Metlife Approves Brighthouse Spin Off
MetLife announced that its board of directors has approved the spin-off of Brighthouse Financial. In addition, all necessary state insurance regulatory approvals have been granted.
MetLife common shareholders will receive a distribution of one share of Brighthouse Financial common stock for every 11 shares of MetLife common stock they own as of the close of business on the July 19 record date.
NEXT: Marsh & McLennan Names CEO of Marsh
Marsh & McLennan Names CEO of Marsh
Marsh & McLennanCompanies has named John Doyle as CEO of Marsh, effective immediately. He will report to Marsh & McLennan Companies President & CEODan Glaser and continue to serve on the company's Executive Committee.
Doyle was appointed president of Marsh in April 2016. As President & CEO of Marsh, Doyle will continue to oversee the firm’s global brokerage businesses while assuming responsibility for Marsh’s Global Risk & Specialties, portfolio businesses and operational functions.
“John’s accomplishments and impressive track record of building strong client relationships and inspiring colleagues make him ideal to serve as President & CEO of Marsh,” says Dan Glaser, president & CEO of Marsh & McLennan Companies. “Today’s appointment delivers on our strategic commitment to having the deepest and most talented executive leadership team in the industry.”
Beforehand, Doyle was chief executive officer for AIG’s commercial insurance businesses worldwide. He was responsible for AIG’s property, casualty, financial lines, specialty lines, institutional markets, and mortgage guaranty products and services. Doyle served as president and CEO of Chartis U.S.
He is a member of the Board of the New York Police and Fire Widows’ & Children’s Benefit Fund and is a Trustee of the Inner-City Scholarship Fund.
NEXT: The Standard Names Retirement Plan Services VP
The Standard Names Retirement Plan Services VP
Standard Insurance Company has announced that AJ Ijaz has been named vice president of Retirement Plan Services. In his new role, Ijaz leads the teams responsible for the service, operations and administration of the Retirement Plans division for The Standard.
Ijaz’s career includes nearly 20 years of senior leadership experience in financial services at Allstate. Most recently, he was vice president of Life and Retirement Agency Operations at Allstate where he developed an accredited financial services education program and reduced financial specialist turnover. Prior to that, he was vice president for Allstate Financial National Sales and assistant vice president of Allstate Financial Customer Service.
“AJ is a versatile executive leader and operations transformation specialist with over 30 years of experience improving business processes and customer service, developing exceptional teams and leaders and increasing cross-organizational collaboration and performance,” says Scott Hibbs, vice president and chief investment officer at The Standard. “We’re delighted to have him leading our Retirement Plans team.”
Ijaz earned a bachelor's degree in finance and insurance from Radford University in Virginia and a master’s degree with honors from Case Western Reserve University in Ohio.
NEXT: Wells Fargo Hires Head of Portfolio Solutions
Wells Fargo Hires Head of Portfolio Solutions
Wells Fargo Asset Management (WFAM) announced Jonathan Hobbs will join WFAM as head of U.S. Portfolio Solutions. Kevin Kneafsey will join WFAM as a senior investment strategistwith the Multi-Asset Client Solutions group. They will both be based in San Francisco and will report to Nicolaas Marais, president of WFAM and head of Multi-Asset Client Solutions.
In this role, Hobbs will design and implement investment solutions spanning insurance, defined benefit, defined contribution, and other institutional investors. He will join WFAM's research effort on next-generation portfolio and asset allocation strategies. Prior to joining WFAM, he led the client solutions office in San Francisco and was co-head of Liability Driven Investment (LDI) in North America with BlackRock.
Kneafsey will work on enhancing the team’s research efforts and thought leadership, specifically aimed at risk-based portfolio construction and alternative risk premium strategies, and improving investors' understanding of the drivers of risk and return. He previously served as a senior adviser for the Schroders multi-asset team, and before joining Schroders, he was the head of research for BlackRock’s multi-asset team.
“The additions of Jonathan Hobbs and Kevin Kneafsey to WFAM’s Multi-Asset Client Solutions team significantly strengthen our ability to bring the very best multi-asset-class solutions and risk management expertise to our clients,” says Marais. “This is another example of how we are actively recruiting all-star-caliber industry talent to enhance our focus on positive investor outcomes and what our clients need.”
NEXT: Cafaro Greenleaf Expands Retirement Plans Team
Cafaro Greenleaf Expands Retirement Plans Team
Cafaro Greenleaf, a national investment advisory and consulting firm for retirement plans, welcomes Darrell Pisarra to the team. He will be joining as senior plan consultant, bringing with him more than twenty years of industry sales and consulting experience to the Red Bank-based specialty firm.
Pisarra is has worked for several retirement plan services firms throughout his career including Oppenheimer Funds, Prudential Retirement and SunGard (Relius). Over the years, he has specialized in retirement plan sales and consulting directly to plan sponsors, advisers and to financial institutions. His primary focus at Cafaro Greenleaf will be defined contribution and defined benefit plan sales in the $5 million and over market.
"I have known Jamie and Wayne (Greenleaf) for many years, and I am excited to work for one of the top retirement consulting firms in the industry. They have built a great firm and are continuing to invest in growing their business. I am thrilled to be here, and looking forward to helping organizations and their valued employees build security and independence in retirement." Pisarra says.