Lincoln Financial Snags Managed Accounts Leader From Merrill

By Cyril Tuohy

InsuranceNewsNet

Lincoln Financial Network has announced the appointment of Gene Mulligan, an industry “pioneer” in separately managed accounts (SMA), to the position of senior vice president for investment products and platform.

Mulligan, formerly a managing director with Merrill Lynch Global Investment Solutions, played a leading role in growing and managing Merrill Lynch’s managed account business. He had been with Merrill Lynch since 1986. His hiring is the latest sign that Lincoln is serious about deepening its relationship with advisors who sell Lincoln Financial’s products.

Lincoln Financial Network is the retail wealth management affiliate of Lincoln Financial Group, the Radnor, Pa.-based life and financial services giant.

SMAs allow investors to specify how funds in the account are invested instead of lumping an investor’s assets with those belonging to other investors, typical of a mutual fund for instance. SMAs are favored by high net worth investors and pension plans.

SMA assets are held in the name of an individual investor. The accounts can be customized, and they can be used for tax strategies. Financial advisors are often given wide latitude in terms of the assets they can buy for the account.

“LFN advisors have a long history of helping clients create and protect wealth,” Mulligan said, in a news release. “They offer a unique and creative approach toward advising clients on wealth accumulation, retirement planning, and wealth protection strategies.”

Mulligan also said he was looking forward to strengthening “through broader and deeper investment offerings” the creative investment approaches used by LFN advisors on behalf of clients.

Merrill Lynch has the market's second largest SMA program, according to Money Management Institute data. Mulligan played a key role in Merrill Lynch’s move to a model portfolio-based program, according to the Lincoln Financial news release.

At Merrill Lynch, Mulligan worked as a commodities, fixed income and fee-based trader. Among other senior management roles, he served as chief operating officer of Managed Account Advisors from 2007 to 2009. That role was expanded in 2009 to president of Managed Account Advisors.

In 2011, Mulligan, who holds FINRA Series 3, 7, 55, 63 and 65 licenses, took on the role of head of cross-platform development for Merrill Lynch's managed solutions unit, Lincoln Financial said.

Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at [email protected].

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Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at [email protected].