State Street Global Advisors (SSgA
]) just made a key hire to spearhead part of the effort to sell through 401(k)s and other retirement plans sold by financial advisors.
sister publication, 401kWire
, broke the news that BlackRock
] executive Greg Porteous
is joining SSgA as managing director and head of DC intermediary. Porteous most recently served as managing director and head of the U.S defined contribution intermediary relationship group at BlackRock.
SSgA's global head of DC, Fred Axsater
, referred inquiries to an SSgA spokesman. Another SSgA spokesman confirmed that Porteous will report to Lynn Atkinson
, managing director and global chief operating officer for DC at SSgA.
could not immediately reach a BlackRock spokesperson for comment on how Porteous' duties are being handled.
Porteus is an alumnus of the University of Maine. He worked at PaineWebber, UBS (which bought PaineWebber), and Evergreen (now part of Wells Fargo) before joining iShares in 2007. BlackRock bought all of BGI, including iShares, in 2009.
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