Retirement Industry People Moves

SSGA Enhances U.S. Intermediatiary Sales Team

State Street Global Advisors(SSGA), the asset management business of State Street Corporation, announced a strategic realignment of its US SPDR Wealth Management Sales Team to better complement the needs of their financial adviser and wealth management professional clients.

“Citing record high inflows into U.S.-listed Exchange Traded Funds (ETFs) and rapid change sweeping across the investment advisory business, clients are increasingly engaging with SSGA’s SPDR business on a wider variety of topics that include portfolio construction guidance, market insights, ETF due diligence and trading execution,” SSGA says in a statement. “To align SSGA’s expertise with these shifting client needs, the SPDR ETF business is moving from a channel-specific to a regional approach in which closely-aligned teams provide local and specialized coverage to clients spanning investment strategy, ETF research, capital markets and practice management.”

The new structure will remain under the leadership of Michael Stevens, head of US SPDR intermediary sales at SSGA. The US SPDR business has also established a strategic sales team dedicated National RIA, ETF Strategist, and ROBO markets.

“A service model in which we segment clients by channel is too simplified in today’s world of fee compression, regulatory change, and the continual need to scale to meet client demands,” says Nick Good, co-head of the Global SPDR business at SSGA. “The industry is shifting and we must customize our client experience and provide a portfolio of resources focused on the drivers, opportunities and challenges investment professionals face in their practice. This reorganization allows us to deliver a higher level of personalized service and support to the growing universe of financial advisers and wealth managers relying on ETFs to meet their clients’ goals.”

NEXT: Beltz Ianni & Associates Hires Retirement Consultant

Beltz Ianni & Associates Hires Retirement Consultant

Michelle Cannan has joined Beltz Ianni & Associates as a retirement plan consultant in its professional team of client advisers. She will focus on consulting, plan design, administration, and compliance services. She brings to her new role more than 12 years of experience in the pension field, where she specialized in annual compliance testing, supervision of plan audits, and participant education.

"Michelle is a spectacular addition to our retirement services team of professionals,” says Bob Judd, Beltz Ianni & Associates' managing partner. “Her broad range of experience will be an invaluable asset to our clients, helping to ensure they are well advised. In addition to providing third-party administration and compliance services through our sister company, Enhanced Retirement Solutions, Michelle will offer comprehensive plan fiduciary consulting services to Beltz Ianni & Associates' retirement plan clients."

Prior to joining Beltz Ianni, Cannan spent 11 years as a client manager with Kraematon Group, a retirement plan adviser located in Wellesley, Massachusetts. Prior to Kraematon, she was a relationship manager with Paychex’s Retirement Services Department and held leadership positions at a multinational banking and financial services corporation. Cannan holds FINRA securities licenses Services 6 and 63. She received a bachelor’s degree from Clarkson University in Potsdam, N.Y.

Fidelity Names President of Institutional Arm

Fidelity Investments announced that Michael R. Durbin has been named president of Fidelity Institutional, the firm’s division that provides clearing, custody, trading services, technology, investment management products and solutions to financial intermediaries and institutions. He will also join the Fidelity Operating Committee.

Durbin previously served as head of Fidelity Institutional’s product and platform technology group. He succeeds Jeffrey P. Lagarce, a long-tenured Fidelity executive who will be transitioning to a senior adviser role.

“Mike has been a leader in helping to drive the evolution of the wealth management industry, ensuring that our clients have the technology, investment solutions and insights they need to succeed in a changing landscape,” says Abigail P. Johnson, chairman and chief executive officer of Fidelity. “His client focus will help to promote the continued growth of Fidelity Institutional, which is an important part of Fidelity’s portfolio of businesses.”

Durbin joined Fidelity in 2009 as a leader of its RIA custody unit until 2015.

Prior to joining Fidelity, Durbin acted as chief operating officer of the National Sales Division for Morgan Stanley’s Global Wealth Management. During his 18-year tenure with Morgan Stanley, Durbin held various leadership positions including head of Capital Markets, head of International Private Wealth Management, and chief strategic and risk officer for the Global Individual Investor Group.

