Deals & People

Family trust trustee with Senate connections named 16th director of pensions lifeboat.

Broadridge acquires custody assets from TD Ameritrade; The Standard promotes and hires industry consultants; Regional sales consultant joins TRA; and more.

Through this acquisition, Principal will double the size of its U.S. retirement business by the number of total recordkeeping assets, while bringing on institutional trust and custody offerings for the non-retirement market.

Horizon Investments names head of portfolio management; FS Investments names chief technology and operations officer; and more.

Rob Scheinerman, president, AIG Retirement Services, tells PLANADVISER that while the VALIC name is strong and well respected, the AIG name carries even greater recognition in the marketplace and among sponsors, consultants and participants, and relationship management teams and advisers are very excited to go to market as AIG.

Upon closing of the transaction, Vested Interest, which has $17 billion of assets under administration, will operate as part of Newport Group and its employees will join Newport Group.

The recently-announced merger between BB&T and SunTrust will create the sixth-largest retail banking organization in the U.S.; both firms also have a presence in the DC plan recordkeeping world, prompting questions about what the deal could mean for retirement plan clients.

Bill Gross’ reign as the “Bond King” offers a chance to reflect on the benefits and challenges firms face when they have superstar employees. 

“As more Americans save for retirement through workplace savings plans, external market forces are simultaneously creating new opportunities for plan providers. These factors present significant near and long-term future opportunities to deliver a robust spectrum of retirement services to more plan sponsors, financial intermediaries and participants," a spokesperson told PLANADVISER.