Deals & People July 11, 2011

OMAM Appoints Director of Institutional Retirement

Old Mutual Asset Management (OMAM) has named Michael Raso Senior Vice President and Director of Institutional Retirement. 
Reported by

Raso will report to Brian Carroll, Head of U.S. Institutional Distribution, whom he will join in further expanding OMAM’s center-led sub-advisory efforts. He will also concentrate on further developing efforts into the defined contribution investment only (DCIO) space, and on expanding OMAM and its affiliates’ presence in major mutual fund complexes, insurance companies, retirement platforms, and select areas within the consultant market that leverage external investment management talent.

Raso comes to OMAM from Crosswind Investments, where he had experience growing sub-advisory and DCIO businesses within a multi-boutique model to the firm. He previously served as Head of Defined Contribution at Artisan Partners, and as Senior Vice President at IXIS Asset Management, now Natixis Global Associates. Prior to joining IXIS in 2002, he spent more than 12 years at Fidelity Investments in various management and sales roles. Raso earned his BA in Economics from Providence College in Rhode Island. 

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“Mike understands how to leverage the strengths of the multi-boutique model and will be instrumental in identifying opportunities for our affiliates,” said Peter L. Bain, OMAM’s Chief Executive Officer. “Mike’s experience in understanding the needs of these various markets makes him the right person to help take our expansion efforts forward.”
Products July 11, 2011

TIAA-CREF Partners with Emeriti Retirement Health Solutions

TIAA-CREF has partnered with Emeriti Retirement Health Solutions to help individuals save adequately to cover health care needs in retirement.
Reported by

Effective January 1, 2012, TIAA-CREF will assume management of plan assets from Emeriti’s current recordkeeper. Under the new agreement, the companies will provideretiree health care benefit products, savings solutions, and services to higher education institutions in the tax-exempt sector. TIAA-CREF and Emeriti will also help nonprofit clients evaluate retirement health plan options and provide assistance in the implementation of a retirement health care plan.  

TIAA-CREF is expected to provide accumulation recordkeeping for Emeriti health accounts as well as investment management and trust services. Employee and retiree benefit services provider Savitz will provide disbursement recordkeeping, including administration of retiree group health insurance and processing other out-of-pocket qualifying medical expenses.  

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This collaboration will give Emeriti’s current member plans access to expanded investment options, as well as better retirement plan integration, continuing group retiree health options, a new online health benefit Web site and expanded options for reimbursement of qualifying health expenses, including a debit card.  

“Emeriti’s comprehensive approach can help institutions with transition strategies across the full spectrum of defined benefit to defined contribution approaches to retiree health benefits,” said Ken Cool, Emeriti’s President. “Emeriti recognizes each institution has its own complex and diverse set of employees and retirees, and there must be an equitable and sustainable solution for the long term.” 

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