Progressive Benefit Solutions Named to Benefit Advisors Network

Benefit Advisors Network, a national network of independent benefit advisory and consulting companies, has named Raleigh, North Carolina’s Progressive Benefit Solutions (PBS) as its newest member.

A press release said members of Benefit Advisors Network are selected specifically for their industry knowledge, ethics, and vision, and membership represents a validation that a firm has been recognized as the “best of the best” in its particular geographic market.

To be credentialed for membership in Benefit Advisors Network, PBS had to successfully pass a stringent screening process, according to the release. Admission to Benefit Advisors Network designates PBS as the leading benefit advisory company in Central and Eastern North Carolina.

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“Benefit Advisors Network provides selected benefits brokers and consultants with an ability to compete on a national scale, giving them the capabilities and leverage of a national organization that enhances their focus and flexibility as a local partner and neighbor,’ said Benefit Advisors Network Director Deane Elek, in the release.

PBS is owned by William Salmon and John McDonnell, who are joined in leading the firm by another key executive, Rick Kelly.

PBS serves businesses primarily in North Carolina’s Piedmont area and east into Wilmington, New Bern, and Morehead City.

The firm’s primary focus is providing group insurance benefits to a clients in all industries, including manufacturing, biotech/pharma, physician groups, and architecture/engineering. PBS also researches and provides qualified referrals for administrative services such as COBRA, FSA, and HRA.

Vanguard Morgan Growth Fund Adds Two Advisers

The board of trustees of Vanguard Morgan Growth Fund has named two new firms to the fund’s investment advisory team.

According to a press release, Frontier Capital Management Co., LLC, and Kalmar Investment Advisers have replaced Franklin Portfolio Associates, LLC, in managing approximately 20% of the $6.4 billion fund.

This will be the first Vanguard fund advisory assignment for Frontier, a Boston-based investment management company with about $4.8 billion in assets. The firm employs a fundamental, research-intensive approach that seeks stocks of mid-sized companies with a combination of superior growth potential and attractive valuation. Frontier is owned jointly by its management team and Affiliated Managers Group, according to a press release.

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Kalmar, based in Wilmington, Delaware, has more than $2.7 billion in assets under management and has served as an investment adviser to Vanguard Explorer Fund since 2005. In managing its portion of Morgan Growth Fund, Kalmar follows a fundamental strategy to identify undervalued mid-capitalization stocks of solid, well-managed companies.

“Morgan Growth Fund was one of the first Vanguard funds to adopt a multimanager approach, and shareholders have been well-served by the fund’s blending of the distinctive growth strategies of its advisors,” said Vanguard CEO F. William McNabb III. “We are confident that the two new firms, with their emphasis on mid-cap stocks, will serve as great complements to the existing advisory team.’ Today, 14 of Vanguard’s 29 actively managed stock funds are multimanaged.

Other Managers

Frontier and Kalmar join Wellington Management Company, LLP, Jennison Associates LLC, and Vanguard Quantitative Equity Group in the management of the fund.

Stephen Knightly serves as the portfolio manager for Frontier’s portion of the fund. Knightly is a senior vice president at Frontier and has 19 years of experience in investment management. Ford B. Draper, Jr., serves as the portfolio manager for Kalmar’s portion of the fund. Draper is president and chief investment officer of Kalmar, and has 41 years of experience in the investment management industry.

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