Deals & People March 5, 2009

Renaissance Institutional Management Taps Scanlan as New Chief

Matthew H. Scanlan has joined Renaissance Technologies LLC as Renaissance Institutional Management LLC’s president and CEO, the New York firm announced.
Reported by

According to the announcement, Scanlan replaces Stephen Robert, former Chairman and CEO, who has retired from the firm. Scanlan will be responsible for overseeing the firm’s institutional client relationships and enhancing client service strategies.

Scanlan joins Renaissance from Barclays Global Investors where he was managing director, head of the Americas Institutional Business, the announcement said.

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During his 12-year tenure at Barclay’s Global Investors, Scanlan served as a member of the Americas Executive Committee and the Global Investment Technology Executive Committee. He oversaw all client activities with respect to the Defined Benefit, Defined Contribution, Foundation & Endowment, and Taft-Hartley businesses in the United States, Canada and Latin America.


Data & Research March 5, 2009

Correlation Exists Between DC Account Size, Rollover Likelihood

When changing jobs, participants with higher account balances are more likely to roll money from a lump-sum distribution into another tax-qualified account.
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A recent report from the Employee Benefit Research Institute (EBRI) said 72.4% of lump-sum distribution recipients of $50,000 or more rolled over their entire balance, versus 17% of those taking distributions less than $500.

Based on participants’ most recent distribution through 2006 from individual retirement accounts (IRAs), annuities, and other employment-based retirement plans, the larger the distribution, the more participants tended to roll over the entire balance. According to EBRI data:

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  • $1 to $499 in lump-sum distribution, 17% of participants opt to roll over balance
  • $500 to $999, 19.5%
  • $1,000 to $2,499, 23.7%
  • $2,500 to $4,999, 32.8%
  • $5,000 to $9,999, 43.9%
  • $10,000 to $19,999, 46.5%
  • $20,000 to $49,999, 52.5%
  • $50,000 or more, 72.4%.

EBRI’s executive summary is available here.


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