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Executive Moves

Envestnet Snags Ibbotson's Henkel for Retirement Group

Mike Henkel, the former president of Ibbotson Associates, has joined Envestnet as managing director of the firm's new retirement services group.

Henkel has more than 20 years of industry experience, including several years focusing on the 401(k) marketplace.

"Mike is a pioneer in this industry," said Bill Crager, president of Envestnet. "His knowledge of independent 401(k) advice services will be an incredible asset for Envestnet and our clients as we deliver a series of retirement services this year and in the future."

During his time at Ibbotson, the firm's revenue grew from $3.6 million in 1993 to $40 million in 2006. Prior to joining Ibbotson, Henkel worked for Knight Ridder Financial Publishing, Lotus Development Corp. and Data Resources Inc.

"Envestnet is in line for tremendous growth," Henkel said. "I'm excited to be joining the firm and am eager to help expand the retirement services offering to more financial advisors."

Envestnet is a leading provider of wealth advisory solutions to more than 20,000 financial advisers. It has more than $45 billion of assets under management.

AIG Investments Expands Global Operations Staff

AIG Investments is expanding its Global Business Development team in the U.S. and Europe with the addition of three executive positions.

Andre Cuerington will join the company's Los Angeles office as vice president of Western U.S. public fund business development.

Cuerington previously worked as a client service executive for Western Asset Management and served as senior vice president at Progress Investment Management Company.

"As we expand our business development efforts, we are focused on attracting highly qualified professionals to expand our presence in key markets," said Jack Boyce, managing director of North America Institutional Sales. "Andre brings over 10 years of experience in the investment industry, which will prove invaluable in reaching new clients and communicating our comprehensive platform of products."

Paul Waters will head U.K. business development in London and will be responsible for developing the company's institutional business. He previously managed client and consultant relationships at Morley Fund Management.

Stefan Niederer will join the Zurich office as vice president of business development, Europe, focusing on sales to intermediary investors in Switzerland and Liechtenstein. Prior to joining AIG, he was a sales manager at Union Bancaire Privee Zurich.

Citigroup Recruits Bear's Real Estate Chief

Citigroup has hired Thomas Flexner as global head of real estate. Flexner comes to Citi from Bear Stearns, where he recently served as vice chairman overseeing commercial real estate and the financial buyers group. Flexner will be a part of the Institutional Clients Group, supervising Citi's commercial real estate operations within Citi Alternative Investments. He reports to John Havens, ICG chief executive.

"Streamlining all of our real estate activities under Tom's leadership will improve the way we serve our clients, as well as help Citi optimize growth opportunities and manage risk more effectively," Havens said. "Tom joins Citi with more than 30 years' experience in commercial real estate finance and investing, and he is an important addition to the strong bench of industry leaders we have throughout the firm."

Prior to working at Bear, Flexner was executive vice president and co-head of investment banking at Eastdil Realty. He has worked for AT&T, Booz Allen and Cook Flexner.

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