John Galateria was named a managing director and head of defined contribution investment solutions at the J.P. Morgan Retirement Plan Services, according to an internal memo, a copy of which was provided to P&I Daily.
He succeeds David Musto, who was promoted to the new position of COO at J.P. Morgan Retirement Plan Services.
Mr. Galateria “will oversee our DCIS (defined contribution investment solutions) intermediary, platform, and plan sponsor sales teams,” Mr. Musto wrote in the memo.
Mr. Galateria will report to directly to Michael Falcon, managing director and head of retirement for U.S. and Canada for J.P. Morgan Asset Management. Pamela Popp remains CEO of J.P. Morgan Retirement Plan Services.
Mr. Galateria was vice president and head of sales at T. Rowe Price Retirement Plan Services, confirmed Brian Lewbart, a T. Rowe Price spokesman.
T. Rowe Price is conducting a search to replace Mr. Galateria, but there is no timetable for choosing a successor, Mr. Lewbart said in an interview. Kevin Collins, a vice president and head of client services, will take on Mr. Galateria’s duties for the interim, Mr. Lewbart said.
Mr. Musto’s new role at J.P. Morgan will focus on expanding the firm’s record-keeping business, Charlotte Powell, a J.P. Morgan spokeswoman, said in an interview.