MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, August 14, 2000 Insurer Wins Trust Charter In a move that clears the way for Northwestern Mutual to add vigor to its high-net-worth business, the Office of Thrift Supervision today approved the insurer's charter to form a trust company. On that news the insurer said that P. Edwin Glass, Jr., will become president and chief executive officer of Northwestern Mutual Trust upon its formation. Glass joined the insurer in March from First Union National Bank, where he was senior vice president at and the managing director of personal trust. Northwestern Mutual said that the Northwestern Mutual Trust Company should be operational in January, 2001. The company plans to offer a full range of personal trust products and services, as well as investment management services leveraging its Frank Russell unit, according to James D. Ericson, Northwestern Mutual's chairman and chief executive officer. "Our policyowners have been asking us to provide trust services and Northwestern Mutual Trust will increase our financial representatives' ability to bring clients the full range of financial products and services they have been calling for," Ericson said.. The Frank Russell Company, which the insurer purchased on January 1, 1999, will provide investment products to trust clients. "Russell's highly-regarded investment management methodology and its broad range of well-respected financial products will be invaluable in creating innovative solutions to meet diverse client needs," Ericson said. The move comes on the heals of the insurers refocus of it sales and distribution arm of 7,500 financial representatives as the Northwestern Mutual Financial Network. The company also said that Thomas R. Anderson will become vice president of sales and marketing for the new company and that Brian D. Powers will be director of operations and administration. Printed from: MFWire.com/story.asp?s=25857 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |