Products November 29, 2012

Firms Introduce Stable Value Collective Trust

New York Life Investments and Reliance Trust Company have introduced a stable value fund.
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The Reliance Trust New York Life Anchor Account Series I is available through the Reliance Trust Company Stable Value Employee Benefit Investment Trust, a collective trust established by Reliance Trust Company. Investment in the collective trust provides plans with a choice of three stable value share classes. The collective trust is intended to target the small-plan defined contribution retirement market.   

The collective trust is valued daily and aims to preserve principal and offer competitive yields. The stable value fund held by the collective trust is managed by New York Life Fixed Income Investors. The new collective trust invests in a diversified portfolio of fixed-income investments within the stable value fund, through a New York Life group annuity contract. Reliance Trust will serve as trustee and manager for the collective trust.  

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Given the long-term, low-interest rate environment, investors are seeking principal protection with yield, as opposed to current near-zero percent rates from money market vehicles, according to Steven Dorval, managing director of defined contribution investments at New York Life Investments Group. “Now, defined contribution plans of all sizes can tap into a stable value offering quite similar to what larger retirement plans can access,” Dorval said.

 

Deals & People November 29, 2012

Snowden Adds Two Adviser Teams

The DiCiaccio and LaMothe-Gonzalez Groups have joined Snowden Capital Advisors LLC.
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The DiCiaccio team includes John DiCiaccio, managing director, and Leah Thomson Snell, vice president. Jon LaMothe and Luis Gonzalez are managing directors of the LaMothe-Gonzalez team. All members have become Snowden partners.

The DiCiaccio and LaMothe-Gonzalez teams join from Merrill Lynch and have opened a West Coast office in Pasadena, California. The DiCiaccio Group has been ranked in Barron’s “Top 100 Financial Advisors.” Snowden’s new adviser teams manage in excess of $500 million of client assets and substantially strengthen the firm’s advisory capabilities.

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“We are excited to have such high quality, ‘culture carrying’ adviser teams place their trust in our firm,” said Rob Mooney, a co-founder of Snowden as well as managing partner and chief executive.

DiCiaccio pointed to Snowden’s culture as a selling point to their team and their clients. “We also appreciate the extensive industry leadership experience of Snowden’s management team,” he said.

LaMothe cited Snowden’s range of advisory services and support, and said the platform was a suitable fit for their clients. “We believe Snowden’s independent, dually registered, open architecture model is emerging as a strong growth model in the industry,” Gonzalez said.

Snowden Capital Advisors is a registered investment adviser and broker/dealer in New York that provides advisory services to individuals and institutional clients.

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