November 24, 2008
Monagle to Assist Reserve As Liquidation Adviser
Reserve Funds has hired Joseph T. Monagle, Jr. to help sell positions in today's difficult debt and credit markets.
Monagle was formerly a senior asset management executive with Merrill Lynch, where he last served as co-head of global fixed income before retiring in 2000. While at Merrill, which he joined in 1977 as a money market portfolio manager, Monagle played a key role in increasing short-term assets to $130 billion and entering new global markets, including Brazil and Japan.
"We are delighted to have secured the benefit of Joe Monagle's unparalleled expertise in the field of short-term debt and money markets as we work to extract the maximum value from The Reserve's portfolios for investors," said trustee William Montgoris.
Bruce Bent, president and chairman of the firm, added: "Joe ranks among the most knowledgeable and respected people in the money market business. His intelligence and insight will be a valuable addition to our team."
Monagle said he was looking forward to working with Bent, "who has played such an important role in the creation and growth of the money market mutual fund industry that has benefited so many investors, both large and small."
Harrington Becomes SVP, Retirement, at LPL Financial
Bruce Harrington has joined LPL Financial as senior vice president, retirement solutions, in charge of developing the retirement plan platform, identifying retirement income solutions and ways for independent financial advisers, particularly those in the small and mid-market, to capture rollovers from their existing plans and other sources.
Based in Boston, Harrington reports to Stephen Langlois, executive vice president, strategic development.
"Bruce's addition to the LPL Financial team is an important next step in our focus on developing and delivering compelling retirement solutions and will help us to continue to move this important component of our business forward," Langlois said. "The addition of new leadership in this area strengthens our commitment to the retirement space."
Harrington comes to LPL from Cogent Research, where he was managing director. He also was a VP and director of product development and marketing for MFS Investment Management and vice president of retirement products marketing at Putnam Investments.
"I am looking forward to drawing upon my 20 years of hands-on experience in product development and marketing to further the LPL Financial offering in the retirement market," Harrington said. "My passion for personal finance and financial planning, particularly in the use of retirement and 529 plans, gives me an excellent perspective on the tools and solutions advisers need to best serve their clients."
Only One Wachovia Exec To Make Wells Team
Wells Fargo awarded just one position on its 12-member management team to Wachovia and announced that several Wachovia executives will leave after Wells' deal to buy Wachovia closes next month.
David Carroll, who runs Wachovia's capital management group, is to oversee wealth management and brokerage at Wells.
Robert K. Steel, Wachovia's president and chief executive, had already said he would not stay on. That means the highest-level departure will be that of Vice Chairman Benjamin Jenkins III, who runs Wachovia's general bank.
Cecelia Sutton, who reports to Jenkins as head of retail and small-business banking, is set to join Morgan Stanley in January as president of the bank's newly minted retail bank.
Other longtime executives who are leaving include Stephen Cummings, head of corporate and investment banking, and Shannon McFayden, who runs human resources.
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