Deals & People September 6, 2007

Reliance Signs on as Custodian for BenefitStreet ETF 401(k) Platform

BenefitStreet Inc. has announced that Reliance Trust Company has been added as a custodian to the recently introduced BenefitStreet ETF 401(k) solution.
Reported by

Reliance will provide ETF custodian services to complement BenefitStreet’s transparent and low-fee 401(k) administration structure. The firm will also offer other services, including directed trustee services, ACH pull services, and certified statements to advisers and plan sponsors, according to a company announcement.

The technological integration between BenefitStreet and Reliance will help plans enjoy competitive recordkeeping and custodial fee rates, the firm said. Combined with the lower fund management fees of ETFs, companies will be able to reduce 401(k) plan expenses for participants.

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The BenefitStreet ETF system distributes the funds directly to investors, circumventing the use of collective trusts and reducing commission costs. In May, BenefitStreet announced it would offer Barclays Global Investors’ iShares exchange-traded funds (ETFs) on the 401(k) platform (see BenefitStreet Offers Barclays’ iShares on New 401(k) Platform).

For more information, visit www.benefitstreet.com.

Deals & People September 6, 2007

Mark Tibergien Named CEO of Pershing Advisor Solutions

Mark Tibergien has joined Pershing Advisor Solutions LLC as chief executive officer and a member of Pershing LLC's Executive Committee, Pershing LLC, a subsidiary of The Bank of New York Mellon, announced today.
Reported by

Prior to joining Pershing, Tibergien was a principal at the accounting and consulting firm, Moss Adams LLP, where he was partner-in-charge of the Business Consulting Group, chairman of the Financial Services Industry Group, and partner-in-charge of the Business Valuation Group. Tibergien has been working with public and private companies on matters related to business management, transition planning, and strategy formulation since 1973.

In addition, he is the co-author of “Practice Made Perfect’ and “How to Value, Buy, or Sell a Financial Advisory Practice,’ both published by Bloomberg Press.

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“Mark is a renowned expert in his field, and his knowledge and broad range of experience will help us to take further advantage of the significant opportunities in the RIA marketplace. His expertise will guide us as we continue to deliver innovative products, services, practice management support and technology solutions to meet the complex needs of this important market segment,” said Richard F. Brueckner, chairman and chief executive officer of Pershing LLC, in the announcement.

Pershing Advisor Solutions LLC is a provider of financial business solutions to independent, fee-based registered investment advisors and dually-registered advisers working in conjunction with many of Pershing LLC’s introducing broker-dealer customers.

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