Former B of A ExecTakes Job at Putnam
Putnam Investments has hired the former national sales manager of BankAmerica Corp.'s brokerage.
Richard D. Clark arrived at the Boston-based mutual fund giant Jan. 13 as western division manager, marketing Putnam's wares to brokerage houses. Observers said they were puzzled that Putnam did not assign Mr. Clark, who had overseen brokers at the nation's third-largest banking company, to its highly regarded financial institutions division.
But Mr. Clark's arrival came just as Putnam lost the director of its financial institutions division, Louis Tasiopoulos, to a competitor.
Mr. Clark's post at BankAmerica was phased out in November as the bank put its brokerage unit through a major reorganization, cutting 10% of the work force.
Aegon Wooing Banks With Variable Annuity
Aegon USA, a leading seller of fixed annuities through banks, has begun promoting a new variable annuity product designed specifically for financial institutions.
The Baltimore-based company is trying to sign banks onto its "Retirement Income Builder," sold through a subsidiary, PFL Life Insurance Co. of Cedar Rapids, Iowa
The product is the result of two years of design and surveys of about 40 banks, said Maureen Nielson, Aegon's variable products sales manager, financial institutions.
To entice banks, the company is offering a variety of marketing support, including radio advertisements for the product to which banks can attach their names.
"We're definitely trying to stimulate consumers to come into the banks, and that's unique," she said.
Aegon, which holds $93.9 billion of assets, sells fixed annuities through such banking behemoths as BankAmerica Corp. and Banc One Corp.
Bank Directors GroupHires Kehrer as Adviser
The American Association of Bank Directors has named consultant Kenneth Kehrer as its adviser on bank insurance and securities products.
The Bethesda, Md.-based trade group, which has 1,000 members, specializes in lobbying and providing education to outside directors on bank boards.
Mr. Kehrer, who is based in Princeton, N.J., will provide the trade group's members with quarterly reports detailing the latest developments in bank insurance programs.
Many bank insurance programs and brokerages use Mr. Kehrer's studies of sales penetration, profitability, compensation, and compliance as benchmarks.
His clients include 75% of the nation's 100 largest financial institutions as well as several insurance underwriters.