Babson Capital CEO William Glavin Jr.
is taking a new job at MassMutual heading the insurer's Individual Insurance Group. The shift in Glavin's duties comes roughly a month after MassMutual sent Babson's fund assets to sister company OppenheimerFunds as a part of a restructuring intended to focus the identity of each unit.
Glavin succeeds Matthew E. Winter, who left MassMutual to join AIG American General Life Companies.
MassMutual named Roger Crandall
, chairman of Babson Capital, to replace Glavin's as president and CEO at Babson Capital. Crandall will also continue as executive vice president and chief investment officer at MassMutual.
The moves of the past month are intended to clarify the role of the two money management units. OppenheimerFunds will be marketed as the firm's retail-focused asset manager and fund manager while Babson will concentrate on the affluent and institutional markets as a portable alpha manager. Babson Capital and OppenheimerFunds are both owned by MassMutual Financial Group.
The 47-year-old Glavin has been the Babson Capital president and CEO since last year. He joined Babson in 2003 from Scudder Funds where he has served as the fund group's president. He was also a senior executive at Dreyfus Funds earlier in his career.
"Bill Glavin is a proven business builder who has done an exceptional job growing Babson Capital," said Stuart H. Reese, president and CEO of MassMutual. "His combination of sales, marketing, and operational experience, and his long track record of success in both the retail and institutional marketplace make him a great match to head the Individual Insurance Group. We are extremely pleased to have him in this key position."
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