Ascensus Names New President During Time of Recordkeeper Evolution

A former Great-West Investments president will take the lead at Ascensus, which is undergoing a structural transformation.

David Musto has been named the next president of Ascensus.

In his new role, Musto will focus on overseeing the day-to-day operations of the firm’s retirement and college savings divisions, while focusing on boosting sales and technological advances. He will also work to maintain existing client relationships and establish new partnerships.

Musto comes to Ascensus from Great-West Investments, where he served as president. He’s also held executive and senior leadership positions at Empower, J.P. Morgan, Prudential, and CIGNA.

He will report to Bob Guillocheau, who will take on the role of chairman in addition to his duties as chief executive officer.

Ascensus notes Musto will join the firm in September when he will also join the board of directors. As Musto takes on his new role, Guillocheau will move forward devoting more time and effort to strategic initiatives and Ascensus’ acquisition mandate. In recent years, Ascensus has acquired numerous firms specializing in different facets of the financial services industry. These include small-plan recordkeeper ExpertPlan, cash-balance specialist Kravitz, and National Retirement Services.

“With the tremendous support of our financial sponsors, Genstar Capital and Aquiline Capital Partners, Ascensus has completed six acquisitions and won multiple 529 state mandates as well as the first two state-sponsored retirement plans over the past nine months,” Guillocheau says. “That we have been able to bring in someone of David’s stature speaks volumes about Ascensus’ market leadership.”  

Retirement Division President Shannon Kelly and College Savings Division President Jeff Howkins will report to Musto.