Deals & People November 10, 2010

New President for Morningstar's Global Investment Management division

Morningstar, Inc. announced that Peng Chen will be taking up the post, leaving his current role as president of Morningstar's Ibbotson Associates unit.
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Chen will oversee the company’s investment consulting, retirement advice, and investment management operations in North America, Europe, Asia, and Australia, including Morningstar Associates, Ibbotson Associates, Morningstar Investment Services, Old Broad Street Research, and Seeds Finance.  

According to the announcement, Chen joined Ibbotson in 1997. Prior to Morningstar’s acquisition in March 2006, he served as managing director and chief investment officer. Chen is an expert in asset allocation, portfolio risk measurement, nontraditional assets, and global financial markets, according to a news release. 

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Morningstar said Patrick Reinkemeyer, who served as president of Morningstar Associates, LLC, has decided to leave the firm in mid-December, but will be available as a management adviser to Morningstar.
Products November 10, 2010

Ascensus Announces New Fiduciary Liability Insurance

Ascensus is offering fiduciary liability insurance through its sister company, Crump Property and Casualty Insurance Services (Crump P&C). 
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The program is designed to help protect the assets of plan sponsors and the personal assets of fiduciaries from claims arising out of breach of fiduciary duty or negligent acts, errors or omissions in plan administration. The program helps provide protection beyond the required fidelity bond, according to a press release.  

“In recent years, assets in the retirement space have grown to more than $15 trillion and as a result of this increase and the down draft of investments in the poor economy, there are more legal challenges for fiduciaries,” explained Neil Smith, executive vice president, Strategic Business Support Services for Ascensus, in the announcement.  

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“Our Fiduciary Liability Insurance Program  helps protect those who have fiduciary responsibilities not only for 401(k) plans, but also employee benefit plans, welfare benefit plans, pension benefit plans, health savings accounts and other plans or programs that may or may not be subject to ERISA.  Our coverage is comprehensive, the pricing is competitive and the process to obtain a quote is streamlined and easy to use,” said Jacqueline LaRock, vice president for Crump P&C. 

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