Retirement Industry People Moves

Rugel Joins MassMutual as Head of Operations

John Rugel

Massachusetts Mutual Life Insurance Co. announced that John Rugel has joined the company as head of operations.

Rugel will be responsible for leading MassMutual’s operations and customer service functions, including new business, policy administration and claims, across the company’s products, distribution channels and customer segments.

“I am thrilled to join a company that puts its policyowners and customers at the center of everything we do, and am eager to contribute to the hard work, focus, and passion MassMutual brings each day in helping people achieve financial security and confidence,” Rugel said in a statement.

He most recently served as chief operations officer at Global Atlantic Financial Group, where he led the operations strategy and redesign of customer delivery.

Deepwater Brings on Industry Veteran Olson as Venture Partner 

Michael Olson

Deepwater Asset Management announced the hiring of Michael Olson as venture partner to build the firm’s next fund. 

Deepwater’s new venture fund is expected to launch in the second quarter of 2023. Olson will bring together a network of technologists, proprietary research and insights to identify new investments. Additionally, Olson will work with the management teams of Minneapolis-based Deepwater’s portfolio companies as they scale their businesses. 

“The last few years saw an era of euphoria in venture capital, but the best investment opportunities come when fear is commonplace, not greed,” Olson said in a statement. “I think we’re entering one of the best periods to deploy capital into startups of the past several decades. Now is the time for Deepwater to be more aggressive in venture.”

Olson spent the last three years as the chief financial officer for Version1, a multi-property esports and gaming content organization majority owned by WISE Ventures LLC (Wilf Innovative Sports & Entertainment).

BNP Paribas USA Promotes Placido to CEO,  Fillion to Vice Chairman

Jean Yves Fillion

Jose Placido

BNP Paribas announced the appointment of José Placido as CEO and Jean-Yves Fillion to the position of vice chairman.

Placido will assume the role of CEO of BNP Paribas USA, the bank’s U.S. holding company, and will oversee all U.S.-business activities. He retains his role as CEO of CIB Americas. 

Fillion, in his new role as vice chairman, will serve as executive sponsor to many of the bank’s most strategic U.S. clients and will also continue to represent the BNP Paribas Group with external stakeholders. 

“I want to congratulate José and Jean-Yves on their new positions. I look forward to the continued successes of our US operations under José’s leadership, especially our CIB businesses,” said Alain Papiasse, chairman of CIB, in a statement. “Jean-Yves will continue to provide valuable counsel to our US organization and the wider BNP Paribas Group in his new role.”

Nuveen Appoints Close as Head of Municipals

Nuveen, the investment manager of TIAA, appointed Daniel Close as head of municipals.

“I’m delighted to take on my expanded role within the muni industry’s most experienced, dedicated and insightful portfolio management team,” said Close in a statement.

Close replaces John Miller, who stepped down April 10 after leading the division since 2007. Close will lead Nuveen’s municipal finance investment team. He previously ran the firm’s taxable municipals business, and he helped establish and expand the platform to $35 billion in assets under management, serving more than 60 institutional accounts.

“Dan’s contributions have been crucial to the advancement of Nuveen’s municipals business,” said Bill Huffman, president of Nuveen equities and fixed income, in a statement.