Liberty Financial strengthens management structure.BOSTON--(BUSINESS WIRE)--June 24, 1996 -- Liberty Financial Companies (NYSE NYSE See: New York Stock Exchange :L), a leading asset management organization, today announced several management appointments that are key to executing the Company's strategy for continued strong growth. "After a period of significant expansion, we are strengthening our management structure to ensure that we manage our growth effectively and provide appropriate focus across all our businesses," said Kenneth R. Leibler, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Liberty Financial. "In the last 18 months, we have acquired seven companies and doubled our assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . These management changes will allow me to continue to focus on our strategic efforts to grow, while allowing experienced and new members of our senior management team to take on additional responsibilities involving day to day operations." The key appointments include the naming of Harold W. Cogger to oversee Liberty Financial's two largest asset management businesses; C. Allen Merritt, Jr. to oversee the company's annuity businesses; and the hiring of Stephen E. Gibson as executive vice president of marketing and business development at Colonial, with the expectation of his later being named that company's CEO. Liberty Financial focuses on two major business lines: annuities and traditional asset management. Its annuity business includes fixed, variable and indexed annuities while its asset management business encompasses mutual funds, wealth management and institutional management. "The roles being assumed by Mr. Cogger and Mr. Merritt flow naturally from our having two major business lines," continued Mr. Leibler. "One of our core strengths is our experienced and talented management team, both within our corporate organization and in our operating companies. I am pleased that we were able to promote from within to fill the senior positions created by this new structure." Cogger assumes new asset management responsibilities Harold W. Cogger, Executive Vice President of Liberty Financial, will assume corporate responsibility for asset management operations of both The Colonial Group, Inc. and Stein Roe & Farnham effective January 1, 1997. Currently, Mr. Cogger is President and CEO of Colonial. In his new role, Mr. Cogger will continue to report to Mr. Leibler. "Hal Cogger has been a driving force in building Colonial's superior reputation within the investment community and that experience will help lead our important asset management operations," said Mr. Leibler. Mr. Cogger commented, "Stein Roe has been recognized as one of the country's top investment firms for over 60 years. I look forward to working more closely with Hans Ziegler Dr. Hans K. Ziegler was responsible for the first application of photovoltaic solar cells as a power source for satellites. Translated excerpts of a longer follow: Born in Munich in 1911 or 1912, died 11 December 1999. , Stein Roe's President and CEO, and helping the company continue to grow." Prior to joining Colonial in 1983, Mr. Cogger was a Senior Vice President with Fidelity Investments Fidelity Investments is a group of privately held companies in the financial services industry. It is made up by two independent but closely cooperating companies, Fidelity Management and Research Corporation (FMR Co. . Mr. Cogger is Chairman of the Research Committee of the Investment Company Institute and was formerly a member of its Board of Governors. Mr. Cogger received his A.B. from Yale University Yale University, at New Haven, Conn.; coeducational. Chartered as a collegiate school for men in 1701 largely as a result of the efforts of James Pierpont, it opened at Killingworth (now Clinton) in 1702, moved (1707) to Saybrook (now Old Saybrook), and in 1716 was and his M.B.A. from Harvard University Harvard University, mainly at Cambridge, Mass., including Harvard College, the oldest American college. Harvard College Harvard College, originally for men, was founded in 1636 with a grant from the General Court of the Massachusetts Bay Colony. . He is a Chartered Financial Analyst Chartered Financial Analyst (CFA) An experienced financial analyst who has passed examinations in economics, financial accounting, portfolio management, security analysis, and standards of conduct given by the Institute of Chartered Financial Analysts. , a member of the Boston Society of Security Analysts, a member of the board of Overseers of the Peabody-Essex Museum, a Director of the Greater Boston Greater Boston is the area of the Commonwealth of Massachusetts surrounding the city of Boston, Massachusetts. While Metro Boston tends to be