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Wednesday, September 10, 2014|
Reynolds Makes His Retirement Choice: What's Next?
Bob Reynolds has picked up one of his own to execute the retirement plan cornerstone of the Reynolds vision. What part of that vision will Reynolds turn to next?
Today Reynolds, now chief of both Putnam Investments itself and of Putnam sibling Great-West Financial, named Putnam defined contribution chief Ed Murphy to take over the freshly-combined Great-West retirement plan business. The move comes after Reynolds combined Great-West's and Putnam's retirement plan businesses earlier this year, then bought the large-market retirement plan business from J.P. Morgan.
That three-way combination of retirement plan providers is the latest piece in Reynolds' 401(k)-centric vision for taking Great-West and Putnam to the level of giant asset management rivals like Fidelity, where he previously rose to chief operating officer. Great-West Financial and Putnam together now have a significant retirement plan presence across a host of channels, in addition to their insurance, retail and institutional management business.
The large market is the place to win big 401(k) assets fast, and Reynolds has invested heavily in Putnam and Great-West's capabilities in serving large retirement plans. The J.P. Morgan deal offers the Great-West-Putnam retirement plan business a big boost in that space.
Murphy's promotion puts him in charge of this key area for Reynolds. And that leaves Reynolds free to turn his attention to the next phase of his vision, whatever that is ...
Printed from: MFWire.com/story.asp?s=49632
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