This week in new hires, LPL Financial announced that Donie Lochan had joined the firm; Brendt Stallings and Husam Nazer joined DoubleLine; the MSRB board announced that it is looking for a few good applicants; Symmetry named John McDermott chief investment strategist; Citi named two new co-presidents; David Richman joined Washington Wealth Management; Judy May went to Pax World; and Pioneer added a new portfolio manager and expanded its U.S. institutional team.
Also, Richard Berner was confirmed by the Senate to head the new Office of Financial Research; Terry Sandven was named chief equity strategist at U.S. Bank Wealth Management; Ascent Private Capital Management named two managing directors in Seattle and four in Cincinnati; John Bertino and Ruth Burgess were appointed to FSI advisory councils; Maurice Stewart was inducted into the American College’s 2012 Hall of Fame; and NAFE named Elaine Sarsynski a “Woman of Excellence.”
LPL Financial Names Donie Lochan EVP of Business Technology Services
LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings, announced Monday that Donie Lochan has joined as executive vice president of business technology services (BTS), effective immediately. He will be leading BTS risk management, audit compliance, business continuity and disaster recovery planning, and information security. Lochan will be based in San Diego and report to Victor Fetter, who recently joined as chief information officer (CIO) and managing director of BTS.
Lochan has more than 21 years of experience in business technology and financial services. He joins from Bain & Co., where he was a partner in its global financial services practice and regional leader of its Asia Pacific IT services unit. Prior to his tenure at Bain, he was a vice president and partner at Ernst & Young, where he served as the global head of its wealth management practice.
Husam Nazer and Brendt Stallings Join DoubleLine
DoubleLine Capital LP announced recently that Brendt Stallings and Husam Nazer have joined the firm as portfolio managers and partners in DoubleLine Equity LP, a newly created affiliate of DoubleLine. Both were previously group managing directors at TCW, where they managed $5 billion.
At TCW, Stallings was senior portfolio manager of the TCW Growth Equities Strategy, and Nazer was senior portfolio manager of the Small-Cap Growth and SMID-Cap Growth strategies. Stallings and Nazer were co-portfolio managers of the TCW Global Technology Strategy and co-heads of the TCW Small- and Mid-Cap Growth Equities team.
MSRB Board Seeks Applicants; Seven Positions Available Beginning Oct. 1
The board of directors of the Municipal Securities Rulemaking Board (MSRB) announced today it is seeking qualified applicants to fill seven positions on its board of directors beginning Oct. 1. The MSRB, which regulates the $3.7 trillion municipal securities market, is governed by the board, which makes policy decisions, authorizes rulemaking and market transparency initiatives and oversees MSRB operations. Members of the 21-member board represent the public as well as regulated municipal dealer and municipal advisor industries.
The board is seeking to appoint four individuals representing the public and three individuals representing regulated entities to serve three-year terms. Applicants representing regulated entities must be affiliated with a broker-dealer, bank or municipal advisor registered with the MSRB. Applicants representing the public must not be affiliated with brokers, dealers, municipal securities dealers or municipal advisors. MSRB Rule A-3 on board membership discusses the nomination and election process, including provisions about eligibility and requirements. Names of all applicants will be published on the MSRB’s website within one week of the announcement of the new board members.
To be considered for a position on the board, submit an application, available on the MSRB board of directors application portal, no later than March 1. For questions, contact Sara Majroh, assistant corporate secretary and board administrator, Municipal Securities Rulemaking Board, 1900 Duke Street, Suite 600, Alexandria, VA, 22314-3412 or by phone (703) 797-6754 or email firstname.lastname@example.org.
Symmetry Partners LLC announced Monday that John McDermott, Ph.D., has become chief investment strategist of Symmetry. Previously an academic affiliate of the firm, McDermott now leads Symmetry’s investment committee, working with Symmetry’s research department and with its investment product vendors to identify and design optimal investment solutions.
