Staffing Shakeups
Welcome to FundFire's weekly News Brief.
SEI Investments quietly parted ways with about 20 members of its U.S. institutional investor team last fall, and some clients were left in the dark about the personnel changes, former employees told FundFire.
Most of the job cuts occurred within the firm's client portfolio and marketing teams, sources said. SEI would not confirm the number of job reductions or comment on specific departures, but said its workforce would "continue to evolve" as leadership executes its growth strategy. The cuts followed a voluntary buyout program in 2022.
In other workforce news, BlackRock's former head of income investing, Michael Fredericks, landed a new gig as CIO of an $81 billion independent wealth shop, Wealth Enhancement Group. The hire accompanies other executive changes, including Jim Cahn becoming chief strategy officer and chair of the RIA's investment committee, and Dan Stampf taking on the title of chief product officer.
And Morgan Stanley lost Paul Casey, who headed the bank's flagship private wealth management branch in New York City. Casey hopped to Citizens Financial Group to oversee its wealth management and private wealth management units. Citizens launched its private bank last year and has been recruiting financial advisors and executives from firms such as J.P. Morgan to build out the business.
Meanwhile, $35.5 billion RIA Carson Group has tapped former LPL executive Burt White to serve as its CEO. White, who was once the CIO at LPL, joined Carson Group two years back.
The CIO of the California Institute of Technology, Scott Richland, is also planning to step down from his role managing the $4.6 billion endowment at the end of the year, FundFire reported last week.
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