The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A 30-Year Columbia Vet Helps Launch a Private Wealth Group Not Rated 5.0 Email Routing List Email & Route  Print Print
Wednesday, January 03, 2018

A 30-Year Columbia Vet Helps Launch a Private Wealth Group

Reported by Neil Anderson, Managing Editor

A 30-year Columbia Threadneedle veteran is helping launch a new channel for an annuity giant. They're already tapping into about 130 investment options from 35 asset managers.

Joe Feloney joined Jackson National Life Distributors' new private wealth and trust group on August 1 as a managing director. Justin Fitzpatrick leads that new Jackson effort, which was unveiled on November 1 and features Jackson's new Private Wealth Shield tax-deferred variable annuity platform. Watch for Fitzpatrick to further expand his team down the line.

Our sister publication 401kWire broke the news last month about Feloney's move.

The private wealth and trust channel is traditionally fee-based, so traditional, commission-based variable annuities have not been a good fit there historically. Yet the Jackson's Private Wealth Shield is designed for fee-based firms, as it includes no 12b-1 fees, no commissions, and no surrender charges.

"Historically annuities have not really been accessible from within the fiduciary channels," Fitzpatrick tells MFWire. "We're providing a tool that's never existed before, in a segment of the wealth management world that has never had access to it before."

"To our knowledge this is a unique initiative and a unique team," Feloney tells MFWire. "There's a real and growing need to reduce tax erosion on wealth."

"Taxes are the biggest drag on net investment performance," Fitzpatrick agrees. "Having another powerful tool to address that drag is attractive.

Private Wealth Shield is mostly subadvised, and the sub-accounts cover the spectrum of styles, including active, passive, and strategic beta strategies. The asset managers working with the new platform so far include: Capital Group's American Funds; AQR; BlackRock, Robeco's Boston Partners; Brookfield; Causeway; Legg Mason's ClearBridge; Crescent; DFA; DoubleLine; Eaton Vance; FAMCO; FPA; Franklin Templeton; Goldman Sachs; GQG; Natixis' Harris; Invesco; J.P. Morgan; Lazard; Mellon; MFS; Neuberger Berman; Nicholas; MassMutual's OppenheimerFunds; Allianz's Pimco; PPM; Standard and Poor's Investment Advisory Services; T. Rowe Price; the Boston Company Asset Management; the London Company of Virginia; Vanguard; WCM; Westchester; and Wellington.

"Jackson has a deep process of both evaluating and searching for new investment offerings," Fitzpatrick says.

Feloney is one of three managing directors in Fitzpatrick's new team, and Fitzpatrick may hire more.

"We will add managing directors as needed over time," Fitzpatrick says. "The sorts of people who would thrive in our group are folks like Joe with extensive experience in fiduciary channels."

Feloney, an alumnus of both Northeastern and Bentley, spent more than 30 years at Columbia in a variety of roles. He most recently served as senior vice president and national sales manager for the private client advisory, DC I-O, and subadvised channels before leaving the Ameriprise subsidiary last April.

"The majority of my career was fiduciary-focused on private wealth and trust," Feloney says, adding that he's excited to work with the "new specialized team" and the "innovative product strategy" in the new channel at Jackson.

"We're on the ground floor of a startup backed by the leading annuity company," Feloney says. "This could transform the way the industry is done." 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2022: Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. 2022 ICI Leadership Summit, May 25-26
  2. ALFI Roadshow to New York, May 25
  3. 2022 IDC Fund Directors Workshop, May 26
  4. Irish Funds Annual Global Funds Conference 2022, May 30-31
  5. WealthManagement Edge, May 31 - June 3
  6. MFDF 2022 Fund Governance and Regulatory Insights Conference, Jun 8-9
  7. 28th annual Expect Miracles East Coast Classic, June 9
  8. 2022 Sohn Investment Conference, June 9
  9. IDC webinar - Cybersecurity for Fund Boards: The Current Landscape, June 9
  10. MMI webinar - Driving Business Value with Artificial Intelligence & Data, June 15
  11. MFDF webinar - Key Takeaways From Morningstar's 2021 Annual Fund Fee Study, June 16
  12. MFDF Director Discussion Series - Open Forum (Chicago), June 21
  13. 2022 MMI Emerging Asset Managers Forum, June 23
  14. MFDF In Focus: Capitol Hill, A Conversation with Congressman Bryan Steil, June 28
  15. Financial Planning INVEST, Jun 28-29
  16. MFDF webinar - Differentiating Mutual-Fund-to-ETF Conversions, July 19
  17. MFDF Director Discussion Series - Open Forum (New York), July 20
  18. 2022 MMI Distribution Leadership Forum, Jul 20-21
  19. MFDF webinar - Fund Boards' Oversight of Investment Performance, July 28
  20. MFDF webinar - Performance, Perception and Manager Selection, September 14
  21. 2022 ICI Tax and Accounting Conference, Sep 18-21
  22. 5th annual Expect Miracles Atlantic Coast Classic, October 3
  23. Nicsa Fearless Leadership Symposium, Oct 6-7
  24. 2022 MMI Annual Conference, Oct 19-21
  25. 2022 IDC Fund Directors Conference, Oct 24-26
  26. 18th annual Expect Miracles Wine & Spirits Event, October 27

©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use