This week in new hires, Vice Chairman Martin Gruenberg became acting chairman once again at the FDIC at the completion of Sheila Bair’s term. Robert Bostrom joined SNR Denton, and Russell Investments upped its defined contribution team by two as well as adding a new director of plan sponsor sales for its indexes. Also, former Wasatch portfolio managers Gardiner, Walker and Huefner announced the formation of Grandeur Peak Global Advisors and Penn Mutual promoted Denise Flannery.
As Bair Departs FDIC, Gruenberg Named Acting Chairman
When Sheila C. Bair officially stepped down on July 8 as FDIC chairman, having served since June 26, 2006, Vice Chairman Martin J. Gruenberg assumed the role of acting chairman, a role he held previously from Nov. 15, 2005, to June 26, 2006. Gruenberg has served as vice chairman of the FDIC board of directors since Aug. 22, 2005.
Bair will join the Pew Charitable Trusts as a senior advisor on Sept. 7, after, an FDIC statement reported, “spending the summer with her family.”
Bostrom Joins SNR Denton as Co-Head of Financial Institutions and Funds Sector
SNR Denton announced July 14 that Robert Bostrom, executive vice president, general counsel and corporate secretary of Freddie Mac, is joining the firm as partner and co-head of its global financial institutions and funds sector. In that role, he will work with partner Jana Cohen Barbe. Bostrom joined Freddie Mac in 2006 and directed its legal strategy through the financial crisis and recovery. He is scheduled to join the firm in mid-August.
Previously he had served as executive vice president for legal, compliance and regulatory affairs at National Westminster Bancorp. Prior to Freddie Mac, he spent nine years as head of the financial institutions practice at Winston & Strawn, where he also served as managing partner of the New York office and a member of its executive committee. Earlier in his career, he was a lawyer with the Federal Reserve Bank of New York.
Russell Adds Lennon and Rappa to Defined Contribution Team
Russell Investments announced on Tuesday that it is further expanding its institutional defined contribution (DC) team with the appointments of Keith Lennon and Michelle Rappa. They will report to Dick Davies, managing director, defined contribution, Americas Institutional.
Lennon, an internal appointment, joins the DC team in Seattle after being promoted to the newly created role of director, defined contribution solutions. He is responsible for enhancing Russell’s offerings to institutional defined contribution plan investors. Lennon has more than 20 years of experience at Russell in various client service, analytical and managerial positions. Most recently, he served as director of product for Americas Institutional and led the team responsible for all aspects of product development and management across the defined benefit, defined contribution and nonprofit market segments.
Rappa joins Russell as director of business growth, defined contribution, and is based in New York. In addition to formulating and executing Russell’s DC strategy for institutional clients, she will lead new business development initiatives focused on identifying Russell investment management capabilities relevant to DC plan sponsors and introducing them to the marketplace. An industry veteran with more than 20 years of experience, Rappa most recently worked as an independent consultant with the Russell Indexes team. She was formerly managing director and head of marketing at Seligman Advisors; earlier in her career she was at Oppenheimer Funds and Oppenheimer Capital.
Russell Investments Appoints Unger for Index Business