April 5, 2004
SEC Names Ricciardi Head of Boston Office
PricewaterhouseCoopers litigation leader Walter G. Ricciardi has been named district administrator of the Securities and Exchange Commission's Boston office. Ricciardi, who will take over for interim district administrator Peter H. Bresnan on April 19, is a well-known securities lawyer, who has practiced law for almost 25 years.
"Mr. Ricciardi is joining the Commission staff at a critical time," said SEC Chairman William H. Donaldson, in a statement. "His legal and management experience in the private sector will bring an important perspective to our work, as we continue to focus on anticipating new risks to investors."
Bresnan will resume his full-time duties as the deputy chief litigation counsel in the SEC's division of enforcement. Bresnan has been filling both jobs since November 2003.
Putnam Continues Makeover; Shadek, MacDonald Get Tapped
Putnam Investments has reshuffled its lineup further amid the resignations of Mid-Cap Value Fund Manager Thomas Hoey and Global Asset Allocation Specialist Graham Spiers.
Putnam named Edward Shadek, who already acts as a co-manager of the Mid-Cap Value Fund, as Hoey's replacement. In place of Spiers, the company said it moved Bruce MacDonald into the global asset allocation specialization unit.
Since November, when Charles Haldeman replaced Lawrence Lasser as CEO, the company has redesigned its bonus system to try and reverse numbers like the $54 billion in outflows from 2003's fourth quarter. Several industry experts had predicted that the new system may cause fund managers to exit. Neither Hoey or Spiers are said to have been involved in any of the improper trades that have marred the company's reputation.
Schwab Hires Visa Exec For New Marketing Position
Marketing guru Rebecca Saeger, who has led brand strategy, advertising and promotions at Visa USA for seven years, has been hired by Charles Schwab as executive vice president of brand management and marketing communications.
In the newly created position, Saeger will be responsible for increasing Schwab's visibility across the board. She will report to Schwab's executive vice president and chief marketing officer, Jody Bilney.
"Becky is well known and regarded for her ability to lead business-focused communications. She has a solid track record of success across multiple functions and businesses, and a tested ability to knit the various marketing functions together into cohesive and impactful initiatives," Bilney said.
SEI Hires State Street Vet To Head Fund Operations
Frank Sidoti, a 15-year veteran at State Street Bank who most recently served as both senior vice president and senior business department head, has left the firm to become the head of all mutual fund operations at SEI Investments. Because of his experience at State Street, which included handling about 300 funds and $200 billion of assets under management for 25 different clients, SEI said Sidoti will become responsible for every aspect of mutual funds, including accounting, administration and institutional transfer agency servicing.
"He brings a depth of experience and breadth of capability to mutual fund administration that we believe are unparalleled in the industry and will help bring continual improvements to our service offering," said Steve Meyer, the head of SEI's investment manager business.
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