A professor in Fairfield University’s department of finance, McDermott is known for his work on the role of liquidity in financial markets. Published in numerous academic journals, McDermott won awards from the Financial Management Association International and the American Association of Individual Investors for his 2000 dissertation, which identified liquidity changes as a partial explanation for the S&P 500 Index effect. His affiliation with Symmetry Partners began in 2005.
Jamie Forese and Manuel Medina-Mora Appointed Co-Presidents at Citi
Citi CEO Michael Corbat announced on Monday the roles and responsibilities of the members of his management team, and appointed Jamie Forese and Manuel Medina-Mora as co-presidents of Citi. Forese will be responsible for all of Citi’s institutional businesses, and Medina-Mora will continue to oversee global consumer banking and Citi’s franchise in Mexico. The operations and technology functions supporting the institutional and consumer businesses will now directly report to Forese and Medina-Mora, respectively, to better align the functions with the priorities of each business and improve efficiency.
Corbat also announced that Jim Cowles will become CEO of Citi’s Europe, Middle East and Africa (EMEA) region. Brian Leach has been appointed head of franchise risk and strategy and will be responsible for Citi’s audit, compliance, corporate policy and strategy functions in addition to risk management. Brad Hu, currently head of risk for the Asia Pacific region, will become Citi’s chief risk officer and will report to Leach.
Washington Wealth Management Welcomes David Richman
Washington Wealth Management LLC announced recently that it has hired David Richman to serve as its market area director for southern California. In his new role, he will work to attract leading advisors to the firm and drive growth in southern California.
A 17-year veteran of the financial advisory industry, Richman previously served as a complex director for Morgan Stanley Wealth Management in both the Irvine and Pasadena markets.
Pax World Management LLC, investment adviser to Pax World Funds (Pax World), announced recently that Judy May has joined the company as senior vice president of marketing.
May joins Pax World with almost two decades of experience in marketing and communications. Most recently she served as a director of marketing for Eaton Vance, where she was responsible for strategy and project management for Eaton Vance’s retail marketing initiatives. She had previously held marketing positions with other investment firms, including Tucker Anthony and Freedom Capital Management. Prior to entering the investment sector, she worked for Inc. Magazine and also served in the Peace Corps in West Africa.
Pioneer Investments Adds New Portfolio Manager to Pioneer Global Equity Fund
Pioneer Investments has named David Glazer vice president and portfolio manager of Pioneer Global Equity Fund (GLOSX); the appointment was effective Dec. 31. In this newly created position, Glazer joins Marco Pirondini, executive vice president, head of equities, U.S., who currently serves as portfolio manager on the fund.
Glazer most recently served as vice president and co-portfolio manager at Franklin Templeton Global Advisers in New York, specializing in international small, global small/mid-, and euro small/mid-capitalization strategies. He has more than 14 years of experience as an equity professional.
Pioneer Investments Expands U.S. Institutional Team
Pioneer Investments recently announced two new hires for its U.S. institutional team. Mark Dacey has been named head of U.S. consultant relations and Amy DiMarzio joins as a fixed-income investment strategist.
Dacey has 15 years of industry experience covering institutional consulting firms. He joins from State Street Global Advisors (SSgA), where he most recently served as managing director, head of U.S. consultant relations.
DiMarzio joins from Putnam Investments, where she most recently served as vice president and credit analyst. She has 13 years of industry experience conducting credit analysis across various sectors.
Richard Berner has been confirmed by the U.S. Senate to serve a six-year term as the first director of the Office of Financial Research (OFR). In this role, he will lead the OFR in its mission to support the Financial Stability Oversight Council (FSOC), its member agencies and the public by improving the quality, transparency and accessibility of financial information and by providing analysis of threats to financial stability. Since April 2011, Berner has served as counselor to the Secretary of the Treasury, who assigned him to assist in standing up the OFR. The Dodd-Frank Wall Street Reform and Consumer Protection Act established the OFR within the Treasury Department.
