Great-West Financial has announced that David L. Musto has been appointed president of Great-West Investments, a newly created organization within Great-West Financial that will be the primary driver of investment and retirement income solutions for retirement savers, plan sponsors and their advisors.
In this role, Musto will report to Robert L. Reynolds, Great-West Financial president and CEO, and have responsibility for Great-West Financial subsidiaries including Great-West Funds, Inc., Great-West Capital Management, LLC and Advised Assets Group, LLC. The latter two are registered investment advisers.
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Musto will also assume business leadership of the company's general account, stable value, and retirement income solutions that are offered into the retirement market. He will oversee all aspects of Great-West Investments' activities. The appointment is effective immediately.
Musto formerly led the large, mega and not-for-profit unit for Empower Retirement, a part of Great-West Financial, as executive vice president. Before that, he served as CEO of J.P. Morgan Retirement Plan Services.
Empower was created in 2014 from the Great-West acquisition of J.P. Morgan's Retirement Plan Services and Putnam Investments' retirement arm; the acquired businesses were rebranded as Empower Retirement.
Meanwhile, at Empower Retirement, Richard H. Linton, Jr. was appointed executive vice president for operations. In his new role, Linton will lead a team of 2,700 operations associates in the United States, Canada and India. He will oversee all aspects of the firm's recordkeeping and plan administration operations, including participant and plan call centers, compliance, conversion and implementation services, client service and financial controls.
Linton will officially join Empower on April 25, and will be based at Empower's headquarters in metro Denver. He brings over 25 years of experience in retirement plan administration, including 14 years in operations management, in addition to years in sales, product, marketing and client service. He previously served as president of large corporate markets and retail wealth management for Voya Financial. Linton will report to Edmund F. Murphy III, president of Empower.
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