American International Group’s SunAmerica Financial Group unit is reorganizing to consolidate and expand its distribution channels.
It has named Stephen Maginn to head the unit that oversees retail distribution and a former Goldman Sachs executive, Jonathan Novak, to head a new unit that will seek growth in institutional markets.
Among the other new hires in the retail distribution divisions will be Michael Treske, who joins SunAmerica from John Hancock, which has recently announced it was restructuring its annuity operations to reduce potential risk from the “living benefits” component of variable annuities.
Treske had headed annuity distribution at John Hancock since January of 2010.
Advisor Group, comprising broker-dealers FSC Securities Corp., Royal Alliance and SagePoint Financial, will also be part of the new distribution organization. Also joining will be top sales officials from Invesco and Protective Life.
Jay Wintrob, president and CEO of SunAmerica Financial Group, announced the changes, which includes naming Mary Jane Fortin chief financial officer of SunAmerica Financial. She has served since 2009 as president and CEO of American General Life Cos. and had previously served as CFO of that firm.
James Mallon, currently president of American General Life and Accident Insurance Co., will succeed Mallon as president and CEO of American General Life. Mallon now serves as president of American General Life (AGLA), a position he has held since 2004. In his new, broader role, Mallon will continue to lead AGLA.
Maginn joined SunAmerica in 2008, and most recently served as chief distribution officer for SunAmerica Retirement Markets and SunAmerica Mutual Funds, where he oversaw strong growth in both variable annuity and mutual fund sales.
The new unit will oversee all distribution of American General Life's life, accident and health products, VALIC’s group retirement and rollover offerings. It will also oversee Western National’s fixed annuities and SunAmerica’s variable annuities and mutual funds.
In addition to Maginn and Treske, SunAmerica Financial Group Distributors has also added John Deremo, who recently joined SunAmerica from Protective Life Corp. to head sales of retail life, accident and health products; Terri Fiedler, who will be joining from Invesco to lead strategic accounts management.
The new unit will oversee all distribution of American General Life Companies’ life, accident and health products, VALIC’s group retirement and rollover offerings, Western National’s fixed annuities, and SunAmerica’s variable annuities and mutual funds.
Heading the new division overseeing sales to institutional markets will be by Jonathan Novak. He is from Goldman Sachs, where he served in that firm’s financial institutions risk management business, leading a team focused on risk management solutions for insurance companies and banks.
The Institutional Markets division will oversee the structured settlements, pension terminal funding, private placement life and annuity and COLI/BOLI businesses, as well as consider new opportunities, according to Wintrob.
“This is a unique time of opportunity, change and growth for SunAmerica Financial Group,” he said.
He said the new organizational structure will enable us to better serve our broad network of distribution partners as we work together to help even more Americans plan for and achieve financial and retirement security.
“We are very fortunate that our senior leadership team represents such a formidable combination of talented individuals with many years of experience with our organization as well as a number of exceptional new members who bring strong industry experience and a fresh perspective,” he added.
(This article originally appeared on our sister site LifeHealthPro.)