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New Hire Roundup: At FDIC, Gruenberg Takes Helm From Bair; Bostrom Goes to SNR Denton

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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

Russell Investments also announced Wednesday that it has appointed Shelton (Shellie) Unger as director of plan sponsor sales for Russell Indexes. Unger, with more than 30 years of financial services experience, will lead a focused initiative to introduce the full depth and breadth of Russell Indexes’ product and service offering to the plan sponsor community in the U.S., including foundations, endowments and consultants. She joined Russell on July 18th, is based in the firm’s New York office and reports to Kevin Lohman, managing director of sales for Russell Indexes.

Prior to joining Russell, Unger spent 25 years with Vanguard where her assignments included client service, operations, strategic planning, institutional sales and marketing, participant education, online strategy, international and nonprofit sales and global consultant relations.

Raymond James Adds Scott Lemone

Raymond James Financial announced Tuesday that it has hired Scott Lemone as managing director of its consumer investment banking group. He will head coverage of the retail and gaming sectors from Raymond James’ Boston offices.

Lemone joins Raymond James with 22 years of experience in consumer and retail investment banking. He has been an advisor on more than $50 billion in mergers and acquisitions transactions, and has led over $30 billion of capital markets transactions. After nearly 20 years of focusing solely on the consumer and retail sectors, Lemone added gaming to his coverage in 2008. Prior to joining Raymond James, Lemone was head of corporate finance and advisory at The Royal Bank of Scotland, responsible for the consumer and industrial sectors. He has also worked at Lehman Brothers Inc., Merrill Lynch & Co. and Kidder, Peabody & Co.

Former Wasatch Portfolio Managers Announce New Firm

Former Wasatch Advisors senior partner and portfolio manager Robert Gardiner announced Wednesday that he has formed a new money management firm, Grandeur Peak Global Advisors, with fellow Wasatch portfolio manager Blake Walker and Wasatch vice president and director of mutual funds Eric Huefner. The new firm will focus on global equity investing with a long-term view and a bias towards small and micro cap companies. Gardiner and Walker intend to invest in companies based in the U.S., developed foreign countries, and emerging/frontier markets. Each research analyst on the Grandeur Peak Global team has a global sector specialty, but also acts as a general analyst.

Penn Mutual Names Denise Flannery SVP, Strategic Marketing, Planning and Communications

The Penn Mutual Life Insurance Company announced Thursday the promotion of Denise Flannery to senior vice president, strategic marketing, planning and communications.

Flannery joined Penn Mutual in 2001 and has more than 25 years of experience in all aspects of marketing, including product development, market research and marketing communications with financial services companies.

Read last week’s New Hire Roundup at


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