Retirement Industry People Moves

Voya hires national third-party administrator relationship manager; OneAmerica promotes sales, business veteran to key regional leadership spot; Goldman Sachs to acquire NextCapital Group; and more.

By DJ Shaw
Art by Subin YangArt by Subin Yang

Voya Hires National Third-Party Administrator Relationship Manager

Voya Financial has recently hired Cassandra Churchill as a new national third-party administrator relationship manager.

In this role, Churchill will focus on providing national TPA firms with a dedicated support model to specifically develop a top-down, streamlined approach to enhance and accelerate organic growth with these firms.

Churchill comes to Voya with more than 15 years of experience, most recently serving as a business development manager at Lincoln Financial Group where she worked on TPA relationships throughout the Northeast division.

Churchill holds a Bachelor of Science in business management from College of Our Lady of the Elms and a master’s degree in communications and information technology from Bay Path University. Based in New Hampshire, Churchill started at Voya on March 28 and reports directly to Ralph DelSesto, head of TPA and broker/dealer distribution strategy for Voya’s Wealth Solutions business.

OneAmerica Promotes Sales, Business Veteran to Key Regional Leadership Spot

OneAmerica has announced its plan to promote Kara Kidney, a 13-year veteran of the firm currently based in the Los Angeles area, to the role of West division regional vice president.

Kidney brings a total of 19 years of experience in the financial services and retirement industry to the regional vice president role. She has also served in committee roles for WIPN: We Inspire. Promote. Network.

Kidney entered the business in 2003 and joined OneAmerica in 2009 in an internal sales role. In 2012, she was promoted to be a regional sales director. She has been a key member of the business development team since 2016.

Goldman Sachs to Acquire NextCapital Group

The Goldman Sachs Group Inc. has announced that Goldman Sachs Asset Management has entered into an agreement to acquire NextCapital Group. The transaction is expected to close in the second half of 2022, subject to regulatory and other approvals and conditions.

The acquisition is meant to help accelerate the expansion of Goldman Sachs’ services to the growing defined contribution market through personalized managed accounts and digital advice.

NextCapital, based in Chicago, is an open-architecture digital retirement advice provider that partners with financial institutions across the United States to deliver personalized, customizable retirement planning services and managed accounts. Together, the companies anticipate providing services to large retirement plans while working with platform clients in an open architecture approach.

Goldman Sachs Asset Management has a long history of working with employers to help them deliver high quality retirement programs for their employees, with total defined benefit and defined contribution assets under supervision of approximately $350 billion. The acquisition of NextCapital will augment existing capabilities throughout Goldman Sachs’ asset and wealth management businesses, providing another tool for sponsors and other clients to consider when constructing a retirement program.

“Employers are looking to provide their employees tailored solutions and customizable advice that can better support individual saving and investing needs to help improve retirement savings outcomes. We believe personalization represents the future of retirement savings and will drive the next wave of innovative retirement solutions,” says Luke Sarsfield, global co-head of Goldman Sachs Asset Management. “Together with NextCapital’s talented team, we will continue to invest in technology to improve the experiences and outcomes of retirement investors and better serve the employers, advisers and financial institutions that support the growing $10 trillion DC market and the even larger IRA segment.”

Upon closing of the transaction, NextCapital’s platform is expected to become part of the Multi-Asset Solutions business of Goldman Sachs Asset Management, which has offered custom multi-asset portfolios from Goldman Sachs and third-party asset managers for over 20 years. Led by Greg Calnon, the group has approximately $220 billion in assets under supervision today.

The NextCapital team will continue to be headquartered in Chicago.

Goldman Sachs & Co. LLC is serving as financial adviser and Weil, Gotshal & Manges LLP is serving as legal counsel to Goldman Sachs. PJT Partners is serving as exclusive financial adviser and Morgan, Lewis & Bockius LLP and Orrick, Herrington & Sutcliffe LLP are serving as legal counsel to NextCapital.

