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Article: TOM WILSON'S WAR; CEO soldiers on as market batters Allstate's push into financial services.(News)
- Article from:
- Crain's Chicago Business
- Article date:
- March 9, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: STEVE DANIELS
Tom Wilson's plan to turn auto insurer Allstate Corp. into Middle America's financial adviser has collided with the economic crisis.
But Mr. Wilson isn't giving up-even in the face of some big setbacks and the skepticism of Allstate investors.
Last spring, the Allstate CEO unveiled a series of company-branded mutual funds that represented his first stab at "reinventing retirement'' for the middle class. Less than a year later, the Allstate "ClearTarget'' funds are on the scrap heap, victims of the financial collapse that also erased 42% of the Northbrook-based insurer's book value last year, forced it to halve its ...