January 4, 2008
McColgan's Next Act: Head of Morgan Wealth
Ellyn A. McColgan has landed a job with Morgan Stanley as head of the company's global wealth management group, with the title of president and chief operating officer, effective in April.
McColgan, 53, comes to Morgan Stanley after a 17-year career at Fidelity Investments, where she recently served as president of distribution and operations. She was widely predicted to succeed Fidelity Chairman Edward C. "Ned" Johnson, but she resigned in August after Johnson recruited Rodger Lawson from Prudential Financial to take over as president of FMR, Fidelity's holding company.
"Ellyn McColgan is the ideal executive to carry forward the tremendous progress that James Gorman and his team have made in transforming our global wealth management business into an industry leader," said Morgan Stanley Chairman and CEO John J. Mack. "She will bring to our management committee a breadth and depth of experience that is unmatched in our industry. As the leader over a number of years of one of the largest wealth management businesses in the U.S., Ellyn has a proven ability to grow revenues and profits, deliver a superior operating platform to financial advisers and create a client experience that is second-to-none."
Mack has been reshuffling executives since Morgan Stanley's announcement of a $3.7 billion write-down of subprime mortgage assets in November.
McColgan will report to Morgan Co-President Gorman beginning in April, and will lead a team of more than 8,300 brokers.
Gresham, Neamtz Accept Key Positions with Phoenix
The Phoenix Cos. has promoted Stephen D. Gresham and hired Steven Neamtz for two key positions overseeing product development, marketing and distribution.
Gresham, previously head of retail distribution, is now in charge of asset management product oversight and marketing, which entails overseeing the PhoenixFunds family of mutual funds and separately managed accounts. He has been with the firm since 2001, previously running his own wealth management company, the Gresham Co. Earlier, he headed retail asset management distribution for Weiss, Peck & Greer and Systematic Financial Management. He has written four books, including "Advisor for Life" and "The New Managed Accounts Solutions Handbook," and serves on the board of governors of the Money Management Institute.
Neamtz has joined Phoenix as head of retail distribution, coming to the firm from Ridgeline Capital, a hedge fund and separately managed account investment advisory firm that serves institutions, foundations and high-net-worth individuals. Before that, he spent 10 years with AIG SunAmerica, leading distribution and heading the SunAmerica Capital Services subsidiary that sells annuities, mutual funds and other asset management products. Before that, he was executive vice president and national sales manager at IXIS Funds. Neamtz also serves on the marketing committee of the Investment Company Institute.
"We are very excited about having Steve Neamtz join our management team," said George R. Aylward, senior executive vice president and president of Phoenix's asset management business. "He has considerable experience and demonstrated success in building and managing highly effective sales organizations and will continue to enhance the strong leadership of our retail distribution efforts.
"The appointments of Steve Gresham and Steve Neamtz will help us continue the progress we've made in developing and positioning our mutual fund family and other investment products," Aylward added. He also acknowledged Gresham's "strategic creativity and deep understanding of the wants and needs of high-net-worth customers."
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