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Rating:Peter Cieszko Lands a New Gig Not Rated 1.0 Email Routing List Email & Route  Print Print
Wednesday, June 1, 2011

Peter Cieszko Lands a New Gig

Reported by Armie Margaret Lee

Peter
Cieszko

Former Fidelity bigwig Peter Cieszko has landed at American Century Investments. Cieszko, who left his post as president of Fidelity Institutional Services Company in January, will join the Kansas City, Missouri-headquartered mutual fund firm later this summer in the newly created role of senior vice president, North America.

He will report to Michael Green, head of global client relationships and will be in charge of intermediary and institutional sales in North America.

Cieszko is a big catch for American Century. During his two-year stint at Fidelity, Cieszko ran FIIS, the unit that distributes the Boston Behemoth's mutual funds and 401(k) offerings through intermediaries.

Before Fidelity, Cieszko was the distribution chief at Evergreen Investments, where he was in line to succeed Dennis Ferro as CEO at the end of 2008. Months before the transition, however, Evergreen's parent, Wachovia Corp., agreed to sell itself to Wells Fargo.

Earlier, Cieszko led global distribution at Legg Mason, which he joined as part of the firm's asset swap with Citigroup. Earlier in his career, he was a top executive in Citi's Smith Barney unit, where he played a key role in the wirehouse's separately managed account efforts. Cieszko's resume also includes stops at Nuveen Investments, Forward Management, Montgomery Asset Management, E.F. Hutton & Company and Merrill Lynch.
Company Press Release

AMERICAN CENTURY INVESTMENTS NAMES PETER CIESZKO TO NEWLY CREATED SVP NORTH AMERICA POST

KANSAS CITY, Mo., June 1, 2011 -- American Century Investments named Peter Cieszko, former president of Fidelity Investments Institutional Services Company, to the newly created position of senior vice president, North America. Cieszko will be responsible for leading American Century Investments’ North America-based client business with responsibility for all institutional and intermediary sales. Reporting to Michael Green, head of global client relationships, Cieszko will join the company later this summer.

"Peter brings invaluable experience and an exceptional track record leading asset management distribution businesses," said Green. "He is a widely-respected industry veteran with significant distribution and product experience encompassing traditional and alternative asset classes designed to meet the evolving needs of institutional and intermediary clients. He will continue to build on the already strong momentum American Century Investments is realizing."

In his new role, Cieszko will work with American Century Investments’ North America institutional and intermediary sales leadership to deliver the firm’s investment management expertise and solutions to North America-based clients, including corporate and public pension plans, endowments and foundations, as well as other financial institutions including wirehouses, regional and independent advisors, RIAs, banks and insurance companies. Combined assets under management for the company’s North America intermediary and institutional businesses are approximately $72 billion, about 64 percent of American Century Investments’ total assets under management of $113 billion as of April 30, 2011.

Cieszko also will partner with senior management to accelerate the growth of the company’s low- and non-correlated alternative investment capabilities, which currently represent about $3 billion in assets under management.

Cieszko comes to American Century Investments from Fidelity Investments Institutional Services Company, where he served as president of the $366 billion* business unit that provides investment management services to financial institutions. Prior to Fidelity, Cieszko was president and chief executive officer of Evergreen Investments, the investment management arm of Wachovia, which was later purchased by Wells Fargo. At Evergreen he also served as president of global distribution where he was responsible for the firm’s distribution, product and long-term growth strategies.

Cieszko joined Evergreen from Legg Mason, where he was head of U.S. distribution and also served as head of the U.S. retail and high net worth businesses of Legg Mason's predecessor firm Citigroup Asset Management. Throughout his 25-year financial services career, Cieszko has held various senior leadership positions with Nuveen Investments, Montgomery Asset Management, E.F. Hutton & Company and Merrill Lynch. He graduated from Villanova University with a bachelor’s degree in business administration.

American Century Investments is a leading privately held investment management firm, committed to delivering superior investment performance and building long-term client relationships since 1958. Serving investment professionals, institutions, corporations and individual investors, American Century Investments offers a variety of actively managed investment disciplines through an array of products including mutual funds, institutional separate accounts, commingled trusts and sub-advisory accounts. The company's 1,300 employees serve clients from offices in New York; London; Hong Kong; Mountain View, Calif. and Kansas City, Mo. James E. Stowers Jr. is founder of the company, Jonathan S. Thomas is president and chief executive officer and Enrique Chang is chief investment officer. Through its ownership structure, more than 40 percent of American Century Investments' profits support research to help find cures for genetically-based diseases including cancer, diabetes and dementia.

*Source: Fidelity Investments Institutional Services Company AUM as of Dec. 31, 2010 - $366 billion.
 

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