June 28, 2004
Mallozzi Joins Prudential As Senior Vice President
Prudential Financial subsidiary Prudential Retirement has tapped former Aetna and Hartford Life Insurance executive James J. Mallozzi as its new senior vice president of marketing and strategy.
In his new role, Mallozzi will report to Prudential Retirement President John Y. Kim and be responsible for strategy, research and development. Throughout his 25 years in the financial services industry, Mallozzi has headed up 401(k) plans, been chief executive officer of an investment management division and served on more than 30 government committees. He holds a bachelor's degree in finance and an MBA from Suffolk University.
"Jim Mallozzi is exactly the kind of strategic thinker and experienced leader who can help us make [our] vision a reality," Kim said.
Paul J. Chong, whom Mallozzi is replacing, will stay on with the company until the end of the summer, at which time he will pursue what the company calls an "entrepreneurial venture."
King to Handle Touchstone Wholesaling in Northeast
Touchstone Investments has hired Jake King as its Northeast wholesaler, in charge of the company's wholesaling operations in Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont. He reports to Vice President and Division Sales Manager John Currier. King has worked for both Conseco and State Street Research, but comes directly from Gateway Financial Distributors, where he served as an institutional life settlement insurance broker. King earned his bachelor's degree in political science from Roanoke College and possesses a certified senior advisor distinction for helping senior citizens with their business needs.
Jim Grifo, Touchstone president, called the addition of King "invaluable," adding, "Jake's track record speaks for itself. He's spent years cultivating valuable sales relationships with financial professionals in the Northeast and will bring critical momentum to our sales efforts in this region."
BISYS Hires Two CCOs For ComplianceEDGE
Outsourcing firm BISYS has hired two chief compliance officers for its mutual fund operation, Frank Pavlak and Frederick Schmidt, calling their role "an important component" of its new "ComplianceEDGE" program.
Pavlak had served as chief compliance officer at Oppenheimer Funds, while Schmidt worked in many different roles at Credit Agricole. The reason BISYS is placing so much importance on the compliance positions is the new Securities and Exchange Commission rule 38a-1, which requires funds to hire chief compliance officers to oversee the reporting of policies, procedures and recordkeeping in mutual funds. The new rule also requires the CCO to report directly to the board of directors.
Before his time at Oppenheimer, Pavlak served for 18 years at the SEC as Denver branch chief and at the U.S. General Accounting Office in Washington.
Schmidt, a Fordham graduate with his MBA from Long Island University, has worked as an executive at Manufacturers Hanover and Natwest, among other firms, before his time at Credit Agricole.
Speaking on the ComplianceEDGE program, launched in April, BISYS President Fred Naddaff said, "Both of these highly qualified CCOs exemplify the stature of compliance professionals we are providing to our clients as part of this unique service offering."
Copyright 2004 Thomson Media Inc. All Rights Reserved.