American Century Investments hired Peter Cieszko, former president of Fidelity Investments Institutional Services Company, to the newly created position of SVP, North America.
Cieszko—who joins the company later this summer — will oversee American Century Investments’ North America-based client business with responsibility for all institutional and intermediary sales. He will report to Michael Green, head of global client relationships.
“Peter brings invaluable experience and an exceptional track record leading asset management distribution businesses,” comments Green, in the release. “He is a widely-respected industry veteran with significant distribution and product experience encompassing traditional and alternative asset classes designed to meet the evolving needs of institutional and intermediary clients. He will continue to build on the already strong momentum American Century Investments is realizing.”
In his new role, Cieszko will work with the asset management firm’s institutional and intermediary sales leaders to deliver the firm’s investment management expertise and solutions to North America-based clients, including corporate and public pension plans, endowments and foundations, as well as other financial institutions including wirehouses, regional and independent advisors, RIAs, banks and insurance companies.
Combined assets under management for the company’s North America intermediary and institutional businesses are approximately $72 billion, about 64 percent of American Century Investments’ total assets under management of $113 billion as of April 30, 2011.
Cieszko also will partner with senior management to accelerate the growth of the company’s low- and non-correlated alternative investment capabilities, which currently represent about $3 billion in assets under management.
At Fidelity Investments Institutional Services Company, Cieszko served as president of the $366 billion business unit that provides investment management services to financial institutions. Prior to Fidelity, Cieszko was president and CEO of Evergreen Investments, the investment management arm of Wachovia, which was later purchased by Wells Fargo. Cieszko joined Evergreen from Legg Mason, where he was head of U.S. distribution and also served as head of the U.S. retail and high net worth businesses of Legg Mason's predecessor firm Citigroup Asset Management. During his 25-year career in financial services, Cieszko has held various senior positions with Nuveen Investments, Montgomery Asset Management, E.F. Hutton & Company and Merrill Lynhc.