People Moves Roundup | Chief Investment Officer

State Street Appoints Head of its Business in UK, Europe, Middle East, and Africa

State Street Corp. has appointed Jörg Ambrosius as head of its UK, Europe, Middle East and Africa (EMEA) business.

Ambrosius, an 18-year State Street veteran, will report to Francisco Aristeguieta, the newly appointed head of State Street’s international business. Ambrosius will succeed Liz Nolan, who was named head of State Street’s global delivery team, managing global operations and infrastructure, earlier this year. Ambrosius will also serve on State Street’s management committee, its senior-most strategy and policy-making group. Ambrosius’s appointment is subject to regulatory approval.

Ambrosius will be responsible for all business activities in the region including driving strategy, stewarding client engagement, developing talent, overseeing risk management, pursuing growth opportunities, as well as managing relationships with diverse stakeholders, including local officials and regulators.

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Ambrosius was most recently co-head of State Street’s Global Services business in EMEA and head of its global sovereign wealth servicing business.

Ascensus President David Musto to Assume CEO Responsibilities in 2020, Bob Guillocheau to Remain Chairman

Ascensus announced that David Musto, currently president of the organization, will add chief executive officer responsibilities to his role, effective January 1, 2020. Bob Guillocheau, currently chairman and CEO of Ascensus, will continue to serve as chairman.

“I’m delighted that David will soon be leading our organization forward as CEO,” said Guillocheau. “His deep industry perspective, expertise, and leadership skills are exactly what we need to take Ascensus to the next level and grow our competitive advantage.”

Musto joined Ascensus in 2017. As president, he is responsible for growing the company’s existing businesses. He previously served as president of Great-West Investments, executive vice president of Empower Retirement, and CEO of J.P. Morgan Retirement Plan Services.

Guillocheau joined the company in 2003 and has held the role of CEO since 2005. He was named chairman in 2017.

Insight Investment Strengthens Intermediary Distribution Team

Insight Investment announced that Louis D’Anella has joined the firm as senior portfolio strategist. D’Anella will focus on supporting the sales efforts of Insight’s distribution partners in the intermediary market.

D’Anella joins Insight Investment from Alliance Bernstein, where he most recently served as a senior fixed income investment strategist supporting the firm’s global multi-sector and core fixed income strategies. Louis began his career as a member of Merrill Lynch’s home office due diligence team covering fixed income investments.

D’Anella will be based in New York and report to Svein Floden.

Nationwide Names John Carter as Financial Services President-Elect

John Carter has been named as the president and chief operating officer-elect of Nationwide’s financial services business lines, effective immediately. Carter succeeds Kirt Walker, who will become Nationwide’s next CEO in October. Reporting to Walker, Carter will oversee the company’s retirement plans, life insurance (individual, business, and corporate-owned), annuities, and mutual funds business operations.

Carter joined Nationwide Financial in 2005 as president of the Nationwide Financial Sales and Distribution organization, responsible for leading sales of private-sector retirement plans, life insurance, annuities, and mutual funds. In 2013, he was named president of Nationwide’s retirement plans business. In his current role, he and his team have introduced innovative retirement solutions, driven profitable growth and delivered a member and partner experience that has been recognized nationally by organizations including J.D. Power and Dalbar.

Prior to Nationwide, he held executive positions in financial services at Prudential Financial, UBS, and the former Kidder Peabody.

QMA Names Linda Gibson as First Chief Business Officer, Continuing Global Expansion

QMA has named Linda Gibson to the newly created role of chief business officer, the latest step in the firm’s continued global expansion. QMA is the quantitative equity and global multi-asset specialist of PGIM.

Gibson will work closely with QMA’s chairman and CEO, Andrew Dyson. She will be based out of QMA’s headquarters in Newark, N.J., and oversee finance, business planning and management, competitive intelligence, project management, human resources, operational risk, and cross-functional initiatives.

Tags: Ascensus, Insight Investment, Nationwide, People Moves, QMA, State Street

Brazil’s pension reform is one step closer to passing after the lower house of Congress voted in favor of the bill Wednesday evening, helping restore confidence Brazil’s economy.

“The House got together to vote one of the most important reforms for the country, and we got a spectacular victory, 379 votes,” tweeted House Speaker and Chamber of Deputies President Rodrigo Maia. “Welfare is a very difficult issue, but I am happy that we will have the opportunity to re-establish fiscal balance and generate investment.”

Jair Bolosnaro, the nation’s president, was also pleased, as the reform is one of his top priority items since taking office in January. The overhaul is expected to save up to 3 trillion reis ($783 billion) over 20 years.

“Brazil is increasingly close to entering the path of employment and prosperity,” he tweeted, thanking Maia.

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The lower house’s approval is the first of four needed to pass. It will now undergo a second round of voting in the lower house. If successful, the proposal will then go to the Senate, which must also vote twice. The bill is still subject to congressional edits.

Bolsonaro’s reform seeks to shore up Brazil’s economy by raising the national retirement age while making it more stringent to access benefits. Trade unions and opposing politicians have said these actions target the poorest Brazilians, forcing them to work longer. They can currently retire in their 50s.

The president hoped to have a reform fully passed earlier in the year, but the initial proposals experienced delays and changes that caused Economy Minister and Bolsonaro’s right-hand man, Paulo Guedes, to threaten his resignation if a “watered down” version passed.

Either way, it’s quite a feat for the president considering the past four administrations have tried and failed to get a pension revamp going.

Bolsonaro believes a pension reform will pass this year.

The next vote is expected to occur before Congress breaks for recess at the end of the month.

Tags: Brazil, Brazil Pension Reform, Jair Bolsonaro, Pension, Rodrigo Maia