Incapital Names John DesPrez Bond Broker’s Next CEOBen Eisen
Incapital LLC hired John DesPrez III, the former chief executive officer of John Hancock Financial Services Inc., to be the brokerage company’s next CEO as it seeks ways to further expand.
DesPrez, 58, replaces interim CEO Phil Johnson, who took over after John Radtke left the Chicago- and Boca Raton, Florida-based bond underwriter and distributor in March.
The new CEO will seek to widen Incapital’s reach beyond its specialty of fixed income, the company said. The brokerage firm also distributes structured products and has recently expanded into offering unit-investment trusts and annuities.
“There are any different number of opportunities here to diversify the business,” DesPrez said yesterday in an interview, mentioning equities, without elaborating further. “Over the next six months we will go through a process here to evolve a strategy for the next five years.”
Incapital’s core business of underwriting and distributing fixed-income products accounts for most of the firm’s revenue, according to the company.
Until 2010, DesPrez led John Hancock, where he oversaw the group’s wealth-management business lines including annuities and mutual funds. Before that, he held various positions over 19 years at Manulife Financial Corp. Most recently, he was an adviser for Halstatt LLC, according to Incapital.
Thomas S. Ricketts, who owns Major League Baseball’s Chicago Cubs, founded Incapital in 1999.