Retirement Industry People Moves

The public- and private-sector sales teams of Nationwide’s retirement services will now operate as a single entity headed by Eric Stevenson, who has led Nationwide’s public-sector sales team since 2010. The newly combined retirement plans distribution organization will report to John Carter, president of Nationwide’s retirement plans business.

“As one distribution team, our retirement plans business now has one of the largest, most tenured sales forces in the industry including NAPA-recognized top wholesalers,” says Stevenson. “The investments Nationwide has made in meeting the needs of advisers, plan sponsors and participants have been recognized by third-party industry experts, including DALBAR for our website and service, and PLANSPONSOR Magazine for best-in-class client satisfaction.”

Under Stevenson, Nationwide’s retirement plans business won or retained some of the largest retirement plans in the country. It serves more than 2.1 million retirement plan participants in nearly 39,000 plans.

“We’re investing more than ever in tools and technology to meet the needs of larger plans, and we will continue to provide access to customized retirement plans to America’s small and medium-sized businesses and public-sector plans,” says Carter.

Joe Frustaglio, leader of private-sector sales, recently decided to leave Nationwide after 32 years of service.

“Joe has been a valued member of the Retirement Plans leadership team and a dedicated leader to our private sector sales organization for the past 11 years,” says Carter. “His many contributions to our business and the industry will be long lasting.”

Nationwide will begin an immediate search for a new leader, reporting to Stevenson, who will assume responsibility for the adviser-sold 401(k) business.

NEXT: Lincoln Financial Names New President of Tax-Exempt Retirement Plans

Lincoln Financial Group announced that Vincent Garzarella has joined the Retirement Plan Services (RPS) business as vice president of Tax-Exempt Markets.

“Vince’s industry experience will be invaluable as we focus on delivering our high-touch model to more plan sponsors in the government and health care markets,” says Ralph Ferraro, senior vice president and head of product for RPS. “He will also be responsible for diversifying our product portfolio, ensuring we have the right solutions in place to meet the needs of plan sponsors and continue to drive positive outcomes for participants.”

Prior to joining Lincoln Financial, Garzarella spent 18 years at Vanguard where he served in a variety of roles including department head of 403(b)(7) and 401(k) client administration. Garzarella graduated from Villanova University with a bachelor’s degree in sociology and a master’s degree in business administration from Saint Joseph’s University.

NEXT: Consequent Capital Management Acquires Gray & Company Assets

Consequent Capital Management Acquires Gray & Company Assets

Consequent Capital Management has acquired the assets of Atlanta-based Gray & Company, which had approximately $4 billion under advisement, the firm says. Consequent’s investors and clients include public and private pension funds, foundation and university endowments, and large family offices.

“Our core belief is that there is an abundance of untapped value in overlooked fund managers and niche alternative strategies, and our team is well-suited to source, vet and manage those opportunities,” says Consequent CEO Earl Robinson. “We are very proud that our investment specialists have worked at some of the largest and most well-respected investment management and investment advisory firms in the world, and we have acquired the assets of a legacy firm with a long track record.”

The firm says it is a thought leader in minority-owned and emerging investment managers, as well as impact strategies benefitting targeted communities. The report Diversity Matters released in February 2015 by McKinsey & Company indicates “that companies in the top quartile for gender or racial and ethnic diversity are more likely to have financial returns above their national industry medians.”

Robinson's career includes senior positions at Morgan Stanley, JPMorgan Investment Management and the New Orleans Startup Fund. The senior team also includes Cyril Theccanat as chief investment officer, Kenneth Simon as chief compliance officer, and Chandra Kerley Ridley as chief operating officer.

Founded in 2016, Consequent’s investment management solutions include multi-strategy alternatives funds-of-funds, impact venture capital, impact real estate, and special situations.

NEXT: PNC Institutional Asset Management Names Managing Director

PNC Institutional Asset Management Names Managing Director

PNC Institutional Asset Management has appointed Holly Harrison as managing director, leading PNC’s Mandate business. Harrison will be responsible for expanding the set of Mandate investment solutions offered by PNC Capital Advisors.

She will also retain her current position as head of Consultant Relations, RFP and Business Strategy for PNC Capital Advisors. Since joining PNC in 2009, she has held several leadership roles in the asset management organization and has more than 22 years of experience in product management and business strategy.

“Holly’s deep industry knowledge and experience in working with institutional investors and consultants serve us well as we expand our offerings and strengthen the solutions-oriented approach of our mandate business,” says Alistair Jessiman, managing executive of PNC Wealth & PNC Institutional Asset Management.

PNC Bank, National Association is a member of The PNC Financial Services Group.

NEXT: Lockton Promotes Dallas Consultant

Lockton Promotes Dallas Consultant

Global consultant Lockton has promoted 11-year company veteran Courtney Stroope in Dallas.  

