Industry

Putnam Hires Lewis as Director of DC Sales

One shift in distribution strategy the financial crisis has caused, which fund sales directors should take note of, is that banks are looking far more attractive to a variety of advisers and more are hiring top talent.

As mutual fund assets continue to decline and investors migrate to low-cost products, fund companies are struggling to make management fees stretch even farther.

While most mutual fund companies struggled in 2008, John Hancock Funds finished the year in solid standing, buoyed by a strong first half and careful strategic planning. President and CEO Keith Hartstein recently spoke with Money Management Executive's John Morgan about the key areas that drove Hancock's record $8.5 billion in sales, some regulations he would like to see changed and his outlook for the rest of 2009 and beyond.

OppenheimerFunds has announced that it is making changes intended to strengthen its business operations and enhance risk management capabilities.

AllianceBernstein announced Tuesday that it eliminated 237 positions in the first quarter, ending with a staff of 4,760, down from 4,997 at the beginning of the year. Thirty-one of the positions eliminated were held by investment professionals, including analysts, portfolio manager, chief investment officers, research directors and traders.

CVC Capital Partners of Britain is in exclusive talks with Barclays to purchase its iShares exchange-traded fund unit for more than $4 billion.

Putnam Investments has hired Benjamin H. Lewis as managing director of defined contribution sales and relationship management. A 23-year veteran of the 401(k) industry who began his career at Fidelity in 1986, Lewis most recently was senior vice president for Fidelity Employer Services Co.

Sullivan Named Head Of Fidelity Bond Group

Bank of America is merging its premier banking into Merrill Lynch Global Wealth Management, and as a result, several hundred people will lose their jobs.