Retirement Industry People Moves

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HealthEquity to Acquire WageWorks

HealthEquity, Inc. (HealthEquity) and WageWorks, Inc. (WageWorks), administrator of health savings accounts (HSAs) and complementary consumer-directed benefits (CDBs), have entered into a definitive agreement under which HealthEquity will acquire all of the issued and outstanding shares of common stock of WageWorks.

The acquisition is expected to give HealthEquity access to more of the fast-growing HSA market by expanding its direct distribution to employers and benefits advisers as a single source, premier provider of HSAs and complementary CDBs, including flexible spending accounts, health reimbursement arrangements (HRAs), COBRA administration and commuter accounts.

“Acquiring WageWorks positions us to accelerate the market-wide transition to HSAs, with greater market access and an end-to-end proprietary platform built to drive members to spend smarter while saving for health care in retirement,” says Jon Kessler, president and CEO of HealthEquity. “Together, we can meet employers and employees wherever they are on their journeys to connect health and wealth, while simultaneously accelerating our growth in an expanding industry. This transaction is compelling for team members and stockholders of both companies and it accelerates the strategic goals of both companies immediately by adding WageWorks’ market-leading CDB services to HealthEquity’s highly acclaimed HSA platform.”

AIG Life and Retirement Adds New CEOs

AIG Life & Retirement announced that Todd Solash, president, Individual Retirement, and Rob Scheinerman, president, AIG Retirement Services (AIG’s Group Retirement business), have been named chief executive officer of their respective businesses following the retirement of Jana Greer as president and chief executive officer, Retirement.

Greer announced her retirement earlier this year and has partnered with Solash and Scheinerman to ensure a smooth transition.

Solash and Scheinerman report directly to Kevin Hogan, executive vice president and chief executive officer, AIG Life & Retirement.

“Our Individual and Group Retirement businesses help millions of people achieve financial and retirement security,” says Hogan. “Todd and Rob have done a terrific job for our retirement businesses, and we look forward to their continued progress developing innovative retirement solutions to meet the needs of our clients. Todd and Rob are committed to helping Americans achieve a secure retirement, and I am certain our clients will continue to benefit from their experience, proven leadership and vision.”

Solash joined AIG in 2017 as president of Individual Retirement, a provider of investment and lifetime income solutions designed for individuals seeking to achieve financial and retirement security. Solash is based in Woodland Hills, California, where the Individual Retirement business is headquartered.

Scheinerman joined AIG in 2003 and has led AIG Retirement Services since 2017. Scheinerman is based in Houston, where the business is headquartered.

Northern Trust Hires Business Development Executive to Lead Private Capital Administration

Robert Mullally has joined Northern Trust to lead business development for the Private Capital Administration practice in North America, which provides middle and back office solutions for a range of alternative asset class investment managers.

Joining an expanding practice, Mullally will focus on building relationships with managers of funds with closed-ended capital structures across the private equity, private debt and real estate markets. Mullally has more than 10 years of financial industry experience, including business development and operational roles focused on private capital clients.

“Robert’s combination of sales and operations experience in the alternative asset industry makes him particularly well suited to help clients navigate the decision to outsource private capital fund administration, whatever their unique needs may be,” says Kimberly Evans, head of Private Capital Administration in North America. “His hiring underscores our commitment to growing our business and to providing flexible, proactive and individualized service to clients within the alternative asset industry.”

Mullally’s hiring follows the appointment of Kimberly Evans to lead the Private Capital Administration practice earlier this year.

Northern Trust was named Private Equity Administrator of the Year by Global Investor in 2017 and 2018 and has been recognized for technology innovation including applications for accounting, portfolio management, reporting and analysis, as well as the first commercially available blockchain solution designed to help manage private equity workflow.

Northern Trust Alternative Fund Services provides a full range of middle and back office solutions to more than 100 private equity managers across the globe. It supports diverse and complex fund structures across multiple domiciles and jurisdictions and has expertise in alternative investment vehicles, including private equity, private debt, venture capital, real estate, infrastructure and real asset investment vehicles.

CRI Incorporates TPA Services to Company Team

Carr, Riggs & Ingram (CRI) has recently added CRI TPA Services, LLC to its family of companies, a new portfolio company that will offer clients tailored retirement plan solutions for their expanding business needs.

CRI TPA Services, LLC provides third-party administrative (TPA) services for employer-sponsored retirement plans, with a primary focus on 401(k) plans, 403(b) plans, and defined benefit (DB) plans. They will also provide consulting services on retirement plan best practices, plan design and implementation, and plan corrections.

“By adding this new portfolio to the CRI family of companies, we are able to position ourselves as the comprehensive solution to all of our clients’ business needs by strategically assisting them on a broad range of activities,” says Bill Carr, managing partner of Carr, Riggs & Ingram, LLC. “The goal of CRI TPA Services, LLC is to offer the most customizable retirement plan options that best suit our clients’ unique needs. We recognize that every business is different and we want to ensure that we are providing the highest level of all-inclusive support to our clients.”

“We’re excited to get the ball rolling and start working with our clients on even more projects,” says Daniel Rodriguez, CEO of CRI TPA Services, LLC. “I believe we are able to offer a different level of service and experience than what people typically expect from most TPA firms. We are committed to making sure our clients receive comprehensive, consistent service built on transparency.”

 For more information and to view the new website, visit CRItpa.com.

CBIZ Acquires Investment Adviser Firm

CBIZ, Inc. announced the acquisition of substantially all the assets of Gavion, LLC of Memphis, Tennessee, effective July 1, 2019.

Gavion is a registered investment adviser providing investment consulting services to a diverse base of institutional clients encompassing both traditional and alternative strategies. With assets under advisement of more than $27 billion, Gavion’s clients include foundations, endowments, corporate plans, public funds, trust companies and hospitals across the U.S. Gavion has 14 employees and nearly $4 million in revenue.

Gavion will be integrated into CBIZ Investment Advisory Services, LLC, a registered investment adviser, under the Retirement Plan Services Division of CBIZ Benefits & Insurance Services, Inc.

Jerry Grisko, president and CEO of CBIZ, says, “This acquisition will add significant talent to our investment advisory and retirement plan services team and augment our assets under advisement. Gavion’s expertise in the alternative investment space will enhance our capabilities in this area and allow CBIZ to expand further into the foundation and endowment market.”