Deals & People October 6, 2010

DWS Investments Hires Nine Executives

The new hires will be working in several departments, including offshore distribution, broker/dealer services, registered investment adviser (RIA) channels, and financial adviser division (FAD).
Reported by

Jeffrey Diamond will serve as Director, Senior National Account Manager & Head of U.S. Offshore Distribution. He will be responsible for the UBS firm relationship within the broker/dealer channel and will also focus on building DWS Investments’ offshore business within the U.S. He will be based in New Jersey and will report to Michael Woods, a Managing Director, CEO and U.S. Head of Distribution for DWS Investments Distributors Inc.

Before joining the DWS team, Diamond worked for UBS, as Executive Director in National Accounts, responsible for building UBS Global Asset Management’s offshore distribution business within the Americas. He also served as an Account Manager at UBS Global Asset Management, responsible for growing the sub-advisory and third-party distribution business.

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Other hires announced by DWS include the following individuals reporting to Benjamin LeFevre, Director, Divisional Sales Manager:

  • Michael Maddox joins as a regional vice president (RVP) in the RIA channel, formally a VP at Evergreen Investments;
  • Angelo Pirri joins as a RVP in the RIA channel, formerly a VP at Julius Baer Investment Management;
  • Michael Fredrick joins as a RVP in the RIA and FAD channels, formally a RVP at Columbia Management & Riversource Investments;
  • Douglas Macomber joins as RVP in the RIA and FAD channels, formally a RVP at Van Kampen Investments.

Reporting to Richard Kozlowski, Divisional Director, Broker Dealer Division are

  • Chad Stone, RVP in the B/D channel, formally a RVP at The Hartford
  • Neil Rothman, RVP in the BD channel, formally a RVP at Lord Abbott
  • Richard Kline, RVP in the BD channel, formally a RVP at Delaware Investments.

Additionally, Thomas Wagner joins as a VP and a National Accounts Manager in the RIA and Independent channels, formally a VP at Fidelity Investments. Tom will report to Nicole Grogan, a Senior National Accounts Manager, RIA and Independent channels.

“We are delighted to welcome such a diverse group of talented Vice Presidents and Regional Vice Presidents to DWS Investments,” added Woods. “Recruiting and retaining top producing talent remains central to meeting our immediate and long term client goals.

Data & Research October 6, 2010

Many Saving for College Have Never Heard of 529 Plan

Half of respondents who don’t participate in a 529 plan say they have never even heard of the increasingly popular college savings vehicle.
Reported by

In a recent poll sponsored by higher education lender Sallie Mae, nearly half of those not saving for college do not know how (18%) or are not sure which are the best college savings options (28%).

Among all respondents saving for their childrens’ college expenses, the average amount saved for college in retirement accounts is $6,503, compared to $3,340 in 529 plans.  

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The announcement said sixty percent of respondents use at least two savings vehicles, and the number of options utilized increases with income. General savings accounts and CDs are the most popular (50%) followed by investment accounts (34%). Eight percent save through a college savings rewards program.

“The good news is that savers start early and plan to save enough to cover two years at a public university or one year at a private one,” said Albert L. Lord, vice chairman and CEO, Sallie Mae.

Sixty percent of parents have saved for their child’s college education, about the same as last year despite the difficult economic environment, and are on track to save $48,367 on average by the time their child turns 18.

Twenty percent of respondents named college savings as a top saving priority, according to the announcement.

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