Deals & People May 31, 2011

Arthur J. Gallagher Acquires Independent Fiduciary Services

The investment advisory subsidiary of Arthur J. Gallagher & Co., GBS Investment Consulting, LLC. (GBS IC), has acquired Independent Fiduciary Services (IFS).
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IFS senior management and their staff will continue to operate from their current Washington, D.C., and Newark locations as part of GBS IC. The acquisition will allow GBS IC to broaden and enhance the expertise of its services, increase its staff, and grow its assets under advisement. IFS will likewise deepen its resources, broaden its range of expertise, and reinforce the continuity of its business, the firms announced. 

For nearly twenty-five years, IFS has offered investment consulting to institutional investors, especially employee benefit plans in both the private and public sectors, and acted as a special purpose ‘independent fiduciary’ to assist pension, 401(k) and welfare funds that encounter a conflict of interest. 

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“The addition of Independent Fiduciary Services to GBS Investment Consulting, LLC deepens our client value proposition of managing and mitigating fiduciary risk,” said Michael DiCenso, President, GBS Investment Consulting, LLC. “The expertise and experience of the IFS team in the areas of fiduciary decision making, Taft Hartley and public funds complements and expands the services GBS Investment Consulting already provides to its healthcare, religious, foundation and endowment clients.” 

 

Products May 31, 2011

New York Life Launches Guaranteed Interest Pension Account

New York Life Investments has developed the Guaranteed Interest Pension Account (GPA) to help mid- and large-size corporate pension plan sponsors and their advisers manage near-term liabilities.
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The account can move plans closer to a Liability Driven Investment (LDI) model and allows sponsors to structure a portion of their assets to mirror liability cash flows as outlined by the funding model created by the Pension Protection Act (PPA). The GPA addresses “near-term” (0–5 years) liabilities, defined by the PPA according to duration and the corporate bond yield curve, by providing an investment option that offers a guarantee of principle coupled with competitive yields.   

The GPA is a group annuity contract distributed by New York Life Insurance Company. The account features a declared interest crediting rate that resets every six months.  

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“The PPA changed the investment dialogue for pension plans,” said Steven Dorval, CFA, managing director and head of retirement investments at New York Life Investments. “Sponsors and advisers are focused on funding their liabilities. We are working with clients to help meet their liability needs within the three distinct liability segments defined by the PPA, as they consider a range of options, including moving toward a liability driven investment (LDI) model.”

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