Retirement Industry People Moves

American International Group Expands Retirement Business; OneAmerica Appoints President of Individual Insurance and Retirement Services; PenChecks Hires VP of Institutional Sales; and more.
American International Expands Retirement Business

American International Group (AIG) has appointed Robert Scheinerman to the position of president, Group Retirement.

Todd Solash has joined AIG as president, Individual Retirement.

Scheinerman will be responsible for expanding VALIC, AIG’s Group Retirement business. VALIC focuses on the not-for-profit defined contribution (DC) retirement market, serving more than 23,000 employer plans and 1.9 million clients.

“The goal of our Individual and Group Retirement businesses is to serve our clients and distribution partners with diligence, innovative solutions and care, helping millions of Americans to achieve financial security in retirement,” says Jana W. Greer, president and CEO, Individual and Group Retirement, AIG. “In today’s economic market and regulatory environment, it is essential that our industry-leading Retirement businesses benefit from experienced executives like Rob and Todd, and exceptionally skilled senior management teams who are highly focused on serving our customers and expanding our market leadership.”

Solash will be tasked with leading the growth and management of the Individual Retirement business, including product manufacturing, market strategy, and operations. He joins the firm from AXA Equitable, where he held senior management positions including senior executive director, and head of the Individual Annuity Business. Earlier in his career, Solash was a partner at Oliver Wyman Financial Services, where he consulted with major life insurers, property casualty insurers and banks on a variety of strategy, product development and risk issues.

NEXT: OneAmerica Appoints President of Individual Insurance and Retirement Services 

OneAmerica Appoints President of Individual Insurance and Retirement Services

Pat Foley has been named president of Individual Insurance and Retirement Services for OneAmerica. Both businesses will continue to operate as separate entities under Foley’s leadership. He has served as president of the Individual Life and Financial Services (ILFS) division at OneAmerica since 2013. The firm says these changes will support its larger structure, while setting the stage for future growth in the retirement services and individual insurance marketplaces.

Bill Yoerger, formerly president of Retirement Services has left OneAmerica.

“The accomplishments of our retirement services team in the past have been exceptional, and we see tremendous opportunity ahead in the RS marketplace,” says OneAmerica President and CEO Scott Davison. “Pat’s 30 years of experience in financial services will serve us well as we look toward the future.”

Foley adds, “OneAmerica has established itself as a leader in retirement services. We know where we compete, and we know how to win. A number of key growth initiatives are well-underway in the retirement services division, and I look forward to continuing these efforts in coordination with our talented team and network of financial professionals.”

Foley’s new role is effective immediately. 

NEXT: PenChecks Hires VP of Institutional Sales 

PenChecks Hires VP of Institutional Sales

Steve Wagoner has joined PenChecks Trust Company of America, a provider of outsourced retirement plan distribution services. As vice president of institutional sales, he will be tasked with developing strategic relationships with financial institutions including insurance companies, trust firms, banks and other retirement platform providers. He will also focus on introducing institutional solutions including PenChecks Trust’s Abandoned Plan/Qualified Trust Administration (QTA) and uncashed check services, to help these clients streamline operations and reduce fiduciary risk.

“Processing retirement plan distributions involves a lot of time-consuming administrative tasks that must adhere to strict Internal Revenue Service (IRS) and Department of Labor (DOL) regulations,” says Peter Preovolos, president and CEO of PenChecks Trust. “Increasingly, large financial institutions are looking to outsource these burdensome tasks to companies that specialize in retirement distribution processing. Wagoner’s experience in financial and retirement plan services will enable us to tap into this growing market by providing value-added services that enable financial institutions to focus on their core business.”

Wagoner is a former registered investment adviser (RIA) and financial planner with more than 20 years of experience in the financial and retirement services industry. He’s served as director of sales for DST Systems, where he managed the sales team and helped retirement plan providers design and implement communication strategies for third-party administrators (TPA), advisers, plan sponsors and plan participants. Steve holds a bachelor’s degree from the University of New Hampshire.

NEXT: ICMA-RC Hires Managing Vice President of Investments 

ICMA-RC Hires Managing Vice President of Investments

Matthew Brenner has joined ICMA-RC as managing vice president of investments. He will work with all asset teams within the division on various investment, operational, technical and administrative matters.

Brenner’s predecessor, Julie Dellinger plans to retire in May 2017, after 18 years of service at ICMA-RC.

Brenner is versed in investment strategy, client management, and business development. He worked for nearly 10 years at PIMCO, where he was senior vice president of Client Management. He was responsible for developing, leading, and maintaining client relationships for many of PIMCO's largest clients. He launched his career in Washington, D.C., as an attorney at Leventhal, Senter & Lerman, focusing on mergers and acquisitions as well as business and regulatory matters. He also served as a business development manager for U.S. News & World Report. Brenner earned a CFA Charter, a master’s degree in business administration from Duke University, a Juris Doctorate from Georgetown University Law Center, and a bachelor’s degree from the University of California, Berkeley.

"We are excited to welcome Matt to our dynamic and growing investments team," says Wayne Wicker, senior vice president and chief investment officer. "Matt has a wealth of industry experience that will help us serve ICMA-RC's clients and attract new business as we expand and enhance our investment offerings."

