Deals and People January 16, 2013

Lincoln Financial Expands IRD Team

January 16, 2013 (PLANSPONSOR.com) – Lincoln Financial Retirement Plan Services aims to grow its presence in the government sector with three additions to its Institutional Retirement Distribution (IRD) team.
Reported by

Paul Davidson, Richard Snyder and Andrew Whiting join Lincoln as sales directors. They will report to IRD National Sales Director Michael Hall.

Davidson comes to Lincoln with nearly 20 years of experience in the sales, service and implementation of 457(b), 401(a), 403(b) and 401(k) retirement plans. He previously served as vice president at Natixis Global Asset Management in the Retirement Strategy Group. He also held leadership positions for Neuberger Berman and The Hartford in the government sector.

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Snyder brings more than 18 years of experience in the sales, marketing, education, retention and administration of institutional retirement plans. Prior to joining Lincoln, he was vice president and national sales manager for AXA Equitable, where he was responsible for retirement plan sales in the governmental and union markets. He has also held sales positions at The Hartford and Nationwide Retirement Solutions, selling retirement plans in the governmental and nonprofit markets, and began his career as a deferred compensation specialist for the State of Florida’s Department of Financial Services, one the largest 457 plans in the country.

Whiting previously served as regional sales director for The Hartford, responsible for managing sales and retention of 457(b) and 401(a) plans for government retirement plans in 16 states in the Eastern United States.  Most recently, he acted as a regional vice president for AXA Equitable’s employer-sponsored retirement plans.

—Sara Kelly 

Products January 16, 2013

Fidelity Closing Small Cap Discovery Fund

January 16, 2013 (PLANSPONSOR.com) – Fidelity Investments is closing Fidelity Small Cap Discovery Fund (FSCRX) to new accounts.
Reported by

As of the close of business on January 31, 2013, new purchases in the fund will be limited to existing shareholders.   

Employer-sponsored retirement plans and certain discretionary programs offered by registered investment advisers (RIAs) may be able to open additional accounts for investors if the fund was established as an option by January 31.   

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For investors considering a small-cap fund, Fidelity offers several additional options, including Fidelity Stock Selector Small Cap Fund; Fidelity Small Cap Value; Fidelity Small Cap Stock Fund; Fidelity Advisor Small Cap Fund; Fidelity Small Cap Growth Fund; and Fidelity Small Cap Enhanced Index Fund.   

“We believe that closing Small Cap Discovery Fund at this time is in the interests of the fund’s shareholders, and stabilizing cash flows will help Chuck [Myers, the fund’s manager,] in seeking to maintain the fund’s consistent performance track records,” said Brian B. Hogan, president of Fidelity’s Equity Group.

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