Deals & People November 21, 2024

Retirement Industry People Moves – 11/22/24

Hartford Funds names Mackay as head of distribution; Mercer appoints Penner as U.S., Canada career leader; The Standard hires Tucci as national accounts sales manager; and more.

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Mercer Appoints Penner as US, Canada Career Leader 

Stephanie Penner

Mercer, a business of Marsh McLennan, named Stephanie Penner as its U.S. and Canada career leader, effective November 15.

Penner will report to Susan Potter, Mercer’s U.S. and Canada president, and Ilya Bonic, Mercer’s career president and head of strategy. 

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Penner will focus on evolving Mercer’s U.S. and Canada career strategy, boosting brand presence and engaging the career team across the region. She succeeds Susan Haberman, who was named Mercer’s U.S. and Canada chief strategy and growth officer earlier this year.

“Stephanie has been with Mercer for over 25 years and has consistently demonstrated her commitment to driving growth and client satisfaction,” Potter said in a statement. “Her extensive experience in the US Career practice, combined with her talent for fostering collaboration across our businesses, positions her as the right leader to elevate our US and Canada Career strategy and provide outstanding value to our clients.”

Hartford Funds Names Mackay as Head of Distribution

Jonathan Mackay

Hartford Funds Management Group Inc., a global asset manager, announced that Jonathan Mackay has been appointed to the role of head of distribution, effective December 2. Mackay will drive sales strategy and oversee the firm’s external and internal sales teams.

Mackay will report to Greg Frost, who will step into the role of president on January 1, 2025, following current President Jim Davey’s retirement at the end of the year. Frost has served as Hartford Funds’ chief financial officer since 2012.

Most recently head of wealth, U.S. client group at Schroders, Mackay brings more than 25 years of industry experience to his new role. Schroders has served as a strategic partner and sub-adviser to Hartford Funds since 2016.

In addition to distribution strategy, Mackay will work with Hartford Funds’ sub-advisers, Wellington Management and Schroders, to ensure ongoing education and support for the firm’s sales teams.

The Standard Hires Tucci as National Accounts Sales Manager

Ashleigh Tucci

The Standard Insurance Co. welcomed Ashleigh Tucci as a national accounts sales manager for retirement plans. With the addition of Tucci, The Standard continues to build support for distribution partners.

Tucci has 17 years of experience in the retirement plan and financial services industry. She previously held roles at AMG Wealth and BNY Mellon.

“ Our recent sales results are an indication of the demand for premium service,” Patrick Bushlack, director of business development in retirement plans at The Standard, said in a statement. “Ashleigh’s unique experience and passion for great service enhance how we show up for our distribution partners.”

Multnomah Group Welcomes Zinn as Director of Vendor Services

Emily Zinn

The Multnomah Group Inc. announced the addition of Emily Zinn as the director of vendor services. Previously Zinn served as an OCIO solutions associate at Alan Biller and Associates, an investment consulting firm.

“I am excited to join Multnomah Group and work with such a talented team,” said Zinn in a statement. “I look forward to contributing to the company’s success and supporting our clients in achieving successful outcomes.”

The Multnomah Group provides fee-only retirement plan and investment consulting services to for-profit and tax-exempt employers in the U.S. The firm provides fiduciary governance, plan operations, provider oversight and investment consulting.

“We are thrilled to have Emily join our team,” Erik Daley, Multnomah’s managing principal, said in a statement. “Emily has broad experience from participant engagement all the way through managing some of the largest retirement plans in the country.”

Products & Services November 21, 2024

Product & Service Launches – 11/21/24

AllianceBernstein launches direct indexing investment options; AssetMarket adds TIFIN AI capabilities for advisers; Oppenheimer partners with Pontera for client 401(k) management; and more.

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AllianceBernstein Offering Direct Index Investment Product

AllianceBernstein L.P. has launched the AB Tax Advantaged Balanced Direct Index portfolio, which combines equities and municipal bonds into a separately managed account.

The solution is designed to customize client tax situations and risk preferences for investors. That includes automated tax loss harvesting across stocks and bonds in addition to AB Intelligent Rebalancing, which seeks to reduce tax costs associated with rebalancing.

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The firm also launched the AB Tax Advantaged Equity Direct Index and the AB Tax Advantaged Strategic Research Balanced with Municipals, which are, respectively, equity-only direct indexing and tax-managed active multi-asset portfolios.

The firm’s portfolio management teams include Matthew Norton, Daryl Clements, Andrew Potter, Paul Robertson and John McLaughlin.

“We believe maximizing after-tax returns is critical for high-tax taxable investors,” AB’s head of separately managed accounts, Gavin Romm, said in a statement. “Through these solutions, we’re seeking to introduce the next generation of balanced investing with an innovative core portfolio and improved approach to rebalancing and systematic tax loss harvesting.”

AssetMark Adds TIFIN AI Capabilities for Advisers

Wealth management solutions provider AssetMark Inc. has expanded its relationship with TIFIN Sage, an artificial intelligence-powered investment platform, to incorporate TIFIN’s AI solutions into AssetMark’s investment consulting services.

The expanded relationship aims to help investment consultants rapidly gather insights, align advisory firm inputs and deliver personalized model portfolios with greater efficiency.

“TIFIN Sage’s AI technology helps us empower more advisor practices and drive client outcomes in a rapidly evolving wealth management landscape,” David McNatt, an executive vice president of investment solutions at AssetMark, said in a statement.

Pontera and Oppenheimer Partner To Incorporate Client 401(k)s

Oppenheimer & Co. will join the firms partnering with Pontera Solutions Inc. to manage clients’ workplace retirement accounts along with other assets.

The partnership will give Oppenheimer’s 928 financial advisers the ability to use Pontera to help manage clients’ 401(k) accounts; the firm has $129.8 billion in assets under administration.

“We believe the Pontera platform gives our advisers greater clarity into their clients’ full financial picture,” Bryan McKigney, Oppenheimer Asset Management’s president, said in a statement. “By enhancing our technology stack for financial advisers, we continue to deliver a superior client experience, helping them to implement their overall wealth management strategy.”

Pontera noted that its system is certified under information security standards SOC 2 Type II and ISO 27001, designed to protect client data and prevent advisers from gaining direct access to their clients’ 401(k)s.

SEI Expands SMA Offerings in Equity and Fixed Income

SEI Investments Co. has launched a new lineup of separately managed account strategies through a program aimed at offering more equity and fixed-income investment options.

The additions include SEI-managed and third-party strategies from investment firms including AllianceBernstein, Loomis Sayles and Parametric Portfolio Associates.

SEI pointed out in the announcement that SMAs posted the strongest growth rate (24.4%) of any managed account product category in the last 12-month period, with both SMAs and unified managed accounts growing, according to data from Cerulli Associates.

“These new additions to our rapidly growing SMA and UMA solutions reinforce SEI’s ongoing commitment to enhancing the adviser experience with solutions that align with the complexities of modern wealth management,” Erich Holland, SEI’s executive managing director and head of adviser strategy and experience, said in a statement.

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