch of 16 new ETFs in Switzerland, where we are the largest player by assets under management, as well as the expansion across Europe with the launch of 17 ETFs in Italy and 16 in Germany. We also launched a physically backed gold ETF in October, which has attracted over $1.3 billion."
Goldman Taps McDermott To Head Institutional DC
Bill McDermott has joined Goldman Sachs Asset Management as head of the institutional defined contribution business, which serves Fortune 500 corporations and other large organizations. He will report directly to Jim McNamara, managing director and head of GSAM's global third-party and U.S. institutional distribution businesses.
"Investing in high-caliber talent like Bill McDermott underscores our firm's continued commitment to excellence in serving the DC market," McNamara said. "Our DC business is backed by the full breadth of Goldman Sachs' research platform, diverse investment offerings and risk management expertise."
McDermott brings more than 20 years of financial services leadership and sales experience in the institutional market, most recently as executive vice president, corporate markets, at AXA Equitable Life Insurance. Before that, he was with Fidelity Investments for 13 years, where he was responsible for growing large corporate market and client solutions groups. Earlier, he was a partner with Hewitt Associates. He also held a series of business development positions at Metropolitan Life.
Former Fidelity Manager Now With Sharon Merrill
Investor relations and corporate communications firm Sharon Merrill Associates has hired Kevin D. Wagner, a 12-year veteran investment professional who has worked as a portfolio manager and technology analyst at Fidelity Investments. Wagner, now a vice president, also worked at Baring Asset Management, Banc One Investment Advisors and Adams, Harkness and Hill.
"Kevin brings to Sharon Merrill deep capital markets experience and a strong background in financial analysis," said Sharon Merrill President and Partner Maureen T. Wolff-Reid. "His comprehensive experience as both a Wall Street analyst and institutional investor is invaluable and will complement our team's core competencies and enhance our clients' understanding of the buy-and-sell side."
Wagner said: "I am extremely excited to be joining Sharon Merrill Associates' industry-leading investor relations team and look forward to taking a significant role in superior client service, new business development and capital markets analysis."
BoA to Add 2,000 Advisers
Bank of America is reportedly going on a spending spree to add 2,000 financial advisers. Most of the additions will be in the United States, although Bank of America might add smaller teams in Europe and Asia.
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