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Woloshin Joins N.Y. Life In Retirement Income Role


Ben Woloshin has joined New York Life as head of relationship management for retirement income security (RIS), reporting to Executive Vice President Chris Blunt. Woloshin was previously with Goldman Sachs as vice president in the reinsurance group, responsible for institutional relationships.

"Ben's investment experience at Putnam, his insurance industry experience at MetLife and his experience in longevity risk management at Goldman Sachs give him an outstanding skill set for our retirement income business," Blunt said. "These skills perfectly position RIS relationship management to enhance and strengthen our strategic relationships with nationally recognized third parties. These third-party platforms are of increasing importance to RIS, allowing us to help improve the retirement security of many more millions of Americans."

New York Life is also looking to hire additional senior-level relationship managers who will report to Woloshin. He replaces Allyson McDonald, who has assumed responsibility for the external sales operations of RIS, also reporting to Blunt. McDonald has been with New York Life since May 2010, hailing from Fidelity Investments, where she was a senior vice president in charge of sales and relationship management for their charitable services organization. She also worked for Goldman Sachs and Federated Investors.

 Lewin, Farlese in Global Roles at BNY Mellon

BNY Mellon Alternative Investment Services has promoted Marina Lewin to head of global sales and Steve Farlese to head of global service delivery. Both are new positions, reporting to BNY Mellon AIS Chief Executive Officer Brian Ruane.

Lewin will oversee new business development teams globally in all alternative classes, including hedge funds, private equity and fund-of-funds administration and custody. BNY Mellon said that Lewin has spearheaded several highly acclaimed white papers on the hedge fund industry in the past few years in conjunction with Casey, Quirk & Associates and is a frequent speaker at industry events. Prior to joining the firm 10 years ago, she held senior roles at JPMorgan and Deutsche Bank in operations management, product management and product development.

Farlese is now responsible for all aspects of global operations, including NAV production, investor services, portfolio accounting and all other operational client deliverables for single manager, fund-of-funds and private equity funds. A BNY Mellon veteran of the past 15 years, Farlese formerly managed unit investment trusts and exchange-traded funds.

 

JPMorgan Chase Boosts Adviser Ranks by 300

JPMorgan Chase & Co. has added 300 advisers and brokers this year as assets under management in its three wealth management businesses increased.

The New York-based financial services company announced Wednesday that asset and wealth management revenue increased 4% to $2.13 billion, but as expenses rose, profits from this business declined 2% to $420 million.

The company, which announced a 23% increase in third-quarter earnings Wednesday, said the additional attracted new assets by adding advisers. JPMorgan's asset management division increased its advisers 17% from a year earlier to 2,209, while JPMorgan Securities' broker increased 15% to 419.

Revenue across its three wealth businesses, JPMorgan Private Bank, JPMorgan Private Wealth Management and JPMorgan Securities, increased 9% to $1.18 billion from a year earlier and 2% from the previous quarter.

Client assets under management increased 7% to $276 billion during the quarter and 4% from a year earlier.

Overall, JPMorgan's assets under management were steady at $1.3 trillion from a year earlier. Analysts said that customers continue to move assets from cash and fixed-income products into longet term investments.

 

Ex Morgan, SocGen Execs Launch Derivatives Firm

A pair of former Morgan Stanley executives and a former Societe Generale managing director announced Wednesday they have launched an derivatives advisory asset management firm.

Joyce Frost and Frank Iacono, former executives at Morgan Stanley, and Chris Frost, formerly of Societe Generale, have partnered to form Riverside Risk Advisors LLC, which offers independent risk assessment, structuring, pricing and execution advice for complex derivative and structured product transactions.

The new company's clients include derivative end-users such as corporations, private equity firms, real estate developers, and project sponsors.

Riverside Risk also advises investors evaluating structured credit opportunities and financial firms winding down or restructuring legacy businesses.

Riverside is designed to analyze risks, ensure that transactions suit needs and achieve execution.