Mark Fortier was named director of defined contribution-product design and implementation at NISA Investment Advisors.
The position is new, said David Eichhorn, managing director of investment strategies, in an interview Thursday. Mr. Fortier was hired to help NISA expand its defined contribution business, which has focused primarily on stable value options, Mr. Eichhorn said.
NISA had $4.1 billion in U.S. institutional, tax-exempt assets under management for DC plans as of Dec. 31, and $130 billion in total AUM.
Mr. Fortier is working on products such as retirement income options to be embedded in custom target-date funds, Mr. Eichhorn added.
Mr. Fortier also carries the title of co-head of NISA's defined contribution solutions practice, joining longtime NISA executive C. Robert Krebs, Mr. Eichhorn said.
Mr. Fortier also “is responsible for establishing strategic partnerships and integrated solutions with record keepers, insurance companies, investment managers and consultants,” Jess Yawitz, NISA's chairman and CEO, wrote in an internal memo to NISA employees that the firm provided to P&I.
Mr. Fortier was previously managing director, head of global defined contribution research and product development at State Street Global Advisors. He joined SSgA in December 2013, but it could not be determined when he left or whether he had been replaced. Calls to SSgA officials were not returned by press time.