She specializes in consulting clients on retirement plan management issues. For the last six years, she has lead the Dallas-based service team as vice president and unit manager. Stroope has also worked as a benefits supervisor for a local energy firm.

“Courtney’s promotion is exciting for a lot of reasons,” says Bruce Sammis, CEO of Lockton Dunning Benefits, the firm’s Texas-based benefits consulting business. “She’s not only representative of the culture we foster here at Lockton, one that rewards great success with greater opportunity, but she’s also indicative of the type of adviser we look for. Courtney’s years of hands-on experience mean that she has seen and managed every aspect of this industry. She has the voice of experience and that inspires tremendous confidence in the people who work with her.

Pam Popp, president of Lockton’s National Retirement Practice adds, “Managing wealth benefits has become an even bigger issue for our customer base. Whether it’s lowering the risk of fee litigation, understanding the impact of pension liability, or developing a strategy for executive benefits, clients need help with complex financial and strategic issues. We need Courtney’s expertise to guide them to solutions that make sense for their businesses and the people they employ.”

NEXT: IRIC Names First National Director

The Institutional Retirement Income Council (IRIC), a non-profit think tank for the retirement income planning community, has selected Robert Melia as its executive director.   

“We are thrilled that Bob has agreed to serve in this critically important position,” says William Charyk, IRIC’s Board Chairman. “Bob has been a valuable IRIC member and brings to our organization a wealth of knowledge and expertise in the defined contribution and financial services industry. We are confident that Bob’s leadership and experience will be beneficial to not only IRIC members but to retirement plan sponsors who are looking for creative solutions to provide employees with retirement income security.”

Previously, Melia spent 23 years at Lincoln Financial Group where he served several roles including president of product development for Retirement Plan Services. In that role, Melia worked with retirement plan providers and other financial services industry stakeholders on the development and implementation of retirement income solutions for defined contribution plan sponsors.  

He is also a member of the SPARK Institute Board of Directors. He holds a bachelor’s degree from Assumption College and a master’s degree from Drexel University.

“I am honored to take on this leadership role at IRIC,” says Melia. “Providing institutional retirement income security solutions for today’s workers and tomorrow’s retirees is a very high priority for plan sponsors with participants receiving additional security through their workplace retirement plan. I look forward to working with the entire IRIC organization, and supporting their efforts toward achieving this goal.” 

NEXT: CUNA Mutual Retirement Solutions Expands TPA Staff

CUNA Mutual Retirement Solutions recently hired Stacey Scott as TPA relationship manager. She will be responsible for growing TPA relationships in the Eastern Division and report to Chris Phillips, director of institutional sales.

Scott has more than 18 years of experience in the financial services industry. She’s served as TPA regional vice president with Voya Financial and has also held roles as RVP of client relations, client relationship manager and marketing consultant/internal wholesaler.

“Presence in the TPA channel is a critical component for the long-term strategy for our Retirement Services business, and this position will play a key role in executing that strategy,” says Phillips. “We are very excited to be able to expand our footprint in the TPA marketplace with a great addition like Stacey.”

Scott says “This is a great opportunity to draw on the experience I have in this industry and help build something from the ground up. You only get a few chances in your career to be a part of something this instrumental.”

NEXT: Wilshire Associates Names New Managing Directors

Wilshire Associates, global investment consulting and services firm, announced the appointments of Kristofer Kelleher and Robert Noe to managing director positions. Kelleher will serve as managing director with Wilshire Consulting. Noe will serve as managing director with Wilshire Funds Management.

“Both Kris and Rob have made outstanding contributions to the firm and we are pleased to recognize their hard work, expertise, and ongoing commitment to meeting the needs of Wilshire’s clients,” says John C. Hindman, president of Wilshire Associates. “In their new roles, Kris and Rob will be well-positioned to support Wilshire’s continued efforts to grow and provide high-quality investment advisory and management solutions to a wide variety of global clients across the retail and institutional spaces.” 

Kelleher is responsible for marketing strategy and business development for Wilshire Consulting, supporting the firm’s existing and prospective client base of large institutional asset owners. Tasked with oversight of the sales and marketing teams, he will lead efforts to significantly expand the Wilshire OCIO Solutions practice. Kelleher joined Wilshire in 2012 and has 20 years of business development experience in the financial services industry.

Noe oversees Wilshire’s research group and leads the overall team responsible for the due diligence, rating, and recommendation of investment managers supporting both Wilshire Funds Management and Wilshire Consulting. He joined Wilshire in 2011 and brings more than 19 years of industry experience to the firm.

