David L. Musto Appointed President of Great-West Investments
New business unit aims to accelerate firm's investment management capabilities
GREENWOOD VILLAGE, Colorado., April 15, 2016 – Great–West Financial today announced the appointment of David L. Musto as the 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. Musto will oversee all aspects of the group’s activities. The appointment is effective immediately.
In this role, Musto will report to Great–West Financial President and CEO Robert L. Reynolds 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 being registered investment advisers. He will also assume business leadership of the company's general account, stable value, and the retirement income solutions that are offered into the retirement market.
"We have a prime opportunity to deliver world-class asset management products and services to our clients," said Reynolds. "Growth prospects for this business are very bright."
With more than $85 billion under management or supervision in mutual funds, managed accounts, capital preservation products, and retirement income solutions today, Reynolds said that Great–West is in a position to enhance its offerings to the marketplace by bolstering its distribution capabilities, further delivering solutions through its sub–advised investment platform and creating an assortment of value–added products for clients.
"I look forward to David leading Great-West Investments on a path to becoming one of the most respected and valued providers of investment products and solutions in the industry," said Reynolds.
In discussing the new investment organization, Musto indicated that many of the key components are in place and staffed by industry–leading talent.
"There's a tremendous opportunity here for our clients and prospects to benefit from the establishment of Great–West Investments," he said. "Our new organization will build upon some well–established resources and capabilities that will work closely together to create some leading edge investment solutions."
Musto takes the reins of Great–West Investments after leading the large, mega and not–for–profit unit for Empower Retirement as executive vice president. He previously served as CEO of J.P. Morgan Retirement Plan Services. Musto joined J.P. Morgan in 2007 as the head of Defined Contribution Investment Solutions for asset management. In this role, he led the firm's efforts to serve the investment and support needs of plan sponsor clients, retirement platforms and intermediary partners.
A veteran leader with more than 25 years of experience in the benefits, retirement and investment industries, Musto was formerly, a senior vice president at Prudential Retirement where he was responsible for the full-service retirement offering in the emerging corporate market, including product development, distribution and service models. He has also held senior management positions in CIGNA's retirement business, at Prudential Financial and at Kamoon, a startup financial software company.
Musto holds an undergraduate degree from the College of William & Mary and an MBA from New York University. He will be based at Great–West's headquarters in Greenwood Village, Colorado.
Musto serves on the executive committee of the Society of Professional Asset-Managers and Record Keepers (SPARK) and as vice chair of the Defined Contribution Institutional Investment Association (DCIIA).
About Great–West Financial
Established nearly 125 years ago, Great-West Financial's offerings range from investments, life insurance, annuities and executive benefits products marketed under the Great–West Financial brand to retirement savings products and services provided by Empower Retirement, the nation's second-largest retirement plan record keeper by participants1. Great–West Financial is also the No. 2 underwriter of life insurance sold through banks2 and No.3 in bank-owned life insurance sales.3
The company manages a total of $436 billion in assets for over 8 million retirement, insurance and annuity customers.4
Great–West Financial® is a registered mark of Great-West Life & Annuity Insurance Company. It is an indirect, wholly owned subsidiary of Great–West Lifeco Inc. and "A Member of the Power Financial Corporation Group of Companies" ®.
Great–West Financial® refers to products and services provided by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO, its subsidiaries and affiliates. Data on insurance and recordkeeping reflects consolidated information from GWL&A and its subsidiaries. The trademarks, logos, and registered marks used are owned by GWL&A. “A Member of the Power Financial Corporation Group of Companies” is the registered mark of Power Corporation of Canada.
Stephen Gawlik – Office: 303-737-0899; Cell: 617-417-4408
1Pensions & Investments April, 2016
2BISRA Life Report, Fourth Quarter 2014, based on total premiums at Dec. 31, 2014
3IBIS Associates, 2014
4As of Dec. 31, 2015