
PE Firm LMP Invests in Retirement Services Provider Definiti
LMP’s majority stake in the retirement administrator and recordkeeper will fund strategies including “aggressive” strategic acquisition.

Retirement Industry People Moves
U.S. Bancorp Asset Management picks Jim Link to head OCIO Unit; Marshberry adds Madore as financial advisory VP; and more.

Investment Product and Service Launches
AllianzIM launches 2 buffered ETFs that hedge S&P 500 exposure; Capital Group releases 12 active-passive model portfolios; eMoney Advisor releases tax planning for advisers to show Roth conversions; and more.

Federal Magistrate Judge Recommends Dismissal of ERISA Case Against Dish Network
The plaintiffs have 14 days to resubmit and restate their claim in the excessive-fee case.

Advisers Anticipate Difficult Investment Year in 2023
A recent survey of U.S.-based financial advisers revealed they expect elevated volatility in 2023 and will position their clients more defensively.

Many Providers Are Prioritizing Participant Financial Advice in 2023
Advisory shops and providers are launching new workplace programs, updating others and sometimes bypassing the plan sponsor altogether to reach participants.

House Passes Financial Exploitation Prevention Act to Safeguard Seniors from Fraud
The bill would permit open-ended investment companies and transfer agents to delay redemption of securities if they suspect financial exploitation of account holders who are aged 65 or older or disabled.

Adviser Product Partnerships
FLX picks Broadridge for asset management distribution platform; Hub partners with employee recognition company Blueboard; more than 100 financial firms join CFA’s code to further DEI; and more.

JPMorgan’s Asset Management Arm Names New Chief Retirement Strategist
J.P. Morgan Asset Management promotes head of education savings to lead retirement insights and research division.

SEC Cites Broker/Dealers for Not Meeting Reg BI Standards
The SEC issued a warning after finding issues, including advisers not properly disclosing conflicts of interest or maintaining written policies.

Morningstar, PAi Follow DOL Rule with ESG-Driven Pooled Employer Plan
Third-party administrator PAi has teamed up with Morningstar to offer small and medium-sized businesses an employer retirement plan with an ESG overlay.

Republican States Challenge DOL ESG Rule in Court
A 2022 DOL rule clarifying that ESG strategy can be used in fiduciary decisions was challenged by 25 states in a Texas federal court.

Advisory M&A
Charles Schwab acquires resource provider to family wealth firms; Voya completes acquisition of benefits administrator Benefitfocus; Franklin Templeton partners with fixed-annuity index provider to build out product offering; and more.

SECURE 2.0 Makes a Few Changes to Annuities
While not the focus of the bill, annuities gained increased flexibility and availability.

New York Life Investment Management Names New CEO
The country’s largest mutual life insurer taps Naïm Abou-Jaoudé from a subsidiary to head its investment division, overseeing $371 billion in AUM.