Deals & PeopleJuly 14, 2023

Ascensus Brings on Asset Management Executive as President

Former Pendal Group CEO Nick Good will report to CEO and Chair David Musto.

Reported by Alex Ortolani

Ascensus LLC announced Thursday that financial services executive Nick Good will join the firm as president, overseeing the saving plan provider’s business lines and enterprise marketing division.

Good, CEO of asset manager Pendal Group until May, will take the president title from David Musto, who will remain CEO and chair of Ascensus. Good will also report to Musto when he starts on September 5, according to the announcement.

Ascensus, which was acquired by private equity firm Stone Point Capital in 2021, has grown its footprint in recent years through tax-advantaged retirement plans, 529 education savings accounts, health savings accounts and state-facilitated retirement plan accounts. The Dresher, Pennsylvania-based firm has more than $720 billion in assets under administration.

Good will work directly with the company’s line of business presidents and the digital, marketing and analytics center, focusing on client success, accelerating commercial activities, business development and partnerships, cross-business opportunities and overall business performance.

“Nick’s appointment as president is a strategic investment in our future,” CEO Musto said in a statement. “He offers a wealth of leadership experience and is well-versed in growing and optimizing businesses amidst the rapidly changing dynamics of our marketplace today.”

By shedding the president role, Musto will spend more time on the “overall leadership of the Ascensus organization, talent and culture, strategic investment growth, enhanced delivery of enterprise capabilities, and technology and solution innovation,” according to the announcement. In this role, he will continue to lead the company’s service and operations; technology; corporate development; finance; human resources; and legal, risk and compliance centers.

Good, who will be based in the Newton, Massachusetts, office, will bring wealth management experience, including approximately two years as CEO for the Pendal Group, which was sold to Perpetual Limited earlier this year. Prior to that role, Good was executive vice president and chief growth strategy officer for State Street Corp., focused on areas including strategy and mergers and acquisitions. Before joining State Street, Good spent eight years with BlackRock/Barclays Global Investors, primarily as CEO of iShares Asia-Pacific.

“Ascensus brings a wealth of insights, technology, and expertise to the market, but equally as important in my mind is the enduring impact of its corporate character and mission as an organization,” Good said.