is putting a key Putnam
leader in charge of a sister company.
Today Reynolds confirms
the promotion of Scott Sipple
, formerly head of global investment strategies at Putnam, to president of Great-West Investments
, effective immediately. Michael Wands
, who previously oversaw Putnam GIS' fixed income team activities, succeeds Sipple as head of GIS.
Sipples succeeds David Musto
, who took over
as president of Ascensus last month
. Musto led Great-West Investments since its creation
in 2016 out of the combination of the Advised Assets Group, Great-West Capital Management, and Great-West Funds.
Reynolds, president and CEO of both Great-West Financial and Putnam, states that "the breadth of Scott's experience uniquely qualifies him for his new role." Reynolds adds that the GIS team is the "highly talented team that serves as a powerful bridge between Putnam's product manufacturing and distribution capabilities" and that Wands "brings enormous investment management and client-focused experience to his new role."
Great-West Investments now has more than $100 billion in AUM and offers a variety of subadvised products, including mutual funds and managed accounts, with a focus on the retirement marketplace.
Sipple, an alumnus of Dartmouth, is one of many Fidelity alumni within Reynolds' leadership team. Sipple joined
Putnam in 2009 as head of strategic relationships after leading Fidelity's bank trust unit and working at AB. At Putnam, he rose
to head of investment product management and development in 2012.
Wands, an alumnus of RPI, first joined Putnam in 2008. Prior to that he held fixed income executive roles at SSgA, Lehman Brothers, Kidder Peabody, and Drexel Burnham Lambert.
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