Scott C. Sipple was named president of Great-West Investments, the money management unit of Great-West Financial, company spokesman Stephen Gawlik said.
He replaced David L. Musto, who left the firm to become president of Ascensus, a defined contribution record keeper and administrator of 529 college and health savings plans.
Effective immediately, Mr. Sipple will oversee the firm's asset management business. He will report to Robert L. Reynolds, president and CEO of parent company Great-West Financial.
Mr. Sipple was head of global investment strategies at Great-West Financial's sister company Putnam Investments. He was replaced by Michael Wands, senior investment director of fixed income at Putnam's global investment strategies unit. Mr. Wands was replaced by JoAnne Ferullo, senior investment director, and Robert Costello, investment director, said Putnam spokeswoman Laura McNamara.
Great-West Investments has $100 billion in assets under management.