Annuities veteran from Fidelity jumps to BofA

JAN 20, 2013
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.

SEVERAL BUSINESSES

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.” [email protected] Twitter: @darla_mercado

Latest News

BlackRock expands Aladdin's private markets benchmarking tools
BlackRock expands Aladdin's private markets benchmarking tools

New Preqin-powered benchmarks add transparency to private equity and credit performance across BlackRock's platforms.

Fed's Bowman pushes for lighter-touch AI oversight at smaller firms
Fed's Bowman pushes for lighter-touch AI oversight at smaller firms

Supervision vice chair speaks following recent launch of AI adoption practices by regulators.

Why fixed income still belongs in your clients' portfolios
Why fixed income still belongs in your clients' portfolios

In an era of AI euphoria and market FOMO, getting back to basics with fixed income may be the most contrarian and most important move advisors can make.

Voya expands advisor managed accounts to add private market assets
Voya expands advisor managed accounts to add private market assets

Voya Financial adds private equity, credit and real estate options to its AMA program, building on support for looser federal investment rules in retirement accounts.

With executives leaving, Osaic’s Reid now in the spotlight
With executives leaving, Osaic’s Reid now in the spotlight

Shannon Reid, president of Osaic and the network’s number two executive, has plenty of challenges, industry executives said.

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

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.