Deals & People June 20, 2011

Neuberger Berman Adds to DC Sales Force

Neuberger Berman hired three wholesalers to its team of twelve internal and external salespeople. 
Reported by

The new hires include Tim Guay, Jae Kim, and Chris Walker. Guay comes to the firm from MFS and will serve as a vice president of retirement. He will be based in San Francisco. Kim, also a vice president of retirement, joined Neuberger Berman from The Standard and will cover the Southwest region. Chris Walker, vice president, joined the firm from Fidelity and will cover the South-Central region. They will report to Chris Simmons, national sales manager for the Retirement Solutions Team.   

“Neuberger Berman is known for our research-driven active management investment culture, and for meeting client needs successfully for over seven decades,” said managing director Scott Kilgallen. “We are seeing strong demand for our investment strategies from institutional and individual investors in the US and internationally, and we believe we can enhance our presence in the defined contribution marketplace as well.”   

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Data & Research June 20, 2011

Americans Unprepared for Financial Emergencies

A study by Bankrate.com found that only 24% of Americans have a six-month emergency savings cushion, and another 24% have no emergency savings at all.
Reported by

Twenty-two percent of respondents have some savings, but not enough to cover three months’ expenses. Forty-six percent have at least three months’ expenses built up. These results are similar to the 2007 Bankrate survey, the company reported. 

Feelings of financial security among Americans, as measured by the Financial Security Index, dropped slightly, from 98.5 in May to 97.8 in June. However, 26% of Americans are more comfortable with their debt now compared with 12 months ago. Just 19% of Americans report feeling less comfortable with their debt, the lowest figure since Bankrate began its monthly Financial Security Index polls in December 2010.   

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Those most likely to have six months’ expenses in an emergency fund are higher-income households and people in their 50s and 60s, but even among these groups, at least half do not have six months’ expenses in an emergency fund. People younger than age 30 and the lowest-income households are the most likely to report having no emergency savings at all.  

More about the poll is here.

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