Mark Cover to lead growth of MassMutual Funds in the Defined Contribution Investment Only channel
SPRINGFIELD, Mass., May 21, 2019 – Massachusetts Mutual Life Insurance Company (MassMutual) has hired a new head of field sales as part of a broader strategy to grow The MassMutual Funds in the defined contribution investment only (DCIO) channel.
MassMutual has appointed Mark Cover as Head of DCIO Field Sales as part of an expansion of sales, marketing, operations and other functions to support the fund complex. Cover reports to Aruna Hobbs, Head of Institutional Investments for MassMutual’s Institutional Solutions business.
“The MassMutual Funds add tremendous value in serving the investment needs of retirement plans and their participants. Mark and his team will support the vast community of retirement plan advisors actively engaged in fulfilling the long term objectives of their clients, the retirement plan sponsors,” said Hobbs. “To that end, we strongly believe our differentiated investment solutions can help improve plan retirement outcomes and promote financial wellness at the participant level.”
The MassMutual Fund family currently offers more than 30 mutual funds across a broad range of asset classes and investment styles. The funds have seen strong asset growth of nearly 40% compounded annually since 2015 in the DCIO market as financial advisors and retirement plan sponsors have gravitated towards the multi-manager sub-advised family of mutual funds that are designed specifically for retirement plans.
Cover and an expanding team of wholesalers will be responsible for continuing the sales momentum. Before joining MassMutual, Cover served as Head of DCIO Field Sales for T. Rowe Price where he managed the external wholesaling team supporting financial advisors focused on retirement plans. Prior to joining T. Rowe Price, Cover was National Sales Manager for ADP Retirement Services, where his team focused on driving retirement plan sales through financial advisors. He has a Bachelor of Arts in Actuarial Sciences from Bryant University.
Cover’s hire is part of an expansion of MassMutual’s DCIO distribution team. In addition to Cover, MassMutual recently also appointed Andy Cunningham as DCIO Managing Director covering the Southern region. Cunningham was previously a DCIO wholesaler at Columbia Threadneedle and at Franklin Templeton. In addition, MassMutual has invested in key accounts, marketing, product, investment and operations to support DCIO growth.
“Mark’s addition to MassMutual is a key piece of a larger strategy to grow assets within our funds to new levels,” said Hobbs. “As one of the few multi-manager investment firms, we employ an open architecture approach to the Funds management and deliver unique manager combinations to the retirement channel that cannot be obtained anywhere else.”