Products December 11, 2012

Fee Disclosures for Complex Investments

An industry group has released a guide to help retirement plan sponsors and service providers navigate new participant fee disclosure rules.
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The guide, published by the Defined Contribution Institutional Investment Association (DCIIA) will provide a framework to help identify and suggest practical approaches for addressing the challenges of new reporting and disclosure requirements, particularly as they apply to non-registered investment funds and custom investment solutions. It addresses collective investment trusts, custom fund-of-funds solutions and unitized separate accounts.  

“We recognize that we’re in uncharted territory and there is no one way to comply, however, we believe our membership of industry leaders can provide a reference guide of important considerations, key resources and best practices to meet the requirements,” the document says.  

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The guide can be downloaded from http://www.dciia.org under “Publications.”

Deals & People December 11, 2012

Genworth Names President and CEO

Thomas J. McInerney has been chosen as president and chief executive officer of Genworth Financial Inc.
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He also will be elected to the Genworth board of directors. James S. Riepe will continue to serve as the company’s non-executive chairman of the board. The appointment is effective January 1, 2013.

McInerney has many years of experience in financial services, previously holding senior leadership positions at both ING Groep and Aetna Financial Services. Most recently, he served as an adviser to The Boston Consulting Group. At ING, he was chief operating officer and a member of the Management Board for Insurance. Before that, he was CEO of ING Americas, overseeing insurance, pension and investment management businesses in the U.S., Canada and Latin America. 

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Before joining ING, McInerney was at Aetna for more than 20 years, where his roles included  president of Aetna Financial Services. He was responsible for Aetna’s retirement services, life insurance and annuities, and investment management businesses. As vice president of strategy, he was deeply involved in the transformation of Aetna through the sale of its property and casualty business and subsequent acquisition of U.S. Healthcare.

“We are very pleased to have someone with Tom McInerney’s breadth of experience and record of achievement step into this role at Genworth,” Riepe said. “With his extensive expertise in insurance and investment management, exposure to the global financial services markets, and proven track record of execution, Tom will provide strong leadership at this important time for the company as we continue towards our goal of rebuilding value for our shareholders and other stakeholders.”

McInerney graduated with honors from Colgate University in 1978 with a bachelor’s degree in economics, and received an MBA with a concentration in finance and investments from the Tuck School of Business at Dartmouth. For many years, he has been active with the American Council of Life Insurers and the Financial Services Roundtable, serving on each association’s board and CEO committee.  

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