June 29, 2009
Crandall to Become CEO Of Massachusetts Mutual
Massachusetts Mutual Life Insurance Co. announced that Roger W. Crandall will become chief executive officer on Jan. 1. He will succeed Stuart H. Reese, who will take the role of nonexecutive chairman of the board.
Crandall has been MassMutual's president and chief operating officer since December. He will remain president when he assumes the chief executive position in January.
Crandall has worked at MassMutual since 1988. He has held several leadership positions in the firm, including head of corporate bond management, public bond trading and institutional fixed income. He was MassMutual's chief investment officer and chairman of its Babson Capital Management unit from June 2005 to November 2008.
He was named president and chief executive of Babson in March 2006.
Reese, who has worked for MassMutual since 1993, has been chief executive since 2005.
Hughes Joins Invesco as As Managing Director, Sales
Thomas J. Hughes has joined Invesco's institutional sales and client service team as managing director. He will be responsible for marketing Invesco's investment strategies primarily to insurance companies, corporations, endowments and foundation.
He joins from Morgan Stanley, where he was managing director, head of the financial institutions channel. He began his career with Northern Trust and later worked in corporate treasury for Continental Illinois National Bank, where he spent five years on overseas assignments. He was also a managing director with BankBoston.
"We are thrilled to have T.J. Hughes, a recognized leader with years of proven experience, join our sales and service team," said Jack Markwalter, head of U.S. institutional sales, client service and consultant relations. "T.J. has the ideal skill set and personal attributes to further accelerate our strategy of strengthening our distribution efforts to institutional investors."
As part of its ongoing efforts to strengthen sales in the U.S., Invesco added several key professionals in 2008, including Brian Baskir, head of consultant relations, and Lance Beck and Michael Mondo, both senior sales executives.
Morgan Stanley Hires Nine
Morgan Stanley Smith Barney has recruited nine financial advisers from UBS Wealth Management U.S. and added two brokers from Bank of America Corp.'s Merrill Lynch.
William Arata, Daniel Rozario, Aram Khavari and Robin Coombs joined the Morgan Stanley Smith Barney office in Bangor, Maine, from UBS. The team had more than $2.8 million in annual production and managed $371 million in client assets. In Houston, the firm hired Ricardo Nazario, a $2 million producer. Jane Rojas, hired for the Tucson office, worked for more than three years at UBS.
Brian Albach, Stephen Dauer and Gregory Wells joined Morgan Stanley Smith Barney's Cincinnati office. William Claridge and Patrick Lewis joined the Billings, Mont., office from Merrill Lynch. Claridge worked at Merrill for nearly 23 years. Lewis spent more than 13 years there.
Great-West Wholesaler To Sell Target-Date Funds
Having just announced its new Maxim of "next generation" target-date funds, Great-West Retirement Services announced it will hire a wholesaler to promote the new suite, as well as its stable-value funds.
"We just introduced what we believe is the next generation of target-date funds, the Maxim Lifetime Asset Allocation Series," said Charlie Nelson, president of Great-West Retirement Services, "so we're recruiting for a dedicated wholesaler to promote out Maxim funds to institutions."
Nelson said the new wholesaler's role is an important step in Great-West's strategy to broaden its business and solidify its position as one of the premier retirement plan providers in the U.S.
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