Deals & People March 5, 2009

Davis to Anchor CAPTRUST West Coast Expansion

CAPTRUST Financial Advisors has reached out in another direction for its second big acquisition of 2009.
Reported by
Mark A. Davis, 17-year veteran of the retirement industry and founding principal of Kravitz Davis Sansone, Inc., has joined CAPTRUST Financial Advisors. Davis, a well-known expert in the retirement industry, routinely addresses national industry conferences and plan sponsor forums. Most recently, Davis worked with members of the U.S. Senate, House of Representatives, and the Government Accountability Office on a variety of retirement plan issues affecting plan sponsors and plan participants.
CAPTRUST described the move as “another significant step in the firm’s strategic plans to have a physical presence in each of the nation’s leading retirement markets.’ Earlier this year CAPTRUST lured industry veteran Steve Wilt and three of his partners at the Akron, Ohio-based Star Group from Merrill Lynch (see Wilt & Team Set a New Course). Wilt now leads CAPTRUST’s Midwest operations.
“Joining CAPTRUST was a natural decision for me,’ said Davis. “As the retirement industry continues to change, the need for independent and objective advice has never been more critical. CAPTRUST is a highly focused retirement advisory firm with the resources and professional support in place to greatly enhance my ability to serve my fiduciary clients in today’s rapidly dynamic environment.’
“Our success hinges on our ability to attract talented advisers who can distinctly help plan sponsors and their participants navigate the growing list of challenges they are facing,’ added J. Fielding Miller, CAPTRUST co-founder and CEO. “Adding Mark Davis to our ranks is a major win for CAPTRUST, but more importantly, a major win for our clients. We could not be more thrilled with having Mark lead our firm’s efforts in California.’
CAPTRUST Financial Advisors is an independent investment research and retirement advisory firm specializing in providing strategic advisory services to retirement plan fiduciaries, executives, and high net-worth individuals. Headquartered in Raleigh, N.C., the firm represents $22 billion in client assets.

More information is available at www.captrustadvisors.com. See also Miller Time

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

The Markets March 5, 2009

Office Furniture Maker Cuts Pay, Hours, Match

Office furniture maker Herman Miller, Inc. is reducing hours and pay for most of its U.S. salaried employees by 10% - and is suspending its matching contribution to its 401(k) plan.
Reported by
Facilities will close every other Friday, beginning March 13, and next week, Herman Miller will suspend its matching contribution to employee 401(k) plans. The full work week and the 401(k) match will return when business picks up, the company announced, according to the Grand Rapids Press.
“As difficult as these decisions are, we are doing what is necessary to ensure the continued strength of our business while minimizing further job losses,” CEO Brian Walker said in a statement, according to the report.

«