A vice president in Fidelity Investments' institutional services group has jumped to the business unit that manages assets for Aetna and institutional customers.
Frank J. Litwin, 47, is now managing director of retail marketing and sales group for Aeltus Investment Management, Hartford, Conn.
He had been a vice president in Fidelity's institutional services group, where he helped develop distribution channels through banks and broker- dealers.
Mr. Litwin will work to increase the assets under management at Aeltus, which currently manages $41 billion, said Leah Meyer, a spokeswoman for Aeltus.
Aeltus, a division of Aetna that is independently run, manages institutional money and Aetna's proprietary mutual funds. It also supplies the mutual funds that underlie Aetna annuities and variable life insurance products, which are sold through agents and broker-dealers, including more than 200 banks.
The annuity portfolios typically contain other companies' funds as well. Mr. Litwin will direct a team of wholesalers who will try to convince people selling Aetna's annuities and variable life insurance products to put more Aeltus-managed funds into them, Ms. Meyer said.
Mr. Litwin had been with Fidelity since 1992. Before that he was first senior vice president and director of retail banking at Society for Savings, now part of BankBoston.
Aeltus has existed since 1972 but got its name in 1994, when it was made a stand-alone business unit.
