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Thursday, November 12, 2009

Nationwide Reorgs its Investment Management Unit

Reported by Armie Margaret Lee

Nationwide Financial has reorganized its investment management group. As part of the restructuring, the King of Prussia, Pennsylvania-based asset manager eliminated two posts and brought in three hires.

The reorganization comes nearly a year and a half after Nationwide sold its active equity investment management business to Aberdeen Asset Management.

In an interview with The MFWWire on Thursday, Michael Spangler, president of Nationwide's investment management group, said the changes were made as part of efforts to "gear up for growth in our sub-advised manager-of-managers platform."

That platform counts nearly $31 billion in AUM. Nationwide works with 28 sub-advisors.

The new structure is made up of four management teams.

Timothy Rooney, who joined from SunAmerica Retirement Markets heads up the product management group. Michael Russo, previously with BNY Asset Management, is in charge of manager strategies, which deals with the analysis, selection and monitoring of third-party fund partners. Jennifer McDonnell, most recently with Harborside Sales Group, leads the strategic accounts team. Thomas Hickey runs the asset strategies team, which oversees asset allocation strategies. He will continue to serve as portfolio manager of fund-of-funds products including Investor Destinations, Cardinal Funds and Target Destination Funds.

The four report to Lynnett Berger, chief investment officer.

Nationwide offers 94 funds, including 29 asset allocation funds which account for $13 billion out of the total $31 billion of AUM.  

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