Fleites Not Ready to Invest n Retire

Well, that was a quickie. Gus Fleites, who last month joined Portland, Ore.-based 401(k) platform provider Invest n Retire as chief executive officer, has left the firm after only a few weeks.

Fleites, the former president of State Street Global Advisors, told Money Management Executive that he resigned on April 16 and added that: “It just became impossible for me to represent the firm in the market.” He declined to comment further on his abrupt resignation.

Fleites is currently founder of Boston-based Beta Capital Advisors, LLC, an investment advisory firm.

Invest n Retire founder Darwin Abrahamson told MME that: "Gus and I decided to go our separate ways. We're taking a different direction than what we orginally planned with Gus."

He added that the firm will not replace Fleites' position.

In an earlier interview, Abrahamson said he's focusing the firm's resources on technology and educating the managers on the firm's platform.