April 5, 2012
SEI Appoints Global e Equities Chief
Oaks, Pa.-based SEI, a provider of investment processing, fund processing, and investment management business outsourcing services, has appointed Stephen Beinhacker as Global Head of Equities for SEI's Investment Management Unit.
In this role, he will be responsible for the six equity portfolio teams, including the three located in Oaks, PA and the teams in London, Toronto, and Hong Kong.
Prior to joining SEI, Stephen spent nearly 20 at AllianceBernstein; first as a senior portfolio manager and later as chief investment officer for emerging markets growth. Before that he managed a U.S. equity portfolio for Lehman Brothers.
SEI manages or administers $404 billion in mutual fund and pooled or separately managed assets as of December 31, 2011.
Claymore's Founder e Takes Curtain Call
BlackRock Investments Canada Inc. has appointed Mary Anne Wiley managing director and head of its combined exchange-traded fund business, replacing Som Seif, founder and chief executive of the recently-acquired Claymore Investments, Inc.
Seif, who will be leaving the company to pursue other opportunities, has agreed to remain with the BlackRock organization to support the transition, working closely with Wiley. Wiley was formerly head of distribution for iShares.
"We'd like to thank Som for his innovation and contribution to the Canadian ETF marketplace and for his guidance through the transition" said Wiley, in a statement. "Without question, bringing together the impressive combined product roster and people on BlackRock's platform will deliver an unparalleled opportunity to serve Canadian investors."
BlackRock had entered into a definitive agreement with Guggenheim Partners to acquire all of its interest in Claymore in January. It sealed the deal on March 7. BlackRock soon after renamed most of the firm's funds under its iShares product line. It also closed down the Claymore Inverse 10 Yr Government Bond ETF and plans to distribute to shareholders the proceeds from the liquidation of the assets by June 22.
Ultimus Hires Biz Dev Director
Independent mutual fund service provider Ultimus Fund Solutions, LLC has hired Kirk Littleton as director of business development to help the company double its business within the next seven years.
"Over the next five to seven years, we would like to grow the firm almost to the point of where we would be double in business," Bob Dorsey, Ultimus co-founder and managing director, told Money Management Executive. "In order to do that, we need a dedicated business development expert to get us there."
Ultimus provides administration services to open-end and closed-end funds. Performed by teams of CPAs, attorneys, paralegals and other mutual fund experts, the services include fund accounting, fund administration, distribution, transfer agent and shareholder services.
Dorsey says that many small and medium-sized funds are converting from multiple service providers to full-service vendors. The challenge for his company, he says, is convincing funds that his company is the right fit for them.
"There will be a lot of opportunities," he said. 'The challenge is capturing the right opportunities."
That's where Littleton comes in.
Previously, Dorsey handled business development slowly, methodically, and carefully through referrals since he helped found the company 12-years ago.
Littleton, who previously served as managing director of global outsourcing for BNY Mellon's second generation middle office outsourcing services to mutual funds, will bring a "more formalized" approach to this process.
"I bring a more structured approach to business development. More discipline about the sales process, maintaining CRM systems," Littleton told Money Management Executive.
TD Ameritrade Names Institutional Sales Chief
Peter Dorsey has been named the new managing director of institutional sales for TD Ameritrade Institutional, a division of TD Ameritrade, Inc. Dorsey will oversee all institutional sales functions including advisor recruitment, practice management consulting, relationship management and sales strategy for the firm.
He replaces Tom Nally, who previously held the position and was recently named president of TD Ameritrade Institutional.
Dorsey has been with TD Ameritrade Institutional for more than seven years, most recently serving as director of sales where he was responsible for the oversight and management of TD Ameritrade Institutional's business development activities within the Western region of the United States.
"Pete has a proven track record for leading successful teams at TD Ameritrade Institutional and I am excited to have him on board to head our sales efforts as we look forward to continued growth," stated Nally.