February 9, 2009
Great-West Appoints Two Regional Sales Directors
Great-West Retirement Services has appointed two regional sales directors to focus on developing new 401(k) plan business through advisers, consultants and third-party administrators. They are Mike Demler, whose territory is western Michigan, and Trevor Silveria, whose region is Virginia and West Virginia.
Demler joins Great-West from The Hartford. Silveria also previously worked at The Hartford and MFS Investment Management.
Lord, Abbett Assigns Fetch To Domestic Equity Post
Lord, Abbett has promoted Robert Fetch from portfolio manager to director of domestic equity portfolio management, reporting to Robert Gerber, chief investment officer. Fetch is a partner of the firm.
In so doing, Fetch will relinquish his role as portfolio manager of small-cap value, retain his responsibilities as portfolio manager of multi-cap and assume new responsibility as portfolio manager of mid-cap value.
"Bob Fetch is a widely respected portfolio manager, admired both within and outside the firm," said Daria Foster, a managing partner with Lord, Abbett. "He will be tasked with continuing to strengthen the domestic equity side of our business for the benefit of our clients.
"Lord, Abbett continues to build on its tradition of managing all areas of the equity market-value, blend and growth strategies, with an adherence to a sound investment philosophy," Foster continued, "marked by a belief in active management, a commitment to both fundamental and quantitative research and a respect for risk management. Bob embodies that tradition, and we will benefit from his input on all our domestic equity strategies."
A 33-year veteran of the financial services industry, Fetch joined Lord, Abbett in 1995 as director of small-cap value management and established the firm's small-cap value, multi-cap value, micro-cap value and smid-cap value strategies.
Putnam Names Murphy To Lead DC Business
Putnam Investments has named Edmund F. Murphy III managing director and head of defined contribution, reporting to Head of Global Marketing and Products Jeffrey R. Carney, who previously served as president of Bank of America's retirement and global wealth and investment client solutions group and head of Fidelity Investments Retirement Services.
The hire is the latest move by Putnam President and Chief Executive Officer Robert L. Reynolds to turn the firm's performance and net outflows around.
Murphy was also with Fidelity Investments Retirement Services, as executive vice president, emerging corporate market. While at Fidelity Investments, he also served as managing director of Fidelity Capital, its private equity and new business development arm. He began his career with Merrill Lynch.
"We believe the retirement market offers very strong opportunities for growth, and we are committed to investing in our retirement platform, expanding our capabilities and building out our advisor network to serve clients," said Reynolds, who played a key role in building out the 401(k) business at Fidelity. "Products that may be especially useful for those in or nearing retirement, such as our new target absolute return funds, position us very well in this market."
"I've known Ed Murphy for nearly a decade," Carney added. "He has proven his leadership abilities across a broad range of institutional, private equity and retail businesses, most recently leading the distribution and servicing of Fidelity's institutional retirement products. He is the sort of world-class executive who provides the strong leadership we will need as we become a force in the retirement arena."
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