This week in new hires, Focus Financial announced five new hires; JHS Capital welcomed Mark Palsson; and Eric Falkeis became president and COO of Direxion.
Also, Michael Wright went to HSBC Global Asset Management, Penn Mutual Life Insurance named two managing partners, and Brett Pearce joined U.S. Bancorp Investments.
Focus Financial Partners Adds Five
Focus Financial Partners announced five hires Monday, including Mark Hovanic and Matt Sonnen, who have joined the firm to support Focus Connections. Under the Focus Connections offering, wirehouse teams receive a capital investment and work with an interim chief operating officer leading a team that provides guidance on a range of startup issues, ranging from administration and small business infrastructure to best practices for running an independent RIA.
Hovanic joins as a managing director and will be responsible for recruiting and advising wirehouse breakaway teams as part of the business development and acquisitions group. Sonnen joins the company as vice president of strategic operations and will help breakaway teams and recently formed RIAs develop strategic initiatives to benefit from best practices and scale, streamline operations, and improve efficiency.
Hovanic comes with years of experience as a senior vice president, complex and branch manager at several wirehouses, including Morgan Stanley Smith Barney, UBS and Paine Webber.
Prior to joining, Sonnen was the COO of Luminous Capital, where he was instrumental in navigating its exit out of Merrill Lynch in 2008. Luminous recently sold itself to a bank. Previously, he worked at Merrill Lynch and Los Angeles-based Pacific West Capital Group.
Other strategic hires include Frank Balducci, senior vice president, accounting and reporting; Jason Carver, business development associate; and Antonia Savaria, vice president, compliance and risk management.
JHS Capital Advisors Welcomes Mark Palsson
JHS Capital Advisors has added Mark Palsson as a vice president of investments and financial advisor at the firm’s office in Bellevue, Wash.
Prior to joining, Palsson spent more than five years as a financial advisor at Smith Barney, now part of Morgan Stanley Wealth Management. Prior to this, he worked at Weyerhaeuser Co. in a variety of accounting, finance and managerial positions for more than 25 years. His most recent role at Weyerhaeuser was as the Tokyo-based director of finance and planning for Asian operations.
Palsson is the second financial advisor to join a JHS branch in the Pacific Northwest during the past month. Allison Hanna recently started as a financial advisor at the JHS office in Portland, Ore. Direxion Appoints Eric Falkeis President and COO