401k Round Up is a weekly column aimed at keeping mutual fund industry insiders updated on what's happening in the 401(k) industry. Below are quick takes on stories that originally appeared on The MFWire's sister publication, The 401kWire.
Bank of America Merrill Lynch
is searching both internally and externally after its head of institutional benefit plans left the company. The 401kWire learned
that John Furlong
, who came over with Merrill during the acquisition, has left the business.
Furlong is an industry veteran and has held positions at UBS Global Asset Management
. Before moving to Merrill, Furlong was the chief technology officer for the Swiss company.
* * *
Meanwhile, BNY Mellon Asset Management
's defined contribution investment-only head has broadened
his duties. Rob Capone
is now in charge of distributing BNY Mellon Asset Management and Dreyfus' offerings through a total of four channels: retirement, variable insurance, retail and wealth advisory services.
The past year has been eventful for Capone, who took over the wealth advisory services channel in January, created the strategic business development group and merged BNY Mellon's legacy national accounts group into retirement last fall.
* * *
Not long after Putnam
's former sister Marsh
, an insurance broker, purchased Bostonian Group
, Jim Blue
, Bostonian Group chairman and CEO, said he is looking for more deals. Blue told The 401kWire
that he wants to buy, specifically property and casualty insurance companies and employee benefits and retirement services businesses.
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