The Guaranteed Retirement Income Plan is an annuity that allows owners to receive a guaranteed income for life, with the flexibility to withdraw up to 30% of the annuity’s present value after three years in the event of a qualifying financial emergency, such as an uncovered medical expense.
An immediate income annuity like the Guaranteed Retirement Income Plan can help cover basic living expenses in retirement when income from Social Security and military or corporate pensions are not enough, the company said.
Fidelity Announces Changes in Fixed Income Division
Fidelity Asset Management has announced leadership appointments within its Fixed Income Division, which includes the company’s Bond Group and Money Market Group.
Robert P. Brown has been named president of Fidelity’s Bond Group, succeeding Christopher Sullivan. Brown was previously president of Money Markets from 2009 to 2011.
Nancy D. Prior has been promoted to president of Money Markets, succeeding Brown. Most recently, Prior was a managing director of Credit Research.
Christopher Sullivan has been named head of Institutional Fixed Income, a newly created role.
David E. Hamlin has been promoted to head of Research for Fixed Income, a newly created role. Hamlin was previously a managing director of Credit Research.
Brown joined Fidelity in 1995 as senior research analyst. From 1997 to 1998, he was a senior trader and served as research analyst and corporate bond portfolio manager until 2005. Brown was managing director of Research in the Fixed Income Division from 2005 until he was named president of Money Markets.
Before joining Fidelity, Brown was director of Investment Grade Research at Massachusetts Financial Services. He previously worked at Putnam Investments and John Hancock Capital Corporation.
Prior joined Fidelity in 2002 as a senior legal counsel for Fixed Income, eventually rising to senior vice president and deputy general counsel. Most recently, she was a managing director of Credit Research in the Fixed Income Division, where she was responsible for leading a team of research associates in the financial sector.
Before joining Fidelity, Prior was general counsel at Advantage Schools Inc. and an attorney at Mintz Levin in Boston.
In his new role, Sullivan will be responsible for building Fidelity’s fixed income presence in the institutional market. He will help assess Fidelity’s current fixed income product offerings, while also advising on new product development, the company said.
Working with the distribution team at Pyramis Global Advisors, a Fidelity Investments company, Sullivan also will lead the effort to evaluate non-U.S. fixed income opportunities and help build a long-term, global expansion plan that encompasses regional sales, the development of investment offerings and client service needs.
Sullivan was president of Fidelity’s Bond Group from 2009 to 2011. Prior to joining Fidelity in 2009, Sullivan was co-head of U.S. Fixed Income for Goldman Sachs Asset Management (GSAM) from 2001 to 2009. Before joining GSAM, Sullivan was an executive vice president of Pacific Investment Management Company (PIMCO), where he was a senior member of their Account Management group from 1997.
Hamlin will lead fixed income research in a newly created role that will centralize Fidelity’s taxable and municipal research efforts for both bonds and money markets.
From 2009 to 2011, Hamlin was a managing director of Credit Research in the Fixed Income Division, where he was responsible for leading a team of research analysts in the industrial and utility sectors. He also oversaw the build out of Fidelity’s global research team in London. Hamlin joined Fidelity in 2006 as manager of the Quantitative Research group for Fixed Income. Prior to joining Fidelity, Hamlin worked as a senior portfolio manager and the team leader in the Tax Exempt Group for Putnam Investments.
Before working at Putnam, he spent 12 years at the Vanguard Group, where he was a portfolio manager and a senior member of the team responsible for the hiring and oversight of Vanguard’s external investment managers. In addition, Hamlin was a portfolio manager at PNC Bank and a credit analyst at Continental Bank.