Products March 3, 2011

Principal Gets Auditor Opinion for ESOP Services

The Principal Financial Group obtained an independent audit addressing its procedures for public and private employee stock ownership plan (ESOP) clients.
Reported by

The Principal requested the audit according to the Statement of Auditing Standards No. 70 (SAS 70). The Principal says it has the SAS 70 audits for all four core retirement plan types: defined contribution, defined benefit, nonqualified, and both public and private ESOP plans.

The SAS 70 audit report gives ESOP auditors easy access to information they need about the processes The Principal has in place. In turn, this helps ESOP sponsors ensure the efficiency of their plan operations, the company said.

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

“By streamlining the audit process, the SAS 70 audit can reduce ESOP sponsors’ costs and gives an added layer of assurance and accuracy,” says Jacque Mohs, vice president of retirement and investor services. “The SAS 70 audit can also help reduce the number of questions ESOP sponsors receive from their auditor.”

In addition to streamlining the audit process, the SAS 70 audit can also help ESOP sponsors comply with the Sarbanes-Oxley Act, The Principal said. These regulations require ESOP sponsors to determine if processes for generating financial statements can consistently produce accurate information.

Deals & People March 3, 2011

BNY Mellon Asset Management Adds to Executive Committee

Gabriela Parcella is the new CEO of Mellon Capital Management Corporation, and Bart Grenier was appointed to chairman and CEO of The Boston Company Asset Management LLC (TBCAM).
Reported by

Both will join BNY Mellon Asset Management’s executive committee.

The company said Parcella joined Mellon Capital in 1997 and became chief operating officer in 2008. During her tenure at the firm, she has focused on risk management, fiduciary integrity, and management capabilities. Charlie Jacklin will become chairman of Mellon Capital and will focus his time on investment strategies and client relationships. Tom Loeb, currently chairman, will join his Mellon Capital co-founder, Bill Fouse, in the role of chairman emeritus.

Grenier joins TBCAM from Deutsche Asset Management where he was Chief Investment Officer and Global Head of Institutional Investments at DB Advisors. In this role, he managed a large global investment organization, spanning equities, fixed income, cash management, and alternatives. Prior to Deutsche Asset Management, Grenier spent 14 years at Fidelity Management & Research Company (FMR), where he was a Senior Vice President, overseeing a $500 billion investment platform.

Grenier will join TBCAM on June 1.The changes at Mellon Capital are effective immediately.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

«