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Executive Moves

ICON Funds Hires Cheek For Institutional Sales Job

Stephen Cheek, a 22-year industry veteran, has been hired by ICON Funds as director of consultant relations and sales for the company's institutional products. Cheek, who most recently held a similar position at The Hartford Life Insurance Co., will be responsible for the company's outreach to corporate and public pension plans, foundations and endowments. Cheek holds a bachelor's degree in administration and finance from Pennsylvania State University.

"We expect Stephen's specialized experience in consultant relations and institutional sales development to have a measurable impact on ICON's growth," said ICON President and CEO Craig Callahan. As of June 30, ICON had $3 billion in assets under management.

Northern Trust Taps Global Fund Services Manager

Northern Trust has hired Karen Hamilton as vice president and product development manager for its global fund services business. In this position, Hamilton will be charged with developing products and services for investment managers in both the United Kingdom and other parts of Europe.

Hamilton is well versed in Europe's financial services industry, as she comes to Northern Trust from Mellon European Fund Services, where she served as a project manager. She will now try to help grow Northern's fund accounting business in the U.K., a market it just recently entered. The 115-year-old company has offices in 15 states and six countries.

"This is a great opportunity for me as Northern Trust builds its fund accounting business in the U.K., expands its global outsourcing franchise and develops new, leading-edge products for its clients," said Hamilton, who will report to Mark Schoen, the company's head of product development in Europe.

Beside her time at Mellon, Hamilton has served in several high-level positions at F & C Management Ltd.

Janus Cuts Ties With Suspended Sales Head

Janus Capital said it has cut ties with Lars Soderberg, executive vice president of institutional services and a top sales executive. Soderberg had been on leave for several months for issues related to the market-timing scandal that has engulfed the firm and the industry.

In a recent filing, the firm said that Soderberg will receive $2.5 million for his departure, with $1.5 million of that up front and $1 million conditional on whether he is found to have broken the law or is fined in relation to the scandal. So far, Soderberg has not been charged with any wrongdoing.

The firm placed Soderberg on leave in April, at which time it said it was evaluating his status with the firm. Many anticipated Janus would cut him loose when it agreed to its $226 million settlement with regulators. However, Soderberg continued to receive $85,000 a month while on leave, according to company filings.

In June, Janus announced John Zimmerman would take on responsibilities similar to that of Soderberg, although Zimmerman would not be a direct replacement for Soderberg, the firm said. Janus' sales team will now report to Robin Beery, chief marketing officer.