Deals & People January 22, 2015

Pinnacle Expands New York Presence

Pinnacle Plan Design has expanded into the New York market with the addition of Susan Feit as a consulting actuary.
Reported by

Pinnacle, a national provider of qualified retirement plan design, administration, and actuarial consulting services, has a local presence in Tucson, Phoenix, Houston, Denver, and New York, and serves clients throughout the United States. With more than 30 years of pension consulting and actuarial experience, Feit will join the firm’s New York office and will be responsible for the design and administration of defined benefit (DB) and defined contribution (DC) retirement plans.

“Susan will be a great addition to our actuarial team,” says Kevin Donovan, managing member of Pinnacle Plan Design. “She has ample experience with a wide range of retirement plan issues as well as the capability to offer CPE to our east coast partners.”

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

Feit previously served as a director and consulting actuary for a third-party administrator in New York and has held actuarial consulting positions at other firms throughout her career. She earned her bachelor’s degree in mathematics from Brooklyn College. Additionally, she is an enrolled actuary, member of the Society of Pension Actuaries, member of the American Academy of Actuaries, and fellow of the Conference of Consulting Actuaries.

Deals & People January 22, 2015

Broadridge to Acquire Trade Processing Business

Broadridge Financial Solutions has signed an agreement to acquire the trade processing business of the Wilmington Trust Retirement and Institutional Services (WTRIS) unit of M&T Bank Corp.
Reported by

 

Broadridge, a provider of investor communications and technology-driven solutions, will see an expansion of its suite of solutions in the qualified and nonqualified plan services market, as well as the support it provides to third-party administrators (TPAs), financial advisers, recordkeepers and banks. The acquisition will enable Broadridge to meet a greater variety of client needs, including supporting larger plans. Additionally, the company will have the ability to offer greater retirement options such as advanced retirement communications capabilities, adviser support and data analytics.

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

The partnership will consist of WTRIS’ processing business and Broadridge’s Matrix Financial Solutions, a mutual fund and exchange-traded fund (ETF) trade processing platform for the retirement industry. The combined platform is expected to have more than $290 billion in assets under administration (AUA).

Gerard F. Scavelli, president of Broadridge’s mutual funds and retirement solutions group, says, “The WTRIS trade processing platform gives Broadridge greater levels of flexibility, solutions and support, and together we will offer deeper innovative capabilities for serving small, midsize and large plans.”

M&T Executive Vice President Bill Farrell adds, “Through Broadridge, clients will have expanded access to strong technology and innovative solutions, and will continue to experience the high level of service they’ve come to expect.” He explains the transaction will enable M&T to strengthen its institutional retirement business, which includes its collective trust program, employee stock ownership plans, U.S. Charitable Gift Trust program and fiduciary duties association with defined benefit (DB) and defined contribution (DC) plans.

The transition is expected to be completed late in the first quarter of this year, subject to customary closing requirements and regulatory approvals. Terms were not disclosed.

 

«