People Moves
Who's Moving Where In Wealth Management? – Percent, MetLife
The latest moves, appointments and personnel changes in North American wealth management.
Percent
Percent, a private
credit marketplace, has appointed former JP Morgan and McKinsey
senior figure Marshall Lux (pictured) to join its board of
directors.
“Marshall brings unmatched perspective and credibility to our team as institutional demand for private credit reaches new heights,” Nelson Chu, CEO and founder of Percent, said. “His experience managing risk at a global bank and advising financial institutions through periods of transformation will be instrumental as we continue building the infrastructure to support private credit at scale.”
Lux, who serves as a venture partner at B Capital, is a senior advisor to Boston Consulting Group, (and has also held a senior position at BCG). He sits on public and private boards across banking, insurance, and private equity. Lux is a visiting fellow at the Psaros Center for Financial Markets and Policy at the McDonough School of Business at Georgetown University, and has served as a fellow at Harvard.
Percent has presided over $2 billion in transaction volume to date and has $300 million in AuM. It was founded in 2018 and is based in New York. It is a FINRA-registered broker-dealer and backed by VC firms such as SIG Susquehanna, White Star Capital, and B Capital Group.
MetLife
MetLife
Investment Management, the institutional asset management
business of New York-listed MetLife, has named Brian Funk
as its president. Funk previously held the post ad interim, while
being global head of private capital for MIM.
Funk will head a business with $616.9 billion in total assets under management. His job includes integrating PineBridge Investments, a global asset manager with about $100 billion in AuM, into the firm, upon closing the acquisition anticipated to occur by the end of 2025.
The private capital team will continue to report to Funk until a successor is named.
Prior to this, Funk was head of credit research for MIM’s public fixed income business. He joined MIM as part of the firm’s acquisition of Logan Circle Partners in 2017.
