Cetera Names Former Equitable Exec to Lead Indie Business Division
Cetera Financial Group has named John Lefferts as the head of its supported independence division, which encompasses more than 40 offices.
Lefferts will take over as head of Cetera Investors after about six years at Equitable Advisors, most recently as managing director and national head of business development. In his new role, he will work with Cetera branch managers, advisors and their firms on operations, technology and marketing.
Cetera Investors is the rebranded U.S. broker/dealer and advisory business of Foresters Financial, which Cetera acquired in 2019. It operates as a distinct division of Cetera Investment Services, the firm’s self-clearing b/d.
When Cetera acquired the business in 2019, Sean Casey, a former director of business development for Cetera Financial Institutions, was tapped to lead it. Now, Casey will join Lefferts’ team as head of operations and development.
Cetera has about 12,000 financial professionals overseeing more than $545 billion in assets under administration and $235 billion in assets under management.
Citi Wealth Names Global Head of Capital Markets
Citi Wealth, the bank’s wealth management services arm, is tapping Russell Budnick as its new global head of capital markets.
Budnick, who will join Citi in August, comes to the firm after 20 years at J.P. Morgan Private Bank, most recently as global head of market strategy and trading within that bank’s capital markets group. Budnick will report to Keith Glenfield, head of investment solutions for Citi Wealth.
Citi sees its capital markets capabilities, which include providing advice and services across equities, commodities, fixed income, foreign exchange, rates and hybrids, as key to serving ultra-high-net-worth clients.
“The team is delivering strong and consistent progress in the growth of investment assets through high-quality engagement with clients and bankers,” Glenfield said in a written statement. “Russ is a proven leader with decades of capital markets experience. He is uniquely positioned to continue the strong momentum of the business and partner across the Citi organization to deliver on behalf of our clients.”
At J.P. Morgan Private Bank, Budnick managed a global team responsible for trading across equities, fixed income and currencies. He also oversaw the team’s market strategy efforts for providing macro views, investment advice, insights and product knowledge across asset classes for HNW and UHNW clients.
Multi-Family Office Parcion Adds Two Leaders
Parcion Private Wealth, a $2.7 billion multi-family office based in Bellevue, Wash., has hired a chief investment officer and chief operating and compliance officer as it continues to scale up its operations.
Dan McCollum, formerly deputy CIO at outsource CIO firm Hirtle Callaghan and with experience at Deutsche Bank and Bank of America, takes over CIO duties from Terry Cook, the firm’s founder and CEO.
Sam King will become the chief operating and compliance officer, having held senior positions with Envestnet | Tamarac, Addepar and PCR Financial Aggregation.
Parcion hired the industry veterans more than five years after its founding in 2019 as it seeks to bolster its “white-glove service” for middle-market business owners and families.
Nordwand Capital’s New Managing Director Brings Investment Expertise
Nordwand Capital, a $4 billion multi-family office and part of the Dynasty Financial Network network of RIAs, has hired Patrick J. McGinnis as a managing director and financial advisor.
Nordwand hired him to strengthen its investment and estate planning capabilities as it expands into new client markets. He has experience managing equity portfolios and advising high-net-worth families on complex wealth strategies, including a prior role as a senior portfolio manager at Fiduciary Trust.
McGinnis will work out of Nordwand’s Radnor, Pa.-based headquarters to coordinate with its advisory and investment teams.
“Advisors with as much investment depth as Patrick don’t move often,” Gordon Ross, chief client officer at Dynasty, said in a statement. “His decision to join Nordwand says a lot about the firm’s direction.”
About The Author
