James F. Mullery, a 22-year veteran of the financial services industry, has joined Security Benefit as a corporate senior vice president and president for the company's Personal Retirement Savings initiative set to launch in early 2011.

Personal Retirement Savings will offer more than 250 low-cost, tax-deferred investment options for registered investment advisors and financial planners.

"Following the completion of our acquisition by Guggenheim Partners this summer, bringing a new, innovative investment offering to the retirement market is executive," said Security Benefit President and Chief Executive Officer Howard R. Fricke. "Couple that with Jim's pedigree and his ability to spearhead the development of new business focused on providing tax-deferred, low-cost annuities, and we believe we have another compelling offering for advisers and their clients."

Mullery was previously with AXA, where he worked in a variety of leadership roles, including president of AXA Global Sub-Advisory Group, chief operating officer and chief sales officer for AXA Distributors.

Before that, he was senior vice president, director of sales and marketing for mutual funds, retirement plans, separate accounts and institutional sales at Fred Alger Management.


SEC Names McHugh Acting Director of Division

The Securities and Exchange Commission has named Jennifer B. McHugh as acting director of the division of investment management, replacing Andrew "Buddy" Donohue, who left Nov. 19 after four years heading the division.

McHugh, a senior adviser in the officer of the chairman, will hold the position until a new director is appointed.

"Jennifer is extremely well versed in the operations of the division and has extensive knowledge of the mutual fund industry," said SEC Chairman Mary Schapiro. "I rely upon Jennifer for her wise counsel and practical insight."

An 11-year veteran of the SEC, McHugh joined the SEC as an attorney in the division of investment management in 1999 to focus on mutual fund rulemaking. In 2000, she became special counsel in the office of investment adviser regulatory. From 2001 to 2009, McHugh was senior adviser to the director in the division of investment management.


Fred Alger Management Names Three Portfolio Mgrs.

Fred Alger Management has hired veteran healthcare portfolio manager Maria Liotta to run the Alger Health Sciences Fund. Her title is now senior vice president, senior analyst and head of the Alger healthcare sector team. In addition, she will help manage the Alger Mid Cap Growth Fund.

Liotta was previously a managing director and portfolio manager at Merrill Lynch and the Galleon Group, where she ran long/short healthcare strategies. Most recently, she worked at Citigroup in the global equity healthcare franchise as an originator. She began her investment career in 1998 as an equity research analyst at Raymond James.

In addition, Alger has named two new co-portfolio managers to the Alger Mid Cap Growth Fund: Ankur Crawford and Michael Young. Both are now senior vice presidents and senior analysts, with six and 25 years of experience, respectively. They will join Dan Chung, who has been managing the Alger Mid Cap Growth strategy since 2001 and is chief executive officer and chief investment officer for Fred Alger.

Crawford is also a senior analyst covering the technology and semiconductor industries. She joined Alger in September 2004, earned a Ph.D in materials science and engineering from Stanford University and was previously an engineer with Intel Corp.

Young is also a senior analyst covering the energy sector. He joined Alger in 2008 from Fidelity Management & Research, where he was a senior energy analyst. Before that, he was a senior energy and utilities analyst at State Street Global Advisors. Young has also worked at major investment banks as a senior energy analyst, including Deutsche Bank and Morgan Stanley Smith Barney.


Putnam Names Three to Key Senior DC Positions

Putnam Investments has named three executives to key senior roles in its defined contribution business.

Jim Brockelman, a 25-year industry veteran, joins the firm from John Hancock as head of defined contribution adviser sales. He reports to Edmund F. Murphy III, managing director, head of defined contribution. Brockelman's title at Hanock was executive vice president of national sales. Brockelman is returning to Putnam, where he earlier spent nearly 15 years in the defined contribution business. Brockelman assumes his new role from Ben Lewis, who will now lead a strengthened effort to build out Putnam's large- to mega-sized plan business.

Additionally, Putnam has hired Michael MacWade, who brings more than 20 years of experience in relationship management, client service and operations at Fidelity Investments. MacWade will be responsible for DC relationship management

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