登录查看更多内容

Week in Review - February 13, 2024

Ignites

Ignites is the preeminent source for news about the mutual fund industry

发布日期: 2024年2月13日

+ 关注

Leadership Shuffles at Fidelity, Global X

Welcome to this week's News Brief.

At least two industry companies are overhauling their executive teams.

Fidelity recently appointed Chief Financial Officer Maggie Serravalli as its administrative chief. She was replaced by Kevin Barry, Fidelity's president of workplace investing. Barry, meanwhile, was succeeded by Sharon Brovelli, a senior vice president in the division that handles benefits, including 401(k)s.

In addition, Mona Vernon, who was previously head of Fidelity Labs' R&D division, has been appointed head of human resources. Michael Schrader, Fidelity Labs' head of strategy, planning and operations, was tapped as the department's interim head.

At Global X, meanwhile, two C-suite executives are expected to depart soon, a company spokesperson told Ignites. Jon Maier, the firm's investment chief, and CFO Ronnie Riven plan to leave the firm after a "transition period," the spokesperson said. Riven, previously the firm's head of finance and business development, was appointed CFO in December. He replaced John Belanger, who had been the firm's chief financial and operating officer. Alex Ashby, the firm's product development head, took over as COO.

The firm recently went through another major change at the top. Chief Executive Luis Berruga departed the firm about three months ago for personal reasons. He was replaced temporarily by Thomas Park, a board member and co-CEO of the U.S. business of Global X's parent company, Mirae Asset Global Investments.

Outside the C-suite, other companies are also adjusting their ranks. Ascensus announced last week that it had restructured its retirement business. T. Rowe Price said it had picked new heads for its retirement plan services and intermediaries divisions. And State Street Global Advisors announced that Sue Thompson, its head of SPDR Americas distribution, would retire by mid-year.

Correction: Ronnie Riven was appointed Global X's chief financial officer in December. He was previously the firm's head of finance and business development. This fact was misstated in a previous version of this newsletter.

Chart of the Week

Assets in third-party model portfolios have surged in recent years, but debuts have slowed as firms have struggled to differentiate themselves in the marketplace, Morningstar data shows.

There was $424 billion in third-party models as of June 30, up 48% from two years ago. However, just 250 models were born in 2022 and 2023 compared with an average of 300-plus per year between 2017 and 2021.