RS Investments has named Matthew H. Scanlan chief executive officer. He was previously president and CEO of Renaissance Institutional Management, a subsidiary of hedge fund manager Renaissance Technologies. Previously, he was head of Barclays Global Investors' institutional business and a portfolio manager at The Northern Trust Co.
"We are delighted to welcome a business leader of Matt's caliber to RS Investments," said outgoing CEO Terry Otton, who will be retiring after Scanlan moves into his new role. "The RS organization and our board unanimously agreed that Matt was the right fit for RS.
"RS Investments has a rich, 25-year history and exceptional investment capabilities," Scanlan said. "I am honored to be a member of this well-respected investment firm. I look forward to working with our clients and investment teams to ensure that we are matching their needs with our greatest strengths."
Wilk, Golden Become MMI Board Governors
The Money Management Institute has named two executives to its 35-member board of governors: Jeffrey Wilk, vice president and head of broker dealer products at MetLife Broker-Dealer Group, and William Golden, head of U.S. product, Legg Mason.
Wilk's position was added in recognition of the growing role that insurance providers play in the advisory solutions industry and MMI's commitment to a heterogeneous board. Golden replaces Matthew Schiffman, a longstanding MMI governor.
"These two new governors bring deep experience and differing perspective to our established board," said MMI Chairman Jim Seuffert, chief executive officer of Pershing Managed Account Solutions. "Their unique viewpoints will expand the collective wisdom of the board and increase its expertise as we address the complex issues facing the evolving advisory solutions industry."
Direxion Selects Pirri as Northwest Sales Director
Direxion has named Angelo Pirri senior regional director for the Northwest region, responsible for selling and distributing Direxion's buy-and-hold alternative investment strategy products to financial advisers across all channels, including wirehouses, regional broker-dealers and registered investment advisors. This territory includes northern California, Oregon, Washington, Hawaii, Wyoming, Idaho, Alaska and Montana.
Pirri, a 20-plus year veteran of financial services, previously was senior regional vice president at Deutsche Bank DWS. He has also held senior positions at Julius Baer Investment Management, Credit Suisse, Merrill Lynch Investment Managers, SunAmerica and Transamerica Asset Management.
"Angelo has a rich background and highly successful track record driving business development and building client bases in the asset management industry," said John Cadigan, national sales manager of Direxion. "His expertise aligns perfectly with Direxion's commitment to empower a growing number of advisers and their clients to employ alternative investment strategies historically used more exclusively by large institutions."
Pirri said of his new position: "Direxion is the vanguard of alternative investment strategies for sophisticated advisers and investors. I am excited about the opportunity to work with advisers throughout the Northwest region with the diverse suite of innovative investment solutions Direxion is known for."
FSI Doubles Ranks With Ladenburg Advisers
With Ladenburg Thalmann the latest firm to offer subsidized Financial Services Institute memberships to its advisors, FSI's membership ranks have grown to more than 33,000 advisers.
That's up from approximately 15,000 a year ago, according to the FSI. "The momentum our members are creating will pay off in big ways this year," said Keith Kelly, FSI's executive vice president and chief operating officer. As membership increases, FSI's influence also grows correspondingly, he said.
Ladenburg Thalmann made the arrangement for all three of its independent broker-dealer subsidiaries: Securities America, Triad Advisors and Investacorp, along with their roughly 2,700 affiliated independent financial advisers.
Raymond James Hires Wells Fargo Team in Va.
Raymond James & Associates has hired two financial advisers from Wells Fargo to open its first office Richmond, Va., office for its employee broker-dealer business.
The team, including financial advisers James A. Schmidt and Bernice "Bernie" Murff, previously managed more than $90 million in client assets and had $1.1 million in commissions and fees. It now operates under the name Schmidt Wealth Management Group and has opened a temporary office in Richmond, Va.
Schmidt comes to Raymond James as SVP of investments after 12 years at Wells Fargo. That followed service at Wheat First Securities, Prudential Securities and E.F. Hutton. Murff now serves as AVP of investments following seven years at Wells Fargo. He also served at Wachovia Securities and Scott and Stringfellow, where she began her career in 1994.