Pentegra Hires New Vice President of Trust Services

Pentegra Services Inc., a provider of retirement plan and fiduciary outsourcing solutions, has announced that Eric Wietsma has joined the organization as vice president of trust services. In this role, Wietsma will have management responsibilities for two wholly owned subsidiaries of Pentegra and a group trust for which Pentegra provides administrative and investment services. 

Wietsma will report directly to Pentegra president John E. Pinto.

Wietsma brings extensive business development and operational experience to Pentegra. Most recently, he served as head of workplace operations at MassMutual Inc., where he led a more than 800-employee organization with an $80 million annual budget. In this role, Wietsma drove transaction processing, payroll integration, billing, third party compensation, plan consulting, regulatory services, participant call centers and learning and development. Prior to that, he served as Workplace Solutions’ head of sales and education and senior vice president of investment services and product management. 

Wietsma holds a Master of Science in applied statistics from Purdue University, as well as a Bachelor of Science in mathematics from Calvin University. He is a Fellow of the Society of Actuaries and holds FINRA Series 7, 24 and 63 licenses. 

Versor Investments Appoints Merger Arbitrage Strategy Co-Portfolio Manager

Versor Investments, a quantitative investment management firm focused on alternative investment strategies, has announced that Neetu Jhamb has joined the firm as partner and co-portfolio manager of the firm’s event-driven strategies. She joins co-portfolio managers and founders Deepak Gurnani and Ludger Hentschel.

Jhamb has more than 15 years of experience in merger arbitrage and special situations investing. She joins Versor from JP Morgan, where she was, since 2015, the event-driven sector specialist. In the role, Jhamb advised clients and focused on analyzing mergers, spin-offs, SPACs and other corporate reorganizations for the trading desk. Prior to JP Morgan, Jhamb was an event-driven portfolio manager at Severn River Capital, where she invested in risk arbitrage and other special situations.

Jhamb graduated from Barnard College, Columbia University.

Multnomah Group Expands Team and Client Service Capabilities

Multnomah Group, an independent retirement plan consulting firm, has hired Laura Renshaw and Brian Murphy on the firm’s client service team. The consulting firm also announced the role transition of Hailey Fields, who becomes director of client services.

Murphy has been working in the financial services industry since 2002. He has nearly 15 years of experience working directly with retirement plan sponsors.

Renshaw’s background includes more than 18 years of working with organizations that sponsor retirement programs for their members and employees. Her experience covers many areas within the retirement benefits industry, including vendor management, proposal development and evaluation, plan sponsor support and participant engagement.

Broadridge Names New Head of Asset Management Solutions Business

Global Fintech firm Broadridge Financial Solutions Inc. has announced the appointment of Mike Sleightholme as president of its asset management solutions business. Sleightholme will be responsible for driving Broadridge’s global asset management business growth and the strategic execution of client and market-focused solutions.

Most recently, Sleightholme spent five years with SS&C Technologies, where he served as CEO and general manager of its DST systems business. Prior to that, Sleightholme spent 24 years in senior leadership positions at Citigroup, where he held responsibility for their hedge fund services and led the sale of that business to SS&C, as well as the subsequent integration.

Brian Crowley, who served as interim president of Broadridge Asset Management Solutions, steps into a new role as chief operating officer of the asset management business, reporting to Sleightholme. In this new role, Crowley will be responsible for the execution of the day-to-day administrative and operational functions of the business.

AIG Announces Plan to Rebrand its Life and Retirement Business

American International Group Inc. has announced that it plans to rebrand SAFG Retirement Services Inc., the parent company of its life and retirement business, as Corebridge Financial Inc. when it becomes a public company.

AIG’s life and retirement business is a provider of retirement solutions and insurance products in the United States. The individual retirement, group retirement, life insurance and institutional markets businesses provide solutions that help individuals, and the institutions that support them, address today’s complex financial and retirement needs.

