More On Legal & Compliancefrom The Advisor's Professional Library
- Conducting Due Diligence of Sub-Advisors and Third-Party Advisors Engaging in due-diligence of sub-advisors isnt just a recommended best practice it is part of the fiduciary obligation to a client. An RIA should be extremely reluctant to enter a relationship with a sub-advisor who claims the firms strategy is proprietary.
- Privacy Policies and Rules Whether an RIA is SEC or state-registered, the firm must have policies and procedures in effect to protect clients privacy. Policies and procedures should explicitly require an RIA to send out its privacy notice each year.
This week in personnel announcements and new hires, Walt Czaicki was named CIO of Curian Capital; the SEC brought in Stephanie Avakian as deputy director of enforcement; Brian Donovan went to Mercer; C&A Consulting welcomed Danielle Crimmins; and Adam Phillips joined EP Wealth Advisors.
Also, Tony Miles was named a trustee of the Investor Protection Trust (IPT); Frank O’Connor joined the Insured Retirement Institute (IRI); J.D. Power added Mike Foy; T. Rowe Price announced a coming transition in portfolio management; and Ken Carraro joined the Private Client Reserve of U.S. Bank in Portland, Ore.
Curian Capital Names Czaicki CIO
Curian Capital LLC has announced that Walt Czaicki has been named senior vice president of the asset management group (AMG) and chief investment officer for the company. He will remain in Denver and report to Michael Bell, president and chief executive officer.
Czaicki, with more than 25 years of investment management experience, previously served as a senior portfolio manager with AllianceBernstein. From 2005 to 2007, he was vice president and director of portfolio management at Curian. He rejoined Curian in 2011 and served as vice president of platform management for the AMG.
Avakian Joins SEC as Deputy Director of Enforcement
The SEC has announced that Stephanie Avakian has been named deputy director of its division of enforcement. The appointment is effective in late June.
Avakian joins from the law firm of Wilmer Cutler Pickering Hale and Dorr LLP, where she is a partner in the New York office and a vice chair of the firm’s securities practice. She previously worked in the SEC’s enforcement division as a branch chief in the New York regional office, and later served as a counsel to SEC Commissioner Paul Carey.
Mercer Welcomes Donovan
Mercer has announced that Brian Donovan has joined as global product leader in its investments business. He is based in Boston and will report jointly to Phil de Cristo, president, investments and Sujata Mutalik, global CFO, investments.
Donovan brings more than 30 years of investment related experience to this position. Most recently, he served as vice president, investment product development at Pyramis Global Advisors, a Fidelity Investments company. He has also held several prior leadership positions with Fidelity.
Crimmins Goes to C&A Consulting
C&A Consulting LLC has announced that Danielle Crimmins has been hired as director of the firm’s new family office consulting services practice.
Crimmins’s prior experience includes leading multiple family office software implementations and providing client support for an asset management system.
EP Wealth Advisors Adds Phillips
EP Wealth Advisors has announced that Adam Phillips has joined as senior vice president and investment strategist.
Prior to joining, Phillips spent nine years at City National Bank in Beverly Hills working with high-net-worth individuals, foundations and trusts.
Miles Named Trustee at IPT
Investor Protection Trust has announced that Tony Miles, District of Columbia associate commissioner for securities, will succeed Elizabeth Block as a trustee. Block, the New York assistant attorney general, retired from the attorney general’s office in April.
Miles has been the associate commissioner, securities, in the Department of Insurance, Securities and Banking (DISB) since July of 2000, and has served in numerous capacities at NASAA. He came to DISB from the National Science Foundation, where he was the deputy general counsel. Immediately prior to that, he was vice president for legal affairs and corporate secretary of National Public Radio. He has also held senior legal positions in various federal regulatory agencies, including the division of trading and markets of the SEC and the economic regulatory administration of the U.S. Department of Energy.
IRI Welcomes O’Connor
Frank O’Connor has joined the Insured Retirement Institute as vice president of research and outreach.
Most recently O’Connor was product manager, asset manager annuity solutions at Morningstar Inc. O’Connor was director of product development for Finetre Corp.’s VARDS Online, before it was acquired by Morningstar in 2005. Following the acquisition, he held various positions at Morningstar. Earlier, he was an executive benefits consultant from 1997 to 2001.
Foy Added at J.D. Power
J.D. Power has announced that Mike Foy has joined as the director of its wealth management practice. He will work out of McGraw Hill Financial’s Hightstown, N.J., office. He reports to Rocky Clancy, vice president of financial services, and will work with Craig Martin, who previously served as the director of the wealth management practice. Martin remains at J.D. Power and will focus more on the mortgage industry and expanding the firm’s capabilities across the financial services sector.
Foy has worked in the wealth management industry for more than 15 years. He joins from Penton Media, where he was director of research and strategic sales for the financial services group. Previously, he held senior business and product development and marketing positions at HNW, and at Dow Jones and Merrill Lynch.
CIO Rogers to Step Down as Portfolio Manager at T. Rowe Price
T. Rowe Price has announced that at the end of October 2015, Brian Rogers will step down as portfolio manager of the T. Rowe Price Equity Income Fund. He will be succeeded by John Linehan, but will remain as chairman and CIO.
Linehan is currently co-portfolio manager of the Institutional Large-Cap Value Fund and head of U.S. equity. He will continue as co-portfolio manager of the fund, but will be succeeded as head of U.S. equity by Bill Stromberg, head of equity.
Ken Carraro Joins Private Client Reserve
U.S. Bank Wealth Management has announced that Ken Carraro has joined the Private Client Reserve of U.S. Bank in Portland, Ore., as vice president, wealth management advisor.
Prior to joining The Reserve, Carraro was an international banker for U.S. Bank in Portland and has lived and worked in Austria, France and Central Africa.
Read the May 28 New Hire Roundup at ThinkAdvisor.