MassMutual Merging Annuity, Income Units, With Dickey at the Helm
MassMutual merged its annuity and income management divisions to better serve the growing retirement income market.
Drew Dickey, senior vice president for retirement income, will be the head of the new unit, MassMutual Retirement Income. He was previously president of the firm's financial products division.
"The tens of millions of consumers nearing retirement are seeking to convert accumulated retirement savings into retirement income, and most want the security that comes from a portion of their retirement income being guaranteed," Dickey said. "As employers increasingly turn away from traditional pension plans, which promise guaranteed income benefits, consumers must replace that guaranteed lifetime income individually, either by themselves or working with a financial adviser."
JennisonDryden Recruits Rosenberg as Senior VP
Prudential's JennisonDryden mutual fund unit has hired Michael A. Rosenberg as senior vice president, responsible for selling the funds to defined contribution plans. Rosenberg previously headed retirement services for Goldman Sachs. Before joining Goldman in 1998, he was a director of investment management consulting for what is now CRA Rogers Casey. He also spent 11 years at ABN AMRO developing and marketing retirement plan services.
"Michael brings tremendous talent and leadership in the investment-only defined contribution market," said John Drahzal, JennisonDryden's director of distribution. "With employees focused on retirement savings now more than ever, and with help from recent tax laws favoring defined contribution plans, we believe this market offers a tremendous breadth of opportunities for our products."
RolloverSystems Names Williams President, CEO
RolloverSystems, which offers an automated 401(k) rollover platform, has hired J. Spencer Williams as president and chief executive officer.
With more than 20 years of experience in financial services, he most recently was senior vice president of income management at MassMutual. Before that, he spent more than a decade in a variety of management positions in the financial services industry, including stock and option trading on the floor of several major U.S. exchanges. Williams succeeds Lisa Pickrum who was named interim CEO in January and will continue as chief operating officer of The RLJ Cos. and as a member of the board of directors of RolloverSystems.
"Spencer is the right individual to lead RolloverSystems to the next level," Pickrum said.
Three Join CacheMatrix's Portal Development Team
CacheMatrix Holdings has hired three executives to enhance its technology and compliance capabilities for its trading portal.
Andrea Boortz has joined the company as testing manager. She comes to CacheMatrix from Janus, where she was an information technology manager.
Scott Taylor is now the firm's manager of compliance and operations analysis. With more than 10 years of experience in start-ups, he most recently was director of network services at QTC Management. Before that, he was director, systems services, at what is now SunGard Availability Services.
Joining CacheMatrix as user interface architect is Jeremy Thomas. He previously worked as a web developer and graphic designer for the University of Denver and the Suzuki Association of the Americas.
(c) 2007 Money Management Executive and SourceMedia, Inc. All Rights Reserved.