Insight Investment Names CEO for North America

Asset manager Insight Investment has announced the appointment of David Leduc as CEO of Insight North America.

Leduc joined Insight in September 2021 on completion of the transition of Mellon Investments’ specialist fixed-income capabilities to Insight, initially as deputy CEO. As CEO for Insight North America, Leduc takes responsibility for driving Insight’s strategy in North America. He is a member of Insight’s executive management committee. 

Concurrently, Mark Stancombe has been appointed as chief risk officer for Insight Investment Management Limited and Insight Investment International Limited. In this global role, he will oversee Insight’s operational, investment, corporate, market and information risk and compliance functions. Stancombe replaces Jonathan Eliot, who recently announced his decision to retire.

Prior to joining Insight, Leduc was head of fixed income at Mellon Investments. He started working at Mellon in 1995 and has held several leadership positions, including chief investment officer of active fixed income, managing director of global fixed income and senior portfolio manager for global credit strategies. He was also the CEO and CIO for Standish.

Leduc has an MBA from Boston University, a Bachelor of Science from the University of Rhode Island and is a CFA charter holder and member of the CFA Institute.

Stancombe has been at Insight for 15 years and has held several senior leadership positions, including head of Insight’s corporate strategy function. He holds a Bachelor of Science in economics from the University of Manchester.

Manning & Napier to Go Private and Be Acquired by Callodine Group

Manning & Napier Inc. and Callodine Group LLC, a Boston-based asset management firm, have announced they have entered into a definitive agreement under which Manning & Napier will go private and be acquired by Callodine.

The purchase price of $12.85 per share of company common stock represents a 41% premium above the closing price of Manning & Napier common stock on March 31, and a premium of approximately 55% to Manning & Napier’s volume-weighted average price for the last 90 calendar days. In addition, Callodine will purchase from M&N Holdings LLC all of the outstanding limited liability company interests in Manning & Napier Group LLC that the company does not own at a price per unit of $12.85.

The proposed acquisition is expected to close in the third quarter of 2022, contingent upon shareholder approval and other customary closing conditions. Between now and closing, the company anticipates continuing its regular dividend payment to shareholders.

Callodine is executing the proposed acquisition in partnership with East Asset Management. Manning & Napier CEO, Marc Mayer, will remain in his position and roll over a significant portion of his currently held shares into the new private company.

Following the close, Manning & Napier will become a wholly owned subsidiary of Callodine, adding an experienced investment management business to Callodine’s growing platform.

Manning & Napier’s management team, investment philosophy and processes, client-facing teams and stewardship groups are expected to remain in place, and the proposed combination with Callodine is expected to provide capital resources, long-term stability and additional investment capabilities to drive the firm’s next phase of growth. At the closing of the transaction, Manning & Napier will de-register its shares with the SEC and de-list its shares from the New York Stock Exchange.

Executive officers of the company have entered into a support agreement pursuant to which they have agreed, among other things, to vote their shares of company stock in favor of the transaction, subject to certain conditions. These stockholders currently represent approximately 10% of the current outstanding voting power of the Manning & Napier common stock.

PJT Partners served as financial adviser and Gibson, Dunn & Crutcher LLP served as legal counsel to Manning & Napier. Manning & Napier’s management team was represented by Morgan, Lewis & Bockius LLP.

Wells Fargo Securities, LLC served as lead financial adviser to Callodine. Aviditi Advisors and MSI Capital Management, LLC also served as financial advisers and Sidley Austin LLP served as legal counsel to Callodine.

Mercer Advisors Acquires Convergent Wealth Management, LLC

Mercer Global Advisors Inc. has announced the acquisition of Convergent Wealth Management LLC, a wealth management firm headquartered in Chesterfield, Missouri.

Convergent has approximately $130 million in assets under management. Convergent was founded by John Stobbs, managing member, and Jeannie Seabaugh, investment adviser, analyst and managing member. The entire Convergent team will be joining Mercer.