NEXT: Lovell Minnick Partners Acquires Majority Stake in Foreside Financial Group

Lovell Minnick Partners Acquires Majority Stake in Foreside Financial Group

Lovell Minnick Partners, a private equity firm specializing in financial services companies, announced the signing of a definitive agreement to acquire a majority stake in Foreside Financial Group. The firm provides a variety of regulatory compliance and distribution solutions to clients in the investment management industry. Financial terms of the private transaction were not disclosed.

Established in 2005, Foreside is led by CEO Richard Berthy and President Dave Whitaker, who will remain shareholders and continue in their current management roles.

Foreside delivers outsourced services to investment advisers and broker dealers and the financial products they manage or distribute. Servicing more than $800 billion of fund products, Foreside offers outsourced solutions for legal underwriting, FINRA licensing, compliance consulting, fund officer services and trust governance.  

“Our relationship with Lovell Minnick goes back many years, and we share a strategic vision to achieve greater scale in our core distribution and compliance services for investment managers and their funds, both in the U.S. and offshore markets,” says Berthy. “Lovell Minnick has an excellent track record of partnering with financial services firms in the investment management industry, and their capital and strategic insight will help us grow our client base and offerings while ensuring that we continue to deliver first class service.”

Lovell Minnick holds ownership stakes in several of Foreside’s existing clients including 361 Capital, Chartwell Investment Partners, and Matthews International Capital Management.

“As one of the most respected outsourced service providers in the asset management industry, Foreside is uniquely positioned to help clients navigate the changing financial and regulatory landscape,” says Spencer Hoffman, partner at Lovell Minnick. “We look forward to working closely with Rich, Dave and the rest of Foreside’s strong management team as they execute their strategy to grow the business and to further broaden the scope of services they provide.”

The transaction is expected to close in the second quarter of 2017, subject to customary regulatory reviews and approvals. Morgan, Lewis & Bockius, LLP served as legal counsel to Lovell Minnick Partners.

NEXT: Cafaro Greenleaf Hires Director of Client Service

Cafaro Greenleaf Hires Director of Client Service

Eileen Mahoney recently joined Cafaro Greenleaf as the director of client service and administration. She has more than 20 years of experience in operations and client administration in both the advisory and financial services industries. She is also versed in nonprofit grants administration and event planning. Previously, she spent 14 years at Blackrock.

"We were very fortunate to find someone of Eileen's talent to fill this role,” says Brian Clark, managing director of CG. “I am confident that Eileen will provide the high level of customer service to our clients and their participants that they have come to expect from Cafaro Greenleaf."

Cafaro Greenleaf is a boutique firm comprised of professional retirement plan advisers and consultants to corporate, public, and institutional clients. 

NEXT: Vanguard Names Sales Leader of Institutional Investor Group  

Gerry Burke has been named head of Institutional Sales for the $900 billion Vanguard Institutional Investor Group, responsible for overseeing new business development for the firm’s defined contribution, defined benefit, nonprofit, and institutional advisory businesses.

Throughout the last 17 years at Vanguard, Burke has served in various leadership roles focusing on technology, marketing, advice, participant education, client service and sales. He returns to the Institutional Investor Group division after most recently serving as a regional sales manager for Vanguard’s Financial Advisor Services.

Burke earned a bachelor’s degree in mathematics from Worcester State University and a master’s degree from the Wharton School of the University of Pennsylvania. Before joining Vanguard, he worked for Coopers and Lybrand, as well as for PricewaterhouseCoopers.

He reports to Martha King, managing director of Vanguard Institutional Investor Group.

NEXT: Standard Names Second Vice President and Associate Actuary

Standard Names Second Vice President and Associate Actuary

Standard Insurance Company has promoted Julie Briggs to second vice president and associate actuary.

Prior to joining The Standard in 2005, Briggs spent nearly seven years at Towers Perrin and Mercer in benefits plan consulting. She has held actuarial positions in The Standard’s Retirement Plans business in both the defined benefits area and the product and risk management sector, as well as on the Corporate Actuarial team. She currently oversees the enterprise risk-management program.

In her new role, Briggs will expand her provision of governance and oversight throughout financial reporting as well as product and pricing decisions across all business lines. She will also maintain relationships with key external stakeholders including auditors, regulators and rating agencies to ensure they have information to understand actuarial practices and outcomes at the company.

“Julie is a proven actuarial leader, having previously driven the establishment of our enterprise risk-management practice as well as leading a number of critical cross-divisional initiatives,” says Sally Manafi, vice president and corporate actuary at The Standard. “Her leadership in her expanded role will be crucial as we continue to expand our risk-management activities and support other business strategies.”

Briggs earned a bachelor’s degree in mathematics and classical studies at Willamette University. She is a Fellow of the Society of Actuaries and a member of American Academy of Actuaries.

The Standard is a provider of financial products and services including group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and vision insurance, absence management services, retirement plans products and services and individual annuities.