Drew Carrington has left his job as managing director and head of defined contribution and retirement solutions at UBS Global Asset Management to run his own firm consulting to defined contribution service providers.
In an interview, Mr. Carrington said his firm, DC Squared Retirement Consulting, will work with asset managers and other providers “to expand their footprint” among DC plans.
Mr. Carrington left UBS in May, and launched his firm earlier this month. He declined to discuss the terms of his departure.
Shawn Lytle, head of UBS Global Asset Management, Americas, praised Mr. Carrington as “a forward thinker” in defined contribution. In an interview, Mr. Lytle said his company plans to replace Mr. Carrington but has not set a timetable.
Mr. Lytle said UBS is currently evaluating its resources because it has combined its defined contribution and defined benefit businesses into a unit called retirement and advisory solutions. Robert McGowan, managing director and head of corporate institutions, supervises the DC and DB businesses.
UBS Global Asset Management had created a separate DC unit, the defined contribution and retirement solutions group, in June 2007 under the supervision of Mr. Carrington.