Mutual of America promotes $29B RIA leader to group CEO

Mutual of America Financial Group has promoted the chairman and CEO of its RIA business to lead its overall business.

Stephen Rich has been with Mutual of America Capital Management, an indirect wholly owned subsidiary of Mutual of America Life Insurance Company, since 2004 and as its leader he has overseen its growth to a $29 billion AUM firm offering 28 funds with an array of asset classes and objectives, including equity, fixed income, international, asset allocation and target-date funds.

The wider group, a leading provider of retirement services and investments to employers, employees and individuals, is approaching a milestone 80^th anniversary. Rich succeeds as CEO and chairman of the board.

"I am honored to be named Chairman of the Board and CEO of Mutual of America," said Rich. "I've spent more than 20 years at the company, working closely with our Board of Directors, and I look forward to partnering with our talented team to strengthen the business, provide dedicated service to our valued clients and deliver on our mission to help individuals save for a financially secure future."

Prior to joining Mutual of America, Rich’s 33 years in the industry included leadership roles at JP Morgan Investment Management and was a senior portfolio manager at Citigroup Asset Management.

"Stephen brings extensive leadership and industry experience, and a dynamic vision to lead the Company into this next chapter," said Wayne Frederick, lead independent director of the Mutual of America Board of Directors. "We have full confidence in Stephen and the senior leadership team to further establish Mutual of America as the country's premier retirement provider."

Rich is succeeded at CEO at the Capital Management business by current president Joseph R. Gaffoglio.