Before joining the Treasury, Berner was a managing director, co-head of global economics and chief U.S. economist at Morgan Stanley. He previously held positions at Mellon Bank, Salomon Brothers, Morgan Guaranty Trust Company, Wharton Econometrics, and the Board of Governors of the Federal Reserve System. He has also served on advisory boards for the Federal Reserve Bank of New York, the Congressional Budget Office, the National Bureau of Economic Research and the Bureau of Economic Analysis.
Terry Sandven Named Chief Equity Strategist for U.S. Bank Wealth Management
U.S. Bank Wealth Management announced recently that Terry Sandven has been appointed chief equity strategist, a new position. Sandven reports to Tim Leach, chief investment officer.
Sandven will build and lead the strategic equity management team that manages individual stocks not managed by third-party managers for all client accounts of Ascent Private Capital Management of U.S. Bank, the ultrahigh-net-worth unit of U.S. Bank Wealth Management. He will also lead the equity workgroup, which supervises equity investment policy and strategic process. Additionally, he will serve as the primary source of information about equity investment at U.S. Bank Wealth Management.
Sandven joins from Piper Jaffray, where he served for more than 18 years. He most recently served as head of product management.
Ascent Private Capital Management Names Two Managing Directors
Ascent Private Capital Management of U.S. Bank in Seattle recently announced two new directors in its Seattle offices. Michelle Walker has been named managing director of investment consulting, and Robert Stadler has been named managing director of private banking.
Both Walker and Stadler will provide customized and integrated investment plans for the UHNW clients of Ascent, supported by a national advisory team that provides wealth impact planning, financial administration and exceptional client experience in the Pacific Northwest.
Ascent Private Capital Management of U.S. Bank announced Tuesday the appointment of four managing directors to its Cincinnati office: Christopher Baucom, Justin Stone, Larry Lesko and Scott Mahon.
Baucom will provide customized and integrated solutions for personal and family foundation portfolios. Stone will oversee the fulfillment of capabilities to families and foundations in a personalized service environment. Lesko will work with UHNW individuals and families, serving as their chief financial officer. Mahon will focus on providing advanced multigenerational planning, family governance and trust and fiduciary advisory services to clients.
John Bertino, Ruth Burgess Appointed to FSI Advisory Councils
INVEST Financial Corp. announced recently that John Bertino, senior vice president of operations, and Ruth Burgess, senior vice president and chief compliance officer, have been appointed to serve three-year terms beginning January 2013 on the Operations & Technology Council and Compliance Council, respectively, for the Financial Services Institute (FSI).
The Operations & Technology Council is responsible for addressing operations-focused concerns from member firms, facilitating the exchange of “best practices” information between broker-dealers and supporting industry efforts to streamline standard business processes, while the Compliance Council focuses on efforts to build and maintain a more business-friendly regulatory environment.
Maurice Stewart Inducted into American College 2012 Hall of Fame
Maurice Stewart, longtime field leader and executive consultant for The Penn Mutual Life Insurance Co., was inducted into The American College’s 2012 Alumni Hall of Fame on Dec. 7 at Chicago LIVE in Chicago, Ill. He is the eighth member to be inducted.
The Alumni Hall of Fame recognizes graduates of The American College’s designation or degree programs who have made extraordinary contributions in time, effort and energy to The College.
MassMutual's Elaine Sarsynski Named "Woman of Excellence" by NAFE
The National Association for Female Executives (NAFE), part of the Working Mother Media network, has honored MassMutual's Elaine Sarsynski with its 2012 Woman of Excellence International Achievement Award. Sarsynski is executive vice president of MassMutual's retirement services division and chairman and CEO of MassMutual International LLC.
Sarsynski received the award on Dec. 13 at the organization's awards event in New York City for her work in helping position women for leadership roles at home and abroad.
Read the Dec. 18 New Hire Roundup at AdvisorOne.