April 6, 2009
Putnam Hires Lewis as Director of DC Sales
Putnam Investments has hired Benjamin H. Lewis as managing director of defined contribution sales and relationship management. A 23-year veteran of the 401(k) industry who began his career at Fidelity in 1986, Lewis most recently was senior vice president for Fidelity Employer Services Co.
The hiring of Lewis comes on the heels of the company's announcement it has developed a new, open-architecture defined contribution platform.
In his new position, Lewis is in charge of the DC services Putnam provides to advisers and other intermediaries, as well as retirement plan sponsors.
Lewis reports to Managing Director and Head of Defined Contribution Edmund F. Murphy III, who also joined Putnam from Fidelity Investments, where he was executive vice president of distribution for personal and workplace investing. Lewis will work closely with Managing Director of Defined Contribution and Marketing David Tyrie and Managing Director of Defined Contribution Operations Paul Dewey.
"We want to be the retirement plan provider of choice, and we will continue to hire the best talent to get there," Murphy said.
DTCC Selects Hegarty as Head of Market Structure
The Depository Trust & Clearing Corp. has appointed Robert M. Hegarty to the newly created position of managing director of market structure, effective April 13. In this position, he is in charge of finding new market and growth opportunities in the front office and other trading communities. He was previously managing director of securities, investments and insurance at TowerGroup.
A 25-year veteran of the financial services industry, Hegarty has also held key positions with Putnam Investments, Fidelity Investments and Coopers & Lybrand.
"Rob comes to DTCC at a time of profound change in global financial markets, and he will play an integral role in helping us diversify our growth strategy," said Donald F. Donahue, chairman and chief executive officer of DTCC.
"There's a widening circle of market participants worldwide looking for automated solutions that will link trading parties, reduce operating risks and lower costs," Donahue continued.
Diederich Becomes Moneta Group Chief Exec
The Moneta Group has named Gene Diederich chief executive officer.
"Finding the right CEO has been demanding because skills, previous successes and experience were only part of what we were looking for," said Joe Sheehan, chief operating officer at the fund group. "Gene proved through the interview process that he was a person who would embrace our core values and contribute to our strategy of ensuring a bright, prosperous future for our company."
Diederich has more than 25 years of industry experience, most recently as director of the eastern division of the private client group at Wachovia Securities, where he was responsible for retaining legacy A.G. Edwards financial advisers, post merger, among other things.
He was also director of the branch division and an executive committee member at A.G. Edwards.
AllianceBernstein Cut 237 Positions in 1Q09
AllianceBernstein eliminated 237 positions in the first quarter, ending with a staff of 4,760, down from 4,997 at the beginning of the year. Thirty-one of the positions cut were held by investment professionals, including analysts, portfolio manager, chief investment officers, research directors and traders.
AllianceBernstein expects to lay off an additional 75 staff members in the second quarter of this year , most of whom will be non-investment staff, who now number 530.
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