OneAmerica adds regional sales director for Michigan clients; Dimensional Fund Advisors names capital markets head; Findley to join USI; and more.
Ameritas announces new officer elections; TRA acquires retirement solutions firm; Northern Trust lengthens partnership with Driehaus; and more.
The Standard selects employee benefits lead and Rebalance names retirement services VP.
The move to acquire Eaton Vance, a provider of investment strategies and wealth management solutions, underscores Morgan Stanley’s goal to create a holistic advisory, investment management and brokerage shop.
Experts say it’s a seller’s market, and the consolidation of the industry will yield better services for retirement plan participants.
Nova 401(k) Associates names new attorney and consultant; Lockton Pacific adds employee benefits VP and producer; and CC Capital and Motive acquire Wilshire Associates.
The Fifth Third retirement plan business comprises more than 475 workplace savings plans populated by approximately 100,000 participants with $6.21 billion in assets.
Schroders selects fixed income head and CalPERS names private equity investment director.
Larger, more established firms are acquiring wealth management and RIA firms.
QMA appoints new head of U.S. consultant relations; ABG expands to Midwest with Retirement Plan Consultants; The Wagner Law Group promotes ERISA attorneys; and more.
Unified Trust joins EdgeCo; Putnam Investments CIO announces plans to retire in 2021; Marathon Asset Management hires senior high-yield portfolio manager; and more.
The recordkeeper also notes that fee compression is largely driving the ongoing industry consolidation.
The transaction will increase Empower’s participant base to more than 12.2 million people and its retirement services recordkeeping assets to approximately $834 billion administered in approximately 67,000 workplace savings plans.
Securian Financial hires regional sales VP; Robeco adds to supervisory board; IRS names associate chief counsel for EEE; and more.
Retirement Services Group Joins LaSalle St.; DWS appoints client coverage leader; and Innovest selects new VPs for retirement practices.
LeafHouse announces marketing and communications VP; Aegon AM selects global product head; Compass Advisors joins Vanguard’s Elite Advisor Program; and more.
Hall Benefits Law announces changes to ERISA team and BNY Mellon elects governance expert to Board of Directors.
Industry executives also say that valuations for strong companies are holding steady, even as the pandemic raises broader economic challenges.
The number of deals and client assets under management in June and July were the highest since Fidelity began tracking such data in 2016.
Principal Financial Group acquired Wells Fargo’s institutional retirement and trust businesses in July 2019 and aims to complete the integration in 2021—pandemic or not.