March 30, 2009
Sullivan Named Head Of Fidelity Bond Group
Fidelity Investments has hired Christopher Sullivan to serve as head of its bond group, in charge of $170 billion of assets under management.
Sullivan, a 25-year financial services veteran, comes to Fidelity from Goldman Sachs, where he was co-head of U.S. fixed income, overseeing $150 billion of assets. Before joining Goldman in 2001, Sullivan was with PIMCO as a senior manager in the account management group.
Fidelity is beefing up its bond unit amid changing investor risk tolerance and a desire to strengthen its capital markets division in light of smaller prime brokerage divisions at competitors.
"Chris brings to Fidelity a strong background of hands-on fixed-income investment management experience coupled with proven business-building success," said Michael E. Wilens, head of asset management. "The fixed-income markets have grown ever more complex in recent years, and our bond business has grown substantially. We're fortunate to have a senior executive of Chris's caliber on board to lead our investment management efforts in this critical area."
Wilens added: "We think that Chris will help Fidelity address the changing needs of our investors in the coming decade, particularly those who may be focusing more on the non-equity portions of their asset allocations as well as our investors whose renewed attention on savings may find their way into bond portfolios."
kasina Hires Daugherty As 'Resident Intellect'
kasina has hired Eric Daugherty as resident intellect, in charge of helping investment managers devise new business models in a struggling economy.
"Because of the current environment, companies are rethinking the fundamentals of their business and asking kasina to help them find ways of evolving their business models to ensure long-term viability," commented Steven Miyao, chief executive officer of kasina. "We've been searching for the best people in the industry to guide our clients through this tough time. We are excited to have found Eric Daugherty, as well as our recently named senior vice president of sales and marketing, Deb Wetherbee."
Daugherty has spent the past 15 years leading business units, overseeing strategic planning and financial analysis, most recently for Vanguard, where he was a principal in charge of the advice services group. "Eric's expertise in analyzing an organization, identifying improvement opportunities and enhancing productivity will serve kasina's clients as we look at reinvigorating the industry's business models" and selling through intermediaries, Miyao added.
New York Life Says Rep Hirings Rose in '08
New York Life Insurance hired 3,554 financial representatives last year, an 8.4% increase. More than half the agents recruited were women or minorities. The company hired 9% more women than in 2007, and women made up about a third of the agents it hired, it said.
Thirty-five percent of the agents hired in 2008 serve New York Life's "cultural markets," which include the Hispanic, Chinese, Asian-Indian, Korean, African-American and Vietnamese markets.
It was also a record year for New York Life's on-campus recruiting program. More than 10% of new agents were hired through it.
Phoenix Cos. Selects Wehr As Next Chief Executive
Phoenix Cos. will promote James D. Wehr to president and chief executive to succeed Dona D. Young, who is retiring April 15. Wehr, 51, is a senior executive vice president at Phoenix and its chief investment officer. Thomas S. Johnson was named nonexecutive chairman. Young will step down from the board of directors and become a consultant to the company for one year after she retires.
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