April 27, 2009
Putnam to Double 401(k) Wholesalers to 10
Putnam Investments plans to double its 401(k) wholesalers from five to 10 by year-end. In fact, Putnam might even hire more, and it will definitely continue to hire 401(k) wholesalers into 2010, said Edmund Murphy, head of Putnam's 401(k) business.
"We now have all the senior people hired, but we are going to need more wholesalers going forward," Murphy recently said. "We are very committed and focused on 401(k) plans.
The most recent senior executive hire in Putnam's defined contribution unit was Benjamin Lewis, as managing director of defined contribution sales and relationship management. Lewis was previously with Fidelity.
As far as sales targets go, Murphy said the firm is "revising those upward. Expectations are high."
With Fixed Annuity Sales Through Banks Up 130%, New York Life Hires 100
New York Life Insurance has hired 100 staff to support sales of fixed annuities through the banks, on the heels of sales in this channel increasing 130% in 2008.
The number of internal sales specialists increased by 100%, regional wholesalers by 30%, retirement income specialists by 50% and other service staff by 40%.
"Sales of New York Life's fixed annuities in the bank channel have surged, up 130%, and sales of income annuities almost doubled in 2008, fueling the need for growth in sales support," said Andrew Reiss, vice president and national sales manager for New York Life's bank channel. Combined, income annuity sales through all channels toped $1.2 billion in 2008. "Now more than ever, consumers are conscious of the need for a safe place to grow their retirement income."
While the entire fixed annuity market did well in 2008, Reiss said, New York Life did exceptionally well-becoming the No. 1 provider of guaranteed lifetime income annuities-by adding new banks to its distribution. "New York Life is well positioned to continue on this robust pace and meet the growing demand from bank clients for prudent retirement options," he added.
Eaton Selects McLean to Lead Nat'l Brokerage Sales
Eaton Vance has appointed Jac McLean as managing director, brokerage, of Eaton Vance Distributors, reporting to Matt Witkos, president of the broker/dealer division. In this position, McLean is in charge of all sales and relationship management in the channel.
He comes to the firm from MFS Investment Management, where he most recently was national sales manager, in charge of the entire field sales force.
"The hiring of Jac underscores our commitment to securing the best talent in the industry to help us meet the evolving needs of financial advisers and their clients in this dynamic environment," Witkos said. "Having someone with his team-oriented approach and broad capabilities to lead our brokerage channel sales and relationship management enhances our growth opportunities in this important part of our business."
With more than 16 years of sales experience, McLean began his career at MFS in 1993, where he distinguished himself as a top-performing wholesalers, national sales manager for the annuity wholesaling team and as a key account manager of mutual funds and retail managed funds.
Jefferies Hires Peters As Wealth Chief
Jefferies has hired A. Markman Peters as a managing director and head of its wealth management group.
Peters was an executive vice president and head of private wealth management at SunTrust Bank. He was also formerly the chief executive of SunTrust Institutional Investment Advisors. Before joining SunTrust, he was a managing director and head of U.S. private wealth management at Deutsche Bank.
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