Great-West Financial said Monday that Scott Sipple has been named president of Great-West Investments, and that Michael Wands will succeed Sipple as head of Global Investment Strategies at Putnam Investments.
Great-West Financial and Putnam Investments are the U.S. operating companies of Great-West Lifeco. They are led by Robert Reynolds, who serves as president and CEO.
Sipple and Wands will report directly to Reynolds at their respective firms.
“Since its formal establishment in 2016, Great-West Investments has been a great growth story — and with Scott’s leadership we will continue that expansion,” Reynolds said in a statement. “The breadth of Scott’s experience uniquely qualifies him for his new role in which he will lead the creation and delivery of solutions employed by plan sponsors and their advisors to the benefit of individual savers.”
With more than $100 billion under management or supervision in mutual funds, managed accounts, capital preservation products and retirement income solutions, Great-West Investments “is in a position to enhance its offerings by fortifying its distribution capabilities, offering solutions through its subadvised investment platform and creating value-added products for clients,” Reynolds said.
“The combined strengths of Great-West Investments, Empower Retirement and Great-West’s insurance and annuity businesses create a significant, and in some ways exclusive, opportunity to better serve the needs of millions of Americans,” continued Reynolds. “Our clients and prospects will be the beneficiaries of the great, combined strength of our collective work. I’m looking forward to this opportunity.”
A graduate of Dartmouth College, Sipple joined Putnam in 2009 and has worked in the investment industry since 1985.
He has 30 years of industry experience in numerous senior leadership roles on both the buy and sell sides. Sipple began his career in equity capital markets and trading, ultimately heading capital markets for a large regional investment bank.
His responsibilities over the years have included global portfolio strategy, product management, managed accounts and institutional banks and strategic relationships.
Wands, who joined Putnam in 2008, will oversee teams focused on equity, fixed income and global asset allocation products for the firm’s retail, institutional and retirement businesses as head of Global Investment Strategies.
He previously oversaw all activities for the Putnam GIS Fixed Income team.
Since beginning his career on Wall Street in 1986, he has risen through a series of jobs in the investment management industry of increasing responsibility, including serving as the Head of Fixed Income North America for State Street Global Advisors from 2003 to 2008.
He is a graduate of Rensselaer Polytechnic Institute.
--- Check out Robert Reynolds: Here's How Workplace Plans Can Save Retirement on ThinkAdvisor.