Cetera Names Former Equitable Exec to Lead Indie Enterprise Division
Cetera Monetary Group has named John Lefferts as the top of its supported independence division, which encompasses greater than 40 workplaces.
Lefferts will take over as head of Cetera Traders after about six years at Equitable Advisors, most lately as managing director and nationwide head of enterprise improvement. In his new function, he’ll work with Cetera department managers, advisors and their corporations on operations, expertise and advertising.
Cetera Traders is the rebranded U.S. dealer/supplier and advisory enterprise of Foresters Monetary, which Cetera acquired in 2019. It operates as a definite division of Cetera Funding Providers, the agency’s self-clearing b/d.
When Cetera acquired the enterprise in 2019, Sean Casey, a former director of enterprise improvement for Cetera Monetary Establishments, was tapped to steer it. Now, Casey will be part of Lefferts’ crew as head of operations and improvement.
Cetera has about 12,000 monetary professionals overseeing greater than $545 billion in property beneath administration and $235 billion in property beneath administration.
Citi Wealth Names World Head of Capital Markets
Citi Wealth, the financial institution’s wealth administration companies arm, is tapping Russell Budnick as its new world head of capital markets.
Budnick, who will be part of Citi in August, involves the agency after 20 years at J.P. Morgan Personal Financial institution, most lately as world head of market technique and buying and selling inside that financial institution’s capital markets group. Budnick will report back to Keith Glenfield, head of funding options for Citi Wealth.
Citi sees its capital markets capabilities, which embody offering recommendation and companies throughout equities, commodities, fastened earnings, international alternate, charges and hybrids, as key to serving ultra-high-net-worth purchasers.
“The crew is delivering sturdy and constant progress within the progress of funding property by way of high-quality engagement with purchasers and bankers,” Glenfield stated in a written assertion. “Russ is a confirmed chief with many years of capital markets expertise. He’s uniquely positioned to proceed the sturdy momentum of the enterprise and associate throughout the Citi group to ship on behalf of our purchasers.”
At J.P. Morgan Personal Financial institution, Budnick managed a worldwide crew answerable for buying and selling throughout equities, fastened earnings and currencies. He additionally oversaw the crew’s market technique efforts for offering macro views, funding recommendation, insights and product information throughout asset lessons for HNW and UHNW purchasers.
Multi-Household Workplace Parcion Provides Two Leaders
Parcion Personal Wealth, a $2.7 billion multi-family workplace primarily based in Bellevue, Wash., has employed a chief funding officer and chief working and compliance officer because it continues to scale up its operations.
Dan McCollum, previously deputy CIO at outsource CIO agency Hirtle Callaghan and with expertise at Deutsche Financial institution and Financial institution of America, takes over CIO duties from Terry Prepare dinner, the agency’s founder and CEO.
Sam King will grow to be the chief working and compliance officer, having held senior positions with Envestnet | Tamarac, Addepar and PCR Monetary Aggregation.
Parcion employed the trade veterans greater than 5 years after its founding in 2019 because it seeks to bolster its “white-glove service” for middle-market enterprise house owners and households.
Nordwand Capital’s New Managing Director Brings Funding Experience
Nordwand Capital, a $4 billion multi-family workplace and a part of the Dynasty Monetary Community community of RIAs, has employed Patrick J. McGinnis as a managing director and monetary advisor.
Nordwand employed him to strengthen its funding and property planning capabilities because it expands into new shopper markets. He has expertise managing fairness portfolios and advising high-net-worth households on advanced wealth methods, together with a previous function as a senior portfolio supervisor at Fiduciary Belief.
McGinnis will work out of Nordwand’s Radnor, Pa.-based headquarters to coordinate with its advisory and funding groups.
“Advisors with as a lot funding depth as Patrick don’t transfer typically,” Gordon Ross, chief shopper officer at Dynasty, stated in an announcement. “His choice to affix Nordwand says quite a bit concerning the agency’s path.”
