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AARP Announces Richard Hisey as New President of AARP Financial Inc. and AARP Funds

2008-07-15 09:31:00

    WASHINGTON, July 15 /EMWNews/ -- AARP announced the

appointment of Richard (Mac) Hisey as the new President of both AARP

Financial Inc. and AARP Funds. AARP Financial -- a wholly-owned taxable

subsidiary of AARP Services Inc. based in Tewksbury, Massachusetts -- is

dedicated to helping people build a more secure financial future by making

available products and services that are designed to meet their retirement

needs. It makes available a carefully chosen array of investment, banking

and insurance products including a portfolio of mutual funds that follow an

index-based approach to investing.


    "Mac's new role will help us continue our efforts to ensure that more

of our aging population is saving for retirement and creating income for

their retirement years," said AARP CEO Bill Novelli. "Mac has spent his

career in financial services and knows first hand the issues people face as

they approach retirement. With his leadership, we will make great strides

in successfully creating change in the financial industry to ensure that we

make investing, financing and insuring the lives of the general population

less complex and more accessible," added Novelli.

    Regarding his new position Mr. Hisey said, "I am excited for the

opportunity to deliver a positive impact on the AARP vision of improving

financial security and literacy in America. With the cost of living,

healthcare and energy costs continuing to rise, AARP Financial's role is

even more important in helping people prepare for retirement."

    Prior to his new role, Mr. Hisey served as Chief Investment Officer of

AARP Financial and Treasurer for AARP Funds since 2006. Mr. Hisey joined

AARP Financial from Cole Management Incorporated, a venture capital firm

focused on early-stage investments in Russia, where he served as Executive

Vice President and Chief Investment Officer. Previously, he was the

Treasurer and Chief Financial Officer of the MFS Group of Mutual Funds.

Prior to that, Mr. Hisey was Senior Vice President of The Bank of New York,

with responsibility for global investment fund accounting and


    Mr. Hisey spent 15 years at Lexington Global Asset Managers, Inc. (now

part of ING/Reliastar). There, he served as Executive Vice President and

Chief Financial Officer of the publicly-listed holding company as well as

its advisor and broker-dealer subsidiaries. He also served as the Chief

Financial Officer and Treasurer of all the mutual funds advised by the

company and was a member of the Board of Directors of the funds. During his

tenure, he created the first open-ended Russian equity mutual fund in the

United States and served as the fund's portfolio manager and investment

strategist. Mr. Hisey also managed the Corporate Leaders Trust Fund, a

passively managed grantor trust investing in stocks of leading U.S.


    Holding the Chartered Financial Analyst designation, Mr. Hisey is a

member of the CFA Institute and the Boston Society of Security Analysts. He

received both an MBA and a B.A. with Distinction in Soviet and East

European Studies from the University of Connecticut. As an undergraduate

student, he also attended Middlebury College and Leningrad State University

in the former USSR.

    About AARP:

    AARP is a nonprofit, nonpartisan membership organization that helps

people 50+ have independence, choice and control in ways that are

beneficial and affordable to them and society as a whole. AARP does not

endorse candidates for public office or make contributions to either

political campaigns or candidates. We produce AARP The Magazine, the

definitive voice for 50+ Americans and the world's largest-circulation

magazine with over 33 million readers; AARP Bulletin, the go-to news source

for AARP's 39 million members and Americans 50+; AARP Segunda Juventud, the

only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic

community; and our website, AARP Foundation is an affiliated

charity that provides security, protection, and empowerment to older

persons in need with support from thousands of volunteers, donors, and

sponsors. We have staffed offices in all 50 states, the District of

Columbia, Puerto Rico, and the U.S. Virgin Islands.

    About AARP Services Inc.

    AARP Services Inc., founded in 1999, is a wholly owned subsidiary of

AARP. AARP Services manages the wide range of products and services that

are offered as benefits to AARP's 39+ million members. The offers span

health products, travel and leisure products, and life event services.

Specific products include Medicare supplemental insurance; member discounts

on rental cars, cruises, vacation packages and lodging; special offers on

technology and gifts; pharmacy services; legal services; and long-term care

insurance. AARP Services founded AARP Financial Incorporated, a subsidiary

that manages financial products that carry the AARP name, including AARP

Funds. AARP Services develops new products, manages and markets products

and services, and creates and maintains sponsorship and other


    About AARP Financial Inc.

    Founded in 2005, AARP Financial Inc. is a wholly owned taxable

subsidiary of AARP Services. AARP Financial is dedicated to helping people

age 50 and over prepare for a more secure financial future by offering

products and services designed to meet their retirement needs and

supporting them with clear information and guidance. We are proud that AARP

Financial won the Mutual Fund Education Alliance's 2006 STAR Award for Best

Investor Fulfillment/Prospectus Kit and Best Retail Retirement Kit by a

small company. Visit us at for more information.

    AARP Financial makes available a carefully chosen array of investment

products and guidance, including mutual funds from AARP Financial, that are

designed to meet the needs of investors at any life stage; auto and home

insurance through The Hartford; credit cards through Chase; online savings

and checking accounts and certificates of deposit through the AARP

Financial Savings Center powered by Waterfield Financial Services, Inc.;

life insurance and lifetime income annuities through New York Life; and

mobile home and motorcycle insurance through Foremost. Please visit us at for more information.

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