J.P. Morgan Retirement Plan Services, the retirement plan record keeping business of J.P. Morgan Asset Management, has hired Bill McDermott in a newly created role as head of Sales and Client Solutions.
McDermott will oversee the teams responsible for distribution, relationship management, and the delivery of client solutions, including investment and participant communication and education services. He will be based in New York and will report to David Musto, chief executive officer for Retirement Plan Services. He also will serve on the Executive Committee of J.P. Morgan’s Retirement business, led by Michael Falcon.
McDermott previously led the defined contribution business at Goldman Sachs Asset Management. Before that, he developed new distribution channels for annuity and investment products at AXA Equitable and led business development, relationship management, marketing, communications and education in the retirement services and benefits administration businesses at Fidelity and Hewitt.
Musto told Money Management Executive that McDermott “has been successful both in the recordkeeping and administrative world as well as in the investment management world, focused on defined contribution programs.” Moreover, Musto said, McDermott has led a variety of “client-facing” and middle-office functions in this industry.
His hiring follows a number of high-level appointments by the retirement business over the past year, including that of James Gearin as chief operating officer last year and Carol Waddell as a managing director and head of products and marketing in April.
The company, according to Musto, has three major goals for McDermott: The first is to continue to build upon and enhance the coordination between their client-facing teams. The second is to build upon the “leadership” that they have established in the large markets and build more business through advisors. Finally, he is expected to continue to grow and develop their client-facing teams, such as improving their knowledge base.