MassMutual is deploying a new sales and operations team in an effort to win market share for its mutual fund and stable value fund products.
MassMutual markets 21 U.S. equity funds, six global equity funds, 18 blended funds, including its proprietary RetireSmart target-date funds, seven fixed-income funds, and one money market fund. Currently, those funds hold $80 billion in assets. The new DCIO team's goal is to grow that by another $30 billion over the next five years.
Aruna Hobbs, head of institutional investments for MassMutual, has been tapped to lead the Defined Contribution Investment Only team. She was hired last fall to lead the company's effort to grow its mutual fund business.
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"There is a misconception that MassMutual's funds are proprietary when the opposite is true," Hobbs said in a news release.
Hobbs thinks MassMutual's sub-advised funds — which tap money managers throughout the mutual fund universe – are among the industry's best-kept secrets, as 63 percent of those funds have at least a four-star rating from Morningstar.
That's "a tribute to the exceptional work of our investment team. We want more people to see the value of our funds," said Hobbs.
Hobbs will lead a new DCIO sales team, comprised of Johanna Vogel, managing director, National Consultant Relations; Paul Webb, national practice leader, Adviser Channels; and Rob Olszewski and John Hipsher, regional investment directors.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
