First Mercantile Trust Company Aligns for Growth
(Springfield, MA) - MassMutual Retirement Services Division announced several new appointments at First Mercantile Trust Company, a member of the MassMutual Financial Group based in Memphis, Tenn., meant to capitalize on growth opportunities in the retirement services market.
Ian Sheridan, most recently corporate vice president and chief marketing officer for MassMutual’s Retirement Services Division, has been named president of First Mercantile Trust. He will continue to report to Elaine Sarsynski, executive vice president of MassMutual’s Retirement Services Division and chairman and CEO of MassMutual International LLC. Sheridan has been acting in this capacity since mid-September.
Stan Label, most recently national sales practice manager for MassMutual’s Retirement Services Division, has been appointed to the role of vice president and national sales manager for First Mercantile. Label will lead First Mercantile’s growing field sales organization and inside sales desk.
“Stan Label is among the most highly regarded sales management professionals in the retirement industry. He has served MassMutual’s Retirement Services business for more than 10 years, and we look forward to an equally outstanding level of growth and success with Stan leading First Mercantile’s sales team,” says Sheridan. Over the next several months, Label plans to expand the sales organization to meet First Mercantile’s growing demand.
Four members of First Mercantile’s existing management have been named to Sheridan’s senior leadership team. Alan Dunaway, vice president, business development, will oversee First Mercantile’s key accounts, TPA channel, and the distributor development unit headed by Susan Conrad. James Pratt will serve as vice president and chief operating officer; Phil Maness, as head of relationship management, and Jim Christian, as head of information technology.
Dunaway will focus on First Mercantile’s institutional strategy to expand its market share in collective trust money management in addition to its core retirement services business. Pratt will continue to lead First Mercantile’s finance operation including oversight of the company’s operations team led by Pamela Greenwood, director of operations.
“As we anticipated, the appetite for collective trusts is growing by leaps and bounds. The First Mercantile sales pipeline has increased by nearly 40% over the same period last year. MassMutual’s acquisition of First Mercantile was an exciting strategic opportunity and we look forward to continued success in the retirement services marketplace with this outstanding leadership team,” says Sarsynski.
Headquartered in Memphis, Tenn., First Mercantile provides retirement plan recordkeeping and investment management services throughout the U.S. With nearly $5 billion* in assets under management, First Mercantile’s operations add complementary products and further scale to MassMutual’s existing $40 billion* retirement plan business.
* Assets for First Mercantile Trust and MassMutual Retirement Services Division as of Dec. 31, 2007.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.