the "Inner Core" surrounding the City of Boston, Greater Boston overlaps the North and South Shores, as well as the MetroWest region. Chamber of Commerce, and a Trustee of the Pingree School This article is about the secondary school in Massachusetts. For the K-12 school in New Jersey, see Pingry School. Pingree School is a coeducational, independent secondary day school located in South Hamilton, MA serving the large geographic area north and . Gibson joins Colonial Stephen E. Gibson, will join The Colonial Group, Inc. as Executive Vice President of Marketing and Business Development with the expectation that he will become Colonial's President on January 1, 1997. Mr. Gibson will report to Mr. Cogger. "Steve's vast experience in mutual fund marketing has earned him the respect of the securities industry. He is a proven leader in product design, marketing and sales, and will no doubt be a tremendous asset to both Colonial and Liberty Financial," said Mr. Leibler. Mr. Gibson joins Colonial from Putnam Investments Putnam Investments was founded in 1937 by George Putnam. At the same time, he founded its first mutual fund offering, The George Putnam Fund of Boston.[1] Putnam has offices in London and Tokyo, and its headquarters is located in Boston, Massachusetts. were he was a Managing Director responsible for corporate and retail marketing. He previously headed corporate and mutual fund marketing for Kemper Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. in Chicago. Mr. Gibson received his B.A. from the University of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. and an M.B.A. in banking and finance from Duke University. Merritt to oversee annuity businesses C. Allen Merritt, Jr., Senior Vice President and Treasurer of Liberty Financial, will assume the additional responsibility of overseeing Liberty Financial's annuity business, including Keyport Life Insurance Company. In his new role, Mr. Merritt will continue to report to Mr. Leibler. "Al has done a superior job for us at Liberty Financial in a variety of strategic roles. He has worked closely with Keyport's senior management and his enhanced role will be beneficial to the organization," said Mr. Leibler. "Keyport's President and CEO, John Rosensteel, and his executive team have done a tremendous job introducing innovative new products and growing the company to its present size of over $11 billion in assets," said Mr. Merritt. "Keyport enjoys an outstanding reputation with its policy holders and with the distributors who market its products. I'm excited about having the opportunity to work more closely with him to continue that growth." Mr. Merritt joined Liberty Financial in 1988 and has played a significant role in the strategic development of the company. He has been involved in many of Liberty Financial's acquisition efforts. He will continue to serve as Liberty Financial's senior financial officer in addition to his increased responsibilities. Prior to joining Liberty Financial, he was President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Investors Mortgage Insurance Company of Boston. Mr. Merritt is a member of the American Institute of Certified Public Accountants With over 330,525 CPA members (in August 2006), the American Institute of Certified Public Accountants (AICPA) is the largest professional organization of Certified Public Accountants (CPAs) in the United States of America. and an active member of the Georgetown University Georgetown University, in the Georgetown section of Washington, D.C.; Jesuit; coeducational; founded 1789 by John Carroll, chartered 1815, inc. 1844. Its law and medical schools are noteworthy, and its archives are especially rich in letters and manuscripts by and community. Mr. Merritt received his undergraduate degree “First degree” redirects here. For the BBC television series, see First Degree. An undergraduate degree (sometimes called a first degree or simply a degree from Georgetown University's School of Business in 1962. Company Overview Liberty Financial Companies (NYSE:L) is an integrated asset accumulation and management organization. It has more than $43 billion in assets under management in an array of fixed, variable and indexed annuities, private and institutional accounts, and 58 mutual funds that meet the investing needs of over 1.3 million investors worldwide. Liberty Financial operating companies include Keyport Life Insurance Company, The Colonial Group, Inc., Stein Roe & Farnham Incorporated, Newport Pacific Management, Inc., Independent Financial Marketing Group, Inc., and Liberty Asset Management Company. CONTACT: Liberty Financial Companies William Rice 617-371-2357 or Tom Nutile 617-371-2263 |
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