Deals & People November 6, 2007

State Street Names New Head of Strategy and Research

State Street Global Advisors (SSgA), the investment management arm of State Street Corporation, has announced that Thomas Anderson has joined its Intermediary Business Group as head of the Strategy and Research Group.
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In this role, Anderson will direct State Street’s investment management and thought leadership for the Intermediary Business Group in North America. He will oversee a team of eight research strategists dedicated to providing customized portfolio solutions to financial advisers, asset managers, registered investment advisers (RIAs), and family offices.

State Street’s Intermediary Business Group provides service to a growing client base of financial advisers, broker/dealers, RIAs, and family offices, and represents more than $160 billion in assets under management.

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Anderson most recently served as portfolio manager and investment team leader in State Street Global Advisor’s Charitable Asset Management Group (CAM) where he was responsible for setting asset allocation strategy and managing charitable gift portfolios for all CAM clients.

Prior to joining State Street in 1998, Anderson served as vice president, Marketing Services at Funds Distributor Inc., cultivating relationships with investment management firms.

Deals & People November 6, 2007

Hewitt Signs on to WMSI IRA Rollover Service

Hewitt Associates has expanded its 401(k) services through a relationship with Wealth Management Systems Inc. (WMSI) and WMSI’s rollover resource.
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A Hewitt news release said that with the WMSI rollover service, Hewitt will provide employees with access to individual retirement account (IRA) providers, facilitate the opening of their IRA, and smooth the transition of assets.

“Working with WMSI, our new rollover capabilities will not only give employees enhanced access to a wide variety of IRA plans but will also provide a seamless user experience for employees of our retirement outsourcing clients,” said Jay Rising, president of Hewitt’s HR Outsourcing business.

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The press release notes that employees can now deposit assets directly into their new IRA, avoiding the sometimes lengthy process of waiting for distribution checks to arrive in the mail – reducing the time it takes to complete a rollover decreases from weeks to days with this automated and improved process.

Hewitt has traditionally proffered supplemental products as part of its outsourcing offer, including Leave of Absence Administration (LOA), Participant Advocacy, Your Spending Account (YSA)—Hewitt’s flexible spending account solution—and many others. In the coming year, according to the press release, Hewitt plans to expand these services and unveil several technologically enhanced products, including a full suite of reimbursement account capabilities for YSA, such as tuition reimbursement and transportation spending accounts, and a new self-service center for processing Qualified Domestic Relations Orders (QDRO) and Qualified Medical Child Support Orders (QMCSO).

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