Jefferson National Financial Corp. Appoints Sal Naro CEO of JNF Asset ManagementEntrepreneur from Markit and Sailfish Capital Joins DMA “2010 Financial Services Company of the Year” to Grow Asset Management Unit and Launch New Products
New York, NY and Louisville, KY—April 13, 2011— Jefferson National, a leading innovator of value-added financial products and services for fee-based and fee-only advisors, announces the appointment of Sal Naro, former Markit Group Executive Vice President and Sailfish Capital’s Co-Founder and Managing Partner, to the position of CEO of JNF Asset Management. Naro was also appointed Vice Chairman of parent company Jefferson National Financial Corp. and elected to its board of directors. Naro will be a key strategist in expanding the Jefferson National franchise, driving the performance and growth of JNF Asset Management and leveraging its potential to build unique products for this rapidly growing segment of advisors and their clients. Jefferson National, a financial services company with more than $2 billion in assets is acclaimed for launching the industry’s first flat-insurance fee variable annuity and was recently recognized as the DMA “2010 Financial Services Company of the Year.”
“Sal is uniquely qualified to play a pivotal role in all aspects of Jefferson National’s growth strategy, with his considerable experience leading new companies, managing fixed income, and launching funds that drive oversized returns and generate alpha by optimizing yield,” said David Smilow, Chairman of Jefferson National. “Sal brings the passion, an established track record—and most importantly the entrepreneurial spirit—that is so crucial to our success as a leading financial services company.”
“This new role represents a unique opportunity for me to combine my knowledge, expertise and relationships from financial information services and the capital markets—both buy and sell side—with Jefferson National’s innovative approach to developing and distributing products,” said Sal Naro, newly appointed Vice Chairman of Jefferson National Financial and CEO of JNF Asset Management. “We are excited to build an asset management unit with tremendous breadth, creating innovative products spanning from insurance to alternative investments, from traditional to non-traditional assets, for our advisors, our retail clients as well as institutional investors.”
Naro, who resigned from Markit Group earlier this month, served since 2008 as Executive Vice President, Global Head of Valuation and Risk Analytics Services. In his time at Markit, Naro expanded Markit Group’s equities and valuations business, pioneered their entry into risk analytics, and helped position the company as a leading independent source of data, valuations and trade processing services, now regarded as a market standard in the global financial services industry. Prior to Markit, Naro Co-Founded the multi-billion dollar fixed income hedge fund Sailfish Capital Partners in 2005 and led its successful wind-down in early 2008, ahead of the financial crisis. Naro’s experience also includes tenure at UBS, where he held several key leadership roles from 1999 to 2005, ultimately serving as Managing Director and Global Co-Head of Fixed Income—a role that encompassed trading, syndication and research for all credit markets. He was also a member of the UBS Investment Bank Board of Directors. Prior to UBS, Naro served as a Senior Managing Director and Global Head of Credit Trading at Bear Stearns where he worked for nearly a decade.
Also joining Naro at Jefferson National is Gregory MacKay, former Managing Director at PrinceRidge, LLC. Mackay served with Naro as Partner and Portfolio Manager at Sailfish Capital from 2005 to 2008. MacKay also served alongside Naro at UBS, as head of Structured Credit Trading, from 2000 to 2005. MacKay will be taking the role of Chief Operating Officer of JNF Asset Management.