Led by industry veteran John C. Donohue, the cash management team will join Dwight in July and report to Frank Koster, Dwight’s chief investment officer, according to an announcement. Donohue has 17 years of money fund experience and has headed the team for close to a decade.
He was responsible for cash management at Neuberger Berman, formerly Lehman Brothers Asset Management.
David Thompson, Dwight’s president and CEO, explained the cash management team will enhance Dwight’s focus on preserving wealth for 401(k) participants, currently managed via stable value portfolios. “We believe stable value and cash management are complementary disciplines, and the expertise and experience represented by John Donohue’s team should significantly benefit our clients,” he said, in the press release.