Mirae Names Retail Sales Chief
Emerging markets shop Mirae Asset Global Investments (USA) has named Robert P. Mulligan as Head of Retail Sales and Distribution. He is also currently Head of Strategic Relationships, for the firm, responsible for developing and maintaining the firm's relationships with broker-dealers, banks, independent financial advisors, and "supermarket" platforms.
In his dual role, Mulligan supervises the Strategic Relationships team and also manages Mirae Asset's team of hybrid wholesalers. Mulligan succeeds Vincent J. Leon.
"Bob's deep relationships with gatekeepers and senior industry personnel have helped significantly expand Mirae Asset's distribution capacity over the past 18 months," stated Joon Kwun, president and chief executive CEO of Mirae Asset Global Investments (USA).
"Our funds are now on all of the major RIA custodial platforms, and we have established selling agreements with several major wirehouses and independent broker-dealers. We're confident that Bob can continue to enlarge our U.S. footprint and direct our team of Emerging Market Specialists to broader sales objectives."
Mulligan joined Mirae Asset in 2010 from GE Asset Management where he was the Director of National Accounts serving the intermediary market.
USAA Nabs Hartford Exec
San Antonio, Texas-based USAA has hired Keith Sloane, as head of third-party distribution, responsible for expanding the firm's strategic partnerships with third-party platforms and registered investment advisers.
Previously, Sloane served as head of The Hartford's mutual fund business, representing $100 billion in assets, where he was responsible for corporate strategy, financial management and leading business initiatives across multiple distribution channels. This included retail and institutional distribution, product development, product management and Board of Directors initiatives.
USAA mutual funds are currently available through multiple third-party platforms including Fidelity, E*Trade, TD Ameritrade, Pershing and Vanguard.
'It's a Sad Day for the Vanguard Family'
There's been a death in the Vanguard family. Howard B. Schow, co-founder and chairman emeritus of Primecap Management Company and longtime co-manager of several Vanguard funds, has passed away at 84 years old.
Schow managed portions of five Vanguard funds: Primecap Fund, Primecap Core Fund, Capital Opportunity Fund, the Vanguard Variable Insurance Fund's Capital Growth Portfolio, and the U.S. Opportunities Fund. The portions of these funds previously managed by Schow have been assumed by his co-managers.
The co-managers are Joel P. Fried, Theo A. Kolokotrones, Alfred W. Mordecai, Mitchell J. Milias, and M. Mohsin Ansari. Their assumption of the assets Schow had managed is not expected to affect the investment objective, strategy, or investment process of the funds, according to the firm.
"It's a sad day for the Vanguard family," stated Vanguard Chairman Bill McNabb.
"We will miss his perspective, his candor, and his balance of optimism and pragmatism. Personally, I've learned a great deal from Howard over the years. I speak on behalf of Vanguard's board of directors, senior leadership team, and our investors in expressing gratitude for his care and stewardship of client assets over the past 28 years."
Neuberger Adds 11 Senior Directors
The Advisor Solutions Group at Neuberger Berman LLC has added 11 senior regional directors in 10 new regions as it seeks to grow its mutual funds business among wirehouses and regional broker dealers.
The Advisor Solutions Group, which serves wirehouses and regional broker dealers, has grown to be a team of 35 executives, up from 15 in 2008, according to the firm.
In the wirehouse channel, the firm has added seven new regions and seven new people in those areas. The new regions include Pacific Northwest, Northern Los Angeles, and Michigan/Indiana in the Western division, and Southeast Florida and Puerto Rico, the Carolinas, and Upstate New York in the Eastern division.
In the broker-dealer channel, the firm has added three new regions and four new executives covering those territories. The new regions include: The Four Corners (Arizona, Colorado, Montana, North Dakota, New Mexico, South Dakota, Utah, and Wyoming), The Heartland (Iowa, Kansas, Minnesota, Missouri and Nebraska) and the Mid East (Michigan and Ohio).
"After a record sales year in 2011, Neuberger Berman seeks to bring the strong performance of the firm's equity and fixed income investment strategies to a wider audience and has recruited talented sales pros in major money centers around the country," stated Jason Ainsworth, managing director and head of the Advisor Solutions Group.
