Annuities veteran from Fidelity jumps to BofA

Jeff Cimini takes on new role as head of personal retirement

Jan 20, 2013 @ 12:01 am

By Darla Mercado

Bank of America Corp. has hired Jeffrey K. Cimini, former president of Fidelity Investments Life Insurance Co., to oversee Merrill Lynch's retirement products strategy.

In the new post, he will be a managing director and head of personal retirement at BofA's Global Wealth & Retirement Solutions unit and report to David Tyrie, managing director and head of personal wealth and retirement, according to an internal memorandum.

Three executives will report to Mr. Cimini: Bill Hunter, director of personal retirement solutions; Rich Polimeni, director of education savings programs; and Eve Varner, director of interactive platform management.

While at Fidelity, Mr. Cimini oversaw efforts in the annuity business as the company added to its roster of low-priced variable-, fixed- and immediate-income products, including a variable annuity that the firm released with MetLife Inc.

He left Fidelity last year, according to spokesman Joseph Madden.

These days, Fidelity Life is a part of the firm's Investment Solutions organization, which purports to meet clients' needs by combining planning tools, managed accounts and annuity offerings. Cyrus Taraporevala now heads up Fidelity's Investment Solutions group.

Bringing on Mr. Cimini is part of an initiative to expand Bank of America Merrill Lynch's expertise in converting assets into pension income.

“We see clients who have challenges they've never faced before, including longevity and thinking about their whole family, and not just their own personal accounts,” said Mr. Tyrie, who knows Mr. Cimini from his own stint at Fidelity.


The new post pools together a variety of businesses under Mr. Cimini's oversight, including the individual retirement account and 529 businesses.

“As we've talked with our clients, a huge part of 2013 and beyond for Merrill Lynch is to ensure that our advisers are prepared to have the best discussion around retirement with their clients, be they individuals or 401(k) plans,” Mr. Tyrie said. “That whole package fits into Jeff's world.” Twitter: @darla_mercado


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


Top questions surrounding future of DOL fiduciary rule

Reporter Greg Iacurci and managing editor Christina Nelson discuss the biggest uncertainties springing from the Fifth Circuit Court of Appeals' decision to vacate the regulation.

Latest news & opinion

Stocks plunge, advisers tell clients to hang tight

Though planners encourage calm, some are preparing investors for a correction.

Lightyear Capital's Donald Marron said to be in the hunt for Cetera Financial Group

The veteran brokerage executive, who bought Advisor Group in 2016, owned Cetera once before.

What to watch for next with the DOL fiduciary rule

Much hinges on whether the Labor Department appeals the 5th Circuit decision by April 30.

Social Security benefits losing buying power

Low inflation combined with rising Medicare costs threaten the adequacy of seniors' income.

Finra looks to streamline broker-dealer exams

CEO Robert Cook says three examination teams may be consolidated.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print