Strategic Hires Signal New Directions
Talent Grab
Welcome to the Ignites news brief, a weekly roundup of key stories.
Several shops have signaled new business initiatives with key hires of late.
MFS?last week?confirmed?that?Vivian Tung, formerly the head of exchange-traded fund operations at?BNY Mellon, had come on board. She joins as the Boston-based firm preps for its ETF debut.
Tung left BNY in April after about two years there. MFS, perhaps the last ETF holdout among the large industry shops, filed to register its first ETFs in?April.
With $336 billion in long-term mutual fund assets, MFS is the ninth-largest provider of such products. But looking at a ranking that combined ETF and long-only mutual fund assets pushes MFS down to 12th place, according to data from?Morningstar Direct.
Empower, for its part,?poached?Morningstar Investment Management's North America investment chief,?Marta Norton. Norton starts next week as the firm's first chief investment strategist and will report to?Jonathan Kreider, head of the?Empower Investments?unit.
The hire comes as Empower, the retirement industry's second-largest recordkeeper, branches into wealth management.
Empower has beefed up its investments division in recent months, bringing on?Fidelity's former head of private wealth,?Roger Hobby, to oversee distribution and advisory services. Empower also hired?Dave Gray, who previously led Fidelity's workplace products and platforms. At Empower, he is?head of enterprise solutions, a new post at the firm.
The hires follow Empower 's 2020 acquisition of robo advisor?Personal Capital.?Norton's unit will build models and products both for the firm's retirement and personal wealth units.
The Chicago-based company has named?Philip Straehl, chief investment officer of quantitative strategies, to replace her. He joined Morningstar in 2007.
Voya Investment Management,?meanwhile, has tapped a new distribution head to lead its 150-person-strong unit.?Jake Tuzza,?who had been with the firm for 22 years, will?vacate?his spot this month.
Tiffani Potesta?will take the reins, Ignites reported last week. She previously was chief strategy officer and U.S. client group head at?Schroders.
Parametric Portfolio Associates?also said that its investment management head,?Tom Seto, will?retire?after a quarter century with the quant and overlay specialist shop.?Morgan Stanley?acquired Parametric and?Calvert?parent,?Eaton Vance?in 2021. Seto is listed on 24 MSIM funds, representing $16.4 billion.
Finally,?Broadridge?Chief Financial Officer?Edmund Reese?plans to?decamp?for?Aon. Ashima Ghei?will step in as interim CFO for Broadridge, which saw its market capitalization grow 38% during Reese's tenure.
Partner Content
Webinar: Future of Distribution
Join us on June 20th for a free one-hour?Future of Distribution webinar?hosted by Ignites and the Financial Times. Our expert panel will discuss the transformative role that AI could play within distribution.
领英推荐
Speakers include:
Jeff Masom, Head of U.S. Distribution,?Franklin Templeton
Dee Sawyer, Head of Global Distribution,?T. Rowe Price
John Moninger, Head of U.S. Distribution,?Allspring Global Investments
Michael Schweitzer, Head of North America Client Group,?Janus Henderson Investors
Register?here.
Getting in Front of Clients 'Is Our Lifeblood': Janus Henderson Chief
Janus Henderson chief executive says he spends a lot of time on the road, connecting with clients. "It's the only way to really hear what our clients need and what our clients expect of us," he said.
Keep Reading...
Want more news for mutual fund and ETF industry professionals?
Sign up for a free trial to receive full access to Ignites for 14 days.