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The BondFactor Co. LLC of New York has hired Mark Adelson, 52, as chief strategy officer. He will contribute his credit market expertise to the company's efforts to make available a highly rated and stable bond insurance product to the municipal bond market. Previously, Mr. Adelson was chief credit officer for Standard & Poor's of New York. Morningstar Inc. of Chicago has named Ben Johnson, 31, director of research for global passive funds, and Paul Justice, 36, director of fund research. Mr. Johnson will add North American passive-fund research to his existing responsibilities. Previously, he was a director of such research in Europe and Asia at the company. Mr. Justice is responsible for expanding the firm's offerings for institutional fund investors such as pensions, endowments and fund consultants. Previously, he was director of North American passive-fund research. Incapital LLC of Boca Raton, Fla., has hired Chris O'Connor, 53, and Adam Vore, 35, as managing directors of capital markets. They will oversee Incapital's debt capital markets platform and work to bolster the firm's distribution pipeline by building out its investment banking and syndicate groups. Mr. Vore will report directly to Mr. O'Connor. Previously, Mr. O'Connor was a New York-based managing director at Pierpoint Securities LLC of Stamford, Conn. Mr. Vore was a director in debt capital markets at Bank of America Merrill Lynch of New York. Symetra Financial Corp. of Bellevue, Wash., has hired John R. Rafferty, 48, as vice president of marketing for its retirement division. He is responsible for helping drive sales of Symetra's retirement products, including fixed and variable annuities, through multiple distribution channels via targeted marketing campaigns. Previously, Mr. Rafferty was vice president of independent-distribution marketing at American General Life Insurance Co. of Houston. Northern Trust Corp. of Chicago has hired Bo Kratz, 50, as managing director for asset management in the Asia-Pacific region. Based in Hong Kong, he will lead a team managing assets for clients including sovereign-wealth funds, government entities, pensions and corporations in the region, excluding Japan. Previously, Mr. Kratz was a managing director at Permal (Hong Kong) Ltd.