Deals & People September 18, 2015

Retirement Industry People Moves

Promotions, hires and additions at BPAS, Hatteras Funds and Westwood Holdings.
Reported by

Paul Neveu has been promoted to president of BPAS plan administration and recordkeeping services. He will lead all the firm’s defined contribution and VEBA services, including sales, marketing, daily administration, programming and trust operations, plan consulting, implementation, operations, and related areas, as well as the BPAS Fiduciary Services division.

Neveu joined BPAS in 2005 with 14 years of experience in the retirement plan industry, including nine years with Federated Investors. He holds a bachelor’s degree in business administration from the University of New Hampshire and is a Certified Employee Benefit Specialist (CEBS). 

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Barry S. Kublin, chief executive of BPAS, cited Neveu’s industry knowledge, client and staff relations, and clear understanding of the firm’s value proposition as playing a critical role in BPAS’ growth and success over the past few years.

BPAS is a national provider of retirement plan administration with clients across the United States and Puerto Rico.

NEXT:  Hatteras Funds adds account exec and two alternatives experts.

Michael Lee has rejoined Hatteras Funds as southeast executive director to focus on business development and client relations, serving financial advisers in the brokerage, registered investment adviser (RIA) and consulting communities. His area is the southeast, including Alabama, District of Columbia, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and West Virginia. Lee, who is based in Raleigh, North Carolina, returns with extensive alternative investments experience representing hedge fund of funds, private equity fund of funds and alternative mutual funds.

Before rejoining Hatteras, Lee was a senior vice president with Direxion Investments. Before Direxion, he was regional director for Hatteras Funds in the southeast. Lee holds a bachelor’s degree in business administration from Rider University as well as the Chartered Alternative Investment Analyst (CAIA) designation.

Christopher Minton joins Hatteras as southwest regional director. He has more than 10 years of industry experience, most recently as a vice president, senior regional director for Neuberger Berman, managing client relationships within wirehouse channels. He will be responsible for serving the southwest, including Texas, Oklahoma, Colorado, New Mexico, Arkansas and Louisiana. Before Neuberger, he was regional vice president, external wholesaler for Touchstone Investments in Dallas. Minton holds a bachelor’s degree in marketing from the University of Kentucky.

Matthew Hurd has been named senior vice president, national accounts, at Hatteras. With more than 14 years of sales and marketing experience, he will focus on business development and product expansion. Previously, he was vice president, strategic account manager at F-Squared Investments, in charge of business development, relationship building and new business. Earlier in his career, Hurd was an account executive at Fidelity Investments. Hurd holds a bachelor’s degree in business and economics from the University of Maine, Farmington.

Michael J. Hutten, president of distribution at Hatteras Funds, cites Lee, Minton and Hurd for their specialization in alternative investments as well as their passion for helping advisers build better portfolios.

Hatteras Funds provides alternative investment solutions.

NEXT: Westwood Funds takes on national accounts director

Jonathan S. Dale has been named national accounts director, financial institutions, a newly created position at Westwood Holdings Group Inc.

Dale is responsible for financial intermediary firm relationships for Westwood mutual funds and managed accounts. He plays a key role in expanding Westwood’s institutional investment brand and promoting its array of strategies with wealth management broker/dealers, registered investment adviser (RIA) platforms, turnkey asset management providers, retirement plan service providers and consultants.

Before joining Westwood, Dale spent 15 years with SEI’s investment manager services division. Most recently he served as distribution director, in charge of helping asset management firms create, promote and negotiate their mutual funds and exchange-traded funds (ETFs) to decisionmakers at major financial intermediaries. Dale holds a bachelor’s degree in business administration and business management from West Virginia University. He holds designations as a Certified Financial Planner (CFP), Chartered Financial Consultant (CFC), and FINRA Licenses 7 and 63.

Westwood Holdings Group, Inc. provides investment management services to institutional investors, private wealth clients and financial intermediaries, and reports that it has $23.1 billion in assets under management, including $4.3 billion in mutual funds, as of June 30.

Data & Research September 18, 2015

Generation X Fights for Most-Affluent Title

The number of Generation Xers considered affluent is now higher than the number of Baby Boomers. 
Reported by

Advisers surprised by the fact that there are now more affluent Generation Xers than Baby Boomers missed some obvious warning signs, according to “Generational Changing of the Guard,” a research report published by Ipsos.

The report findings are drawn from the 2015 Ipsos Affluent Survey USA, which reveals that “for the first time ever, the affluent population of the United States has more Generation Xers than Baby Boomers, signaling a changing of the guard.”

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The survey defines “affluent adults” as those living in households with at least $100,000 in annual combined income. About 23% of American households meet that hurdle, Ipsos finds, with a median income of $145,000 and a mean income of $227,000.

Currently, 37% of affluent investors are in Gen X, aged 34 to 50, compared to 33% who are Baby Boomers, aged 51 to 69. Millennials already make up 25% of the category, while “seniors,” or those over age 70, make up just 5% of the affluent U.S. population.

According to Stephen Kraus, chief insights officer at Ipsos, the U.S. is seeing “a true changing of the generational guard in the affluent population. Long over-looked and under-estimated, Gen Xers now outnumber Boomers among affluents.” Matching other recent research, Ipsos finds affluent investors often see a strong confidence boost when working with an adviser, highlighting the opportunity available in servicing this segment of the U.S. population.

The data shows Generation X is not only the largest age group in the affluent population—it is also “more multi-faceted and less monolithic than some might expect.”

“Across many measures, younger Xers act more like Millennials, while older Xers are more similar to Boomers,” the report suggests. “In particular, age 40 appears to be something a tipping point.”

Xers under 40 are far more interested than older Xers in social media, for example, and they follow different entertainment trends than older Xers. In a particularly telling example, 74% of younger Xers “prefer to stream music online instead of buying CDs or downloaded music,” compared to just 45% of older Xers.

From the adviser’s perspective, the research concludes that Millennials and Generation X are continuously becoming more important segments of the investing population, while the influence of Baby Boomers is waning. Still, affluent Boomers, with $913,000 in median household net worth compared with $552,000 for affluent Generation X and $516,000 for affluent Millennials, remain a key part of the advisory client landscape. 

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