Retirement Industry People Moves

Bank of America Announces New Head of Merrill Lynch Wealth Management

Andy Sieg, current head of the Global Wealth and Retirement Solutions (GWRS) division at Merrill Lynch, will take over as the company’s head of Wealth Management, effective January 1, 2017, Bank of America announced.

He will be succeeding John Thiel, who will take on the role of vice chairman of Global Wealth and Investment Management (GWIM) on the same date.

For the past five years, Sieg has led the firm’s retirement investment unit, which is comprised of the GWIM division’s product organization and retirement business. During that time, he worked with Thiel in the implementation of goals-based wealth management. Sieg was also instrumental in the firm’s development of a unified investment platform. He also currently manages the GWIM Chief Investment Office team together with Keith Banks, president of U.S. Trust.

“Andy Sieg has more than 20 years of experience at Merrill Lynch and has proven to be both a dynamic leader and accomplished at strategy execution,” says Bank of America Vice Chairman Terry Laughlin. “Under Andy’s leadership, we’ll continue to implement our goals-based advice model. He is ideally suited to lead Merrill Lynch on the next phase of its journey.”

As vice chairman of GWIM, Thiel will advise Laughlin, as well as the GWIM and Bank of America leadership teams on business integration, goals-based wealth management, and regulatory matters.

Thiel took on the role in 2011 when he was named as Lyle LaMothe’s replacement.

“Since 2011, under John Thiel’s leadership, Merrill Lynch has made tremendous progress by developing and beginning to implement goals-based wealth management,” said Laughlin.

He added, “Recognizing that our strategy has been proven and is now being implemented, John came to me and indicated he was thinking about his future and his desire to connect to the other passions in his life, particularly his commitment to working with organizations that help people who are less fortunate. As he considers how he can make his next important contribution, I’m very happy that he’ll be an important adviser to me, the Bank of America and GWIM management teams, and our advisers.”

Sieg first joined Merrill Lynch as an analyst in the Global Wealth Management business. He served in senior strategy and field leadership roles during the next 13 years, including as a market executive in San Diego and New York City. Sieg also led the Emerging Affluent Client Segment within Citigroup Global Wealth Management from 2005 to 2009.

NEXT: The Standard Hires VP for Retirement Business

Standard Insurance Company has hired Todd Statczar as its new vice president of Retirement Plans Actuarial and Finance.

In his new role, Statczar will lead the Retirement Plans actuarial, finance and defined benefit (DB) teams. He’ll also be responsible for product development, planning, and risk management across the Retirement Plans business line. Statczar comes to the firm from Nationwide, where he spent the last 25 years assuming numerous leadership positions in the retirement plans business.

“The addition of Todd to our Retirement Plans leadership team is a reflection of the growth of the Retirement Plans business line at The Standard,” says Scott Hibbs, vice president and CIO at Standard Insurance Company. “His considerable experience working in a variety of actuarial leadership roles for more than two decades makes him very well suited to help us continue growing our business and providing the exceptional products and services we’re known for.”

Statczar graduated with a bachelor’s degree in mathematics from Miami University. He is a fellow of the Society of Actuaries and a member of the American Academy of Actuaries.

Standard Insurance Company is a provider of various financial products and services including group and individual disability insurance, retirement plan products, and individual annuities.

NEXT: Janus Capital Group Merges with Henderson Group

Janus Capital Group Merges with Henderson Group

Janus Capital Group and Henderson Group have announced a recommended merger of equals. The combined group of Janus Henderson Global Investors will oversee more than $320 billion in assets under management (AUM) and a combined market capitalization of about $6 billion, according to a company statement. 

The group will apply for admission to trade on the NYSE as its primary listing, retaining London-based Henderson’s existing listing on the ASX. Janus’ largest shareholder, Dai-ichi Life has committed to supporting the merger and intends to extend its strategic partnership to the combined group. 

“This is a transformational combination for both organizations,” says Janus Chief Executive Dick Weil. “Janus brings a strong platform in the U.S. and Japanese markets, which is complemented by Henderson’s strength in the U.K. and European markets.”

The companies said the merger would allow them to amass a greater geographical scope and provide more stability throughout market cycles, while also enjoying annual cost savings of $100 million.

Under the terms of the Janus and Henderson merger deal, each share in Janus, which has a market capitalization of about $2.61 billion, would be exchanged for 4.719 new Henderson shares. The transaction would provide Henderson shareholders about 57% of the merged company.

On a pro forma basis, about 54% of the company’s AUM would come from the U.S.; about 31% would come from Europe, the Middle East and Africa; and 15% would come from Asia, the New York Times reports.

Janus Lead Portfolio Manager Bill Gross, who is often referred to as the Bond King in the investment industry, backs the venture.

The two firms’ CEOs will lead the combined group.

“Janus’ strength in the U.S. markets will be combined with Henderson’s strength in the U.K. and European markets to create a truly global asset manager with a diverse geographic footprint, which closely matches the global fund management industry,” the group said in a statement.

The new company would be based in London. In an interview with the Times, Formica said the decision was not influenced by the U.K’s June referendum to leave the European Union in the move dubbed “Brexit.”

“At the end of the day, whenever the Brexit discussions conclude, the U.K. is going to remain a core and big financial market for our products, as will Europe,” said Formica. Over a 10- or 15-year time frame, he added, “the Brexit debate is just a drop in the ocean.”

The merger is still subject to regulatory approval.

NEXT:  PSCA’s Executive Director Stepping Down

The Plan Sponsor Council of America (PSCA) has announced that Executive Director Tony Verheyen will be stepping down from his role in the coming months and return to the private sector. A committee comprising PSCA board members has been established to recruit a new, full-time executive director. Verheyen will remain with the organization during the transition.

