Products December 9, 2009

Financial Engines Gears Up for IPO

Financial Engines, Inc., announced today that it has filed with the Securities and Exchange Commission (SEC) a registration statement on Form S-1 for the proposed initial public offering of its common stock.

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According to the announcement, the Palo Alto, California-based advisory firm “helps investors with their total retirement picture by offering personalized retirement plans for saving, investing, and retirement income.” Financial Engines offers both online advice and professional management to meet the needs of different investors, and was cofounded in 1996 by Nobel Prize-winning economist Bill Sharpe.

Financial Engines offers its advisory services directly through plan sponsors and via retirement plan providers. 

Goldman, Sachs & Co., UBS Investment Bank, Piper Jaffray & Co., and Cowen and Company, LLC, are expected to be the underwriters for the offering, according to a press release.   

When available, a prospectus relating to this offering can be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, Attn: Prospectus Department; 212.902.1171. 

More information is available at www.financialengines.com.

Deals & People December 9, 2009

Cornelio Tapped for Lincoln DC Post

Charles C. Cornelio, who most recently served as chief administrative officer of Lincoln Financial, has been named president of Lincoln’s Defined Contribution business, effective immediately.

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A Lincoln news release said that in this new role Cornelio will partner with Lincoln’s manufacturing and distribution platforms (Lincoln Financial Distributors). While he will retain oversight for certain centralized services that are critical to the success of Lincoln’s DC business and other business lines, the remainder of his previous responsibilities have been reassigned to other areas within the company, according to the company.

“Defined contribution programs are critical to helping many Americans rebuild their retirement savings,” said Dennis Glass, president and CEO, Lincoln Financial Group.

Lincoln also announced that Mark E. Konen, president of Retirement and Insurance Solutions, will take on added responsibilities as co-chair of the company’s Investment Management Committee and co-vice chair of the Risk Management Committee.

Also, as a result of the pending sale of Delaware Investments, Chief Financial Officer Fred Crawford will assume responsibility for a new General Account Investment Strategies team, which will provide strategic oversight of the insurance general account activities, the company said.

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