Merrill hires MSSB exec to run insurance, annuities

SEP 30, 2012
Bank of America Merrill Lynch has snagged an executive from Morgan Stanley Smith Barney LLC to run its insurance and annuities business. Michael Maghini joined Morgan Stanley in 2006 after working for Smith Barney Inc., Citigroup Inc., SunTrust Asset Management and UBS Financial Services Inc. At MSSB, he served as head of distribution, annuity and insurance services until 2009, then as senior vice president and complex business development manager. Mr. Maghini's diverse background in financial services was a key factor behind his recruitment to Merrill, said David Tyrie, a managing director and head of personal wealth and retirement for Bank of America Merrill Lynch. “Mike has been involved in financial planning, in platform development roles and in product roles. These are the prerequisites we wanted as we go to market with retirement solutions,” he said. Mr. Tyrie expects annuities and insurance products to become increasingly important for individuals and service providers as the population ages. “Market demand is going to be around wealth management as opposed to just wealth accumulation,” he said. “This isn't a one-product business; it's about looking at the entire client and figuring out how products and services work together for people. Mike is going to drive this for us.” Mr. Maghini succeeds John Mulhall, who left Merrill in July for Ohio National Financial Services Inc. He will start in his new position today and report to Mr. Tyrie. [email protected] Twitter: @aoreport

Latest News

Investor accuses Pentwater of manipulating Avis stock in short squeeze
Investor accuses Pentwater of manipulating Avis stock in short squeeze

A fund allegedly built a big stake, sparked a short squeeze, then sold as shares cratered

Point72, Citadel among hedge funds hit by AI vishing attacks
Point72, Citadel among hedge funds hit by AI vishing attacks

Hackers used AI voice cloning to target Point72, Citadel, Millennium and other major money managers on Wall Street.

Financial firms tie compensation to AI proficiency, PwC survey finds
Financial firms tie compensation to AI proficiency, PwC survey finds

Recruiters Philip Waxelbaum and Louis Diamond weigh in on whether AI skills are reshaping advisor pay amid PwC's Financial Services Workforce AI Survey.

Dispatch taps former Hightower, eMoney, and Focus leaders for founding board of advisors
Dispatch taps former Hightower, eMoney, and Focus leaders for founding board of advisors

Hightower's Bob Oros, eMoney's Stephen Langlois, and other industry veterans are joining the data infrastructure firm's inaugural advisory board.

Canadian securities regulators keep pressure on Vancouver financial advisor facing fraud claims.
Canadian securities regulators keep pressure on Vancouver financial advisor facing fraud claims.

Peter Cishecki is facing questions linked to his firm’s debt securities

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income