“We are grateful for Tony’s leadership and passion,” says Stephen McCaffrey, board chairman of the PSCA. “Tony accepted the position of executive director in December, 2014, expecting it to be a two-year commitment. His dedication to PSCA has helped our organization make significant strides, and we look forward to identifying a leader who can continue to expand our efforts with plan sponsors and policy makers.”

Verheyen joined the PSCA as a board member before climbing to the role of executive director. He led efforts to reorganize the PSCA, expand its outreach, and focus the organization’s mission on better serving the plan sponsor community, the firm said.

“I am proud of the work we’ve done as the leading voice representing America’s plan sponsors,” says Verheyen. “Our staff and board have made terrific progress over the last two years, and it is now time for me to return to my career in the private sector. I will remain on the staff to ensure an orderly transition and expect to be involved in the organization on an ongoing basis.”

NEXT: USI Consulting Group Hires New Assistant VP

USI Consulting Group Hires New Assistant VP

Ryan Savage has joined USI Consulting Group as the firm’s new assistant vice president for Retirement Services. Savage brings with him 15 years of experience in the industry working with employer sponsored retirement plans in the private and public sectors. His specialties include consulting on fiduciary coverage, vendor selection, plan design, investments and employee education. Recently, he spent eight years with Voya Financial.

Savage is also a representative with registered broker-dealer USI Securities and a member of FINRA/SIPC. 

USI Consulting Group is a provider of defined contribution (DC) and defined benefit (DB) plan consulting and administration services, as well as health and welfare administration. It is the parent company of both USI Securities and USI Advisors, a federally-registered investment adviser.

NEXT:IFM Investors Appoints Executive Director

IFM Investors Appoints Executive Director

Matthew Wade has joined IFM Investors as the firm’s new executive director of Debt Investments for North America. He will be tasked with growing debt origination capabilities from the firm’s New York office.

“Our long and successful track record in infrastructure debt for our institutional investors gives us a strong foundation to attract high caliber specialists, such as Matthew Wade, who will continue to build the business and focus on attractive opportunities in North America,” says Rich Randall, global head of Debt Investments. “Matthew will further enhance our ability to serve our existing investment partners and attract new similarly aligned investors in the region.”

Earlier this year, IFM announced the appointment of Randall to global head of Debt Investments and Joseph Braun to associate director of Debt Investments in North America.

Wade brings more than 15 years of experience to the firm. His most recent position was director of project finance at the Royal Bank of Canada in New York. This role saw him structure and execute finance and advisery solutions in the energy and infrastructure sectors. Previously, he held positions with Royal Bank of Scotland in both New York and London, where he worked in the energy and infrastructure sectors.

IFM Investors is a global fund manager with $52 billion under management. It was established more than 20 years ago and is owned by 29 Australian non-profit pension funds. Its investors include three of the six largest U.S. public-sector pension funds.

NEXT: DiMeo Schneider Expands to Austin 

DiMeo Schneider & Associates, a nationwide investment-consulting firm, announced it will be opening a new office in Austin, Texas. Scheduled to open in December 2016, the new office will be the firm’s second branch in the United States.  

Headquartered in Chicago, DiMeo Schneider advises hundreds of retirement plans, financial institutions, private clients, and non-profit organizations in more than 35 states.

“We’ve been thoughtful and deliberate about our growth since our founding more than twenty years ago,” says the firm’s Managing Director Bob DiMeo. “Establishing this new office in Austin will enable us to better serve and add clients in Texas and throughout the region, and allows us the opportunity to expand our team of professionals while continuing our current growth trajectory into the near future.”

DiMeo Schneider advises on more than $60 billion in assets as of June 30, 2016.

NEXT: National Planning Holdings Hires New Leaders

National Planning Holdings Hires New Leaders

National Planning Holdings (NPH) today announced that Joseph J. Vinson has been named NPH senior vice president and national sales manager. In addition, Tim Munsie has been named NPH vice president and head of advisory platform strategy.

President and CEO of NPH Scott Romine says both leaders will contribute to the firm’s overall initiative to prepare for the Department of Labor (DOL)’s conflict of interest fiduciary rule, while also supporting affiliated independent financial advisers and financial institutions.

“Both Jay and Tim have worked very actively on DOL preparedness in their previous roles, and bring valuable added depth to our existing leadership team,” Romine says.

In his new position, Vinson will oversee internal and external new business development, practice management, and NPH’s WealthOne advisory platform. He will report directly Romine. As head of advisory and platform strategy, Munsie will report directly to Vinson and be responsible for the strategy and evolution of WealthOne, including all aspects of its products, pricing and technology.

Before joining NPH, Vinson served as vice president and head of new business development for Cetera Advisors. Prior to that, he was senior vice president of business development at NEXT Financial. He also served as vice president and director of business development for Mutual Service Corporation. Furthermore, he was vice president of recruiting for Investors Financial Group. He received a bachelor’s degree in economics and finance from the University of Texas at Dallas and holds Series 7, 24 and 63 securities registrations.

Munsie comes to NPH from Infinex Financial Group, where he was the director of advisory business and co-portfolio manager of the firm's proprietary investment models. Before that, he worked at an independent financial advisory group affiliated with Lincoln Financial Securities, where he served as a founding member of the firm’s investment committee overseeing retail client portfolios. He was also a financial adviser at UBS Financial Services.  He received his bachelor’s degree in economics from the University of Connecticut and holds Series 7 and 66 registrations.