In Practice January 31, 2011

Allianz Life Restructures Broker/Dealer Sales Team

Allianz Life Insurance Company of North America announced organizational changes to its broker/dealer (B/D) distribution team. 
Reported by

The company says the changes will allow Allianz Life to “align with the changing dynamics of the industry.”  

“Retirement consultants,” formerly referred to as wholesalers, will be responsible for managing all relationships (independents, wires, regionals, banks and fee-based) and all product lines (VAs, FIAs, and fee-based products) within a specific territory.

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Each of the five geographical districts will now have one fixed index annuity specialist, one new senior fixed index annuity specialist, and 12-13 external retirement consultants.

A new position has been created, which will be filled Corey Walther.  Walther is the new senior vice president, head of investment relations and fee-based distribution.  His responsibilities include sales growth and profitability of the fee-based product line across all distribution channels and for managing Allianz’s investment relationship strategy.

“As more registered representatives demand both fixed and variable products and a growing number of fee-based advisors continue to look for insured retirement solutions, it’s important that we evolve to meet these trends,” said President of Allianz Life Financial Services, LLC (ALFS) Robert DeChellis. “As part of this change in strategy, we are taking a more holistic approach by adding new lines of business, creating new positions and realigning responsibilities.”

Deals & People January 31, 2011

Bamonte Named Union Bank Institutional Manager

Marianne Bamonte, a veteran of the custody, investment, and trust services industry, has been named manager of the Institutional Services division at Union Bank.
Reported by

Bamonte will lead corporate trust, custody, labor management trust, and retirement plan services, the company announced. She will report to Senior Executive Vice President JoAnn Bourne, head of the Global Treasury Management Group. Based in San Francisco, Bamonte succeeds Greg King, who retired in December.

Bamonte started her career in financial services in 1979 at the Long Island Trust Company and later became a National Trust & Custody Business Development Officer for Bank of America. At LaSalle Bank, Bamonte shifted her focus to client relationship and product management, becoming a Senior Vice President of LaSalle Global Securities & Trust Services.

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Prior to Bamonte’s current position, she was Senior Vice President and Business Manager for Union Bank’s Institutional Trust & Custody Services group overseeing client services management, the group’s financial performance, and the business unit’s strategic development encompassing domestic and global custody, institutional money funds portal, and securities lending.

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