Durbin received his bachelor’s degree from the University of Notre Dame in 1990. In 1998, he received his master’s degree from the Leonard N. Stern School of Business at New York University.

AAM Names Head of National Account Management

Daniel Courtney has taken on a new role as managing director, head of National Account Management for Advisors Asset Management's (AAM)'s Capital Markets Group.

Courtney joins AAM with more than a decade of experience in national sales and business development at Genworth Financial and Resource America. As president of Genworth Financial Asset Management, Courtney led the RIA group. His team specialized in fixed income, risk-management and tax-advantaged strategies primarily through managed accounts. He has also served as an independent consultant specializing in financial services distribution and wealth management technology.

"Daniel's impressive track record of working in the fixed income space and his extensive leadership experience makes him an ideal choice for our firm,” says John Radtke, managing director, executive vice president, head of Capital Markets. “AAM is solidly committed to our fixed income business by expanding its national account team to serve the advisory community."

NEXT: Johnston Asset Management Rebrands as Hardman Johnston Global Advisors

Johnston Asset Management Rebrands as Hardman Johnston Global Advisors

Hardman Johnston Global Advisors will run as an independent, global equity boutique that invests in high-quality growth companies at value prices. The firm manages international, global and U.S. equity portfolios.

The firm says the rebranding effort reflects Cassandra Hardman’s significant contribution to the firm. She has been lead portfolio manager for the international and global strategies for more than twenty years, during which time she has overseen strong performance and a substantial growth in assets. The firm was founded in 1985 by Richard Johnston, who is chief investment officer of U.S. strategies. Hardman Johnston Global Advisors is entirely owned by active employees, and Hardman is the majority shareholder.

“Having worked alongside Ms. Hardman for over twenty years, I have the greatest respect and admiration for her, both as a portfolio manager and a person,” says Johnston. “She has been a wonderful partner to work with. Her experience in international equities and her disciplined investment approach have few equals.”

Hardman adds, “I am pleased to have been a part of realizing our clients’ long-term investment goals over the past twenty years. We continue to concentrate on providing strong returns to our clients as an independent boutique firm, through the focused, disciplined and repeatable investment process that’s integral to our philosophy.”

Hardman also is chief investment officer and serves as the firm’s chief executive. Prior to joining the firm in 1997, she was managing director and principal at PCM International, an affiliate of Prudential Insurance Company of America. She has bachelor’s degree in economics and a master’s degree in finance from Rutgers University. She also is a member of the CFA Society New York.

Following the name change, the firm’s new website address is hardmanjohnston.com. 

NEXT: AXA Names Head of Retirement Plan Services

AXA Names Head of Retirement Plan Services

AXA announced that Kevin Molloy has been appointed head of Investor Relations (IR) for AXA US. In addition, Stephen Scanlon becomes head of Retirement Plan Services (RPS).

“Given Kevin’s experience in IR, his 17 years with AXA and his success in leading RPS since 2013, I am delighted that he has accepted the challenge of establishing the IR function and launching a profile for AXA US,” says Mark Pearson, chairman and chief executive officer, AXA US. “At the same time, I want to welcome Steve, who will now oversee RPS, which comprises our 403(b), 401(k) and the 457 retirement businesses. He brings to AXA more than 20 years of experience in financial services and success in positioning products and services though all distribution channels, varying market cycles and economic conditions.”

Molloy joined AXA in the U.S. in 1999 as director of corporate finance. He went on to serve increasing responsibility in investor relations and distribution finance. He began his career as an economist and corporate profits analyst with the United States Department of Commerce’s Bureau of Economic Analysis.

Previously, Scanlon was co-founder of GuardVest, a Dallas-based financial technology startup. Beforehand, he was a senior vice president and managing director for Bernstein Global Wealth Management. Scanlon is a veteran of the executive ranks of AB, (formerly AllianceBernstein), an asset management company and one of the holdings of AXA Financial.