Year-End Job Moves Pile Up at Asset Managers

(December 18, 2013) – The new year will bring new jobs for many in the asset management and servicing industry.

State Street Global Advisors (SSgA) has dropped another hint that it’s pushing hard to be the default defined contribution firm of the future by hiring Alliance Bernstein's head of product and partner strategy Mark Fortier.

Fortier will serve as managing director and head of global defined contribution research and product development at SSgA. The firm has previously had a significant focus on viable retirement income products, but hiring Fortier suggests it is also making a serious investment in project.

Elsewhere, infrastructure specialist AMP Capital has lost its CIO David Kiddie, but will have two new appointees joining its leadership January 1. Kiddie started in 2009, and has decided to return to the UK to rejoin his family, according to AMP.

In addition, Sean Henaghan--who has been with the Australia-based firm since 2006--will become head of its multi-asset group. He is being promoted from head of the multi-manager and investment solutions team. Fixed-income chief Mark Beardow has also been given the nod to take over all of AMP’s specialist investment teams.

A new CIO had not been announced by AMP at the time of writing.

OppenheimerFunds, in contrast, does have a new chief investment officer. Current CIO Arthur Steinmetz will move into the chief executive slot, while CIO of fixed income Krishna Memani has earned Steinmetz’s prior position. The departing chief executive William Glavin will remain on as chairman.

For one asset management firm, moves haven’t been in the leadership team, but rather the entire company. Legal & General Investment Management America, which specializes in liability-driven investing, has grown out of its offices and will be moving to a new space in downtown Chicago.

“We have wanted to move to the downtown area for some time, but wanted to make sure that we found the right space before moving,” said CEO Mike Cranston. “As the company continued to expand and our client roster grew, it became evident that we needed an office that aligned with the next phase of our US plan.”