NEXT: Alvarez & Marsal Expands Insurance and Risk Advisory Services

Alvarez & Marsal Expands Insurance and Risk Advisory Services

John Spencer has joined global professional services firm Alvarez & Marsal (A&M) as managing director in New York. He will play an integral role in the firm’s insurance and risk advisory services. Spencer will be tasked with advising clients on complex pension and corporate finance issues, Pension Benefit Guaranty Corporation (PBGC) inquiries, human capital risk matters, labor negotiations and capital markets transactions.

Spencer brings more than 20 years of experience counseling businesses across industries including financial services, transportation, retail and manufacturing. He spent 15 years at the PBGC as the head of corporate finance and director of the Division of Insurance Supervision and Compliance. In these roles, he managed the financial analysts, actuaries and attorneys who were responsible for overseeing nearly 26,000 private sector, single-employer U.S. defined benefit (DB) pension plans.

Spencer is also recognized as a subject matter expert in Title IV of the Employee Retirement Income Security Act (ERISA), specifically as it pertains to assessment of risk in the context of corporate transactions and distressed situations.

Jim McDermott, managing director with Alvarez & Marsal Insurance and Risk Advisory Services says, “John’s unique experience advising large corporations and private equity firms on pensions matters involving corporate transactions including mergers, acquisitions (M&A) and dividend recapitalizations is unparalleled. His support has helped to save pension-challenged transactions and has resulted in organizations saving hundreds of millions of dollars in potential exposure. His combined public and private sector expertise will provide clients with a 360-degree view for steering through a wide variety of situations where underfunded pensions are a challenge. This knowledge is especially timely given the forecasted uptick in M&A activity.”

Spencer earned a bachelor’s degree in economics from the University of Maryland and has completed certificate programs at Harvard Business School and The Kennedy School for Government.

NEXT: O’Neil Digital Solutions Expands DC Plan Communications 

O’Neil Digital Solutions Expands DC Plan Communications

Benjamin Acquario has joined O’Neil Digital Solutions as a leader in sales development with a focus on the financial services space. He has more than 20 years of experience in the industry with an emphasis on defined contribution (DC) plans. He is versed in working with advisers, plan sponsors, and participants in these plans. His tasks have included increasing participation rates, deferral rates, diversification rates, and ultimately getting participants to a successful retirement.

O’Neil specializes in electronic presentment and digital print of enrollment material, plan sponsor reviews, participant statements, fund performance information, retirement readiness illustrations, and participant-specific targeted communications, as well as all required notices and disclosures including the Web requirements for the new Best Interest Contract Exemption.

“There has been a tremendous amount of consolidation as well as some players exiting the digital printing space,” says Senior Vice President Mark Rosson. “This has limited choices for retirement plan providers when they are searching for a secure, SEC [Securities and Exchange Commission] compliant, data-driven publishing and delivery partner and we think it is a perfect time for O’Neil Digital Solutions to focus additional resources towards that vertical. We will continue to strive to be the solution of choice.”

Acquario notes, “With the new fiduciary rules looming, we think there will be greater emphasis on education, and what is permitted under the education carve-out to avoid fiduciary status. We feel we are positioned well with the editorial staff of Investor’s Business Daily, and developing dynamic content while staying within what is allowed in the education carve-out.”

NEXT: Gramercy Funds Expands Capital Solutions with new Managing Director

Gramercy Funds Expands Capital Solutions with new Managing Director

Emerging markets investment manager Gramercy Funds Management has appointed Bradshaw McKee to the position of managing director of Capital Solutions and Distressed Portfolio Manager.

McKee will be a part of Gramercy’s Alternatives Portfolio Management team, which develops financing solutions that assist companies in emerging markets. He has more than 24 years of experience in distressed and structured credit in emerging markets. McKee has worked at Deutsche Bank, where he co-headed emerging markets structured credit trading. As senior trader of the Emerging Markets Corporate Credit Principal Desk in Latin America and CEEMEA, he was responsible for more than $2 billion worth of risk across distressed and high yield corporate bonds and loan investments, direct lending and non-performing loan portfolios. He’s also held numerous leadership positions at JPMorgan in the U.S. and Latin America. McKee earned his master’s degree from Columbia Business School and his bachelor’s degree from Middlebury College.

Robert Koenigsberger, managing partner and chief investment officer says, “Gramercy has always been devoted to bringing our clients a level of emerging markets investment expertise they cannot find elsewhere. Brad’s experience allows us to broaden the spectrum of investment opportunities we deploy in our portfolios, utilizing our entire integrated credit platform, for the benefit of our investors. He expands our Capital Solutions team, which is seeing excellent opportunities, especially in markets where traditional sources of credit have been disrupted or displaced.”

NEXT: Hirtle Callaghan Expands to San Francisco

Hirtle Callaghan Expands to San Francisco

Global investment management institution Hirtle Callaghan announced it has established presence in San Francisco with the addition of Dan Eagen as a director in its Portfolio Management Group. He will be responsible for expanding the firm’s client base in Northern California while building custom-designed solutions for families and institutions. Based in the newly-established San Francisco office, he will work closely with the firm’s Scottsdale, Arizona, staff to expand its footprint in the West Coast.

“I have known Dan for nearly two decades. His deep investment expertise combined with his commitment to clients completely align with our partnership culture,” says CEO Ranji Nagaswami. “He will play an important role in both serving clients and enhancing the effectiveness of our solutions as we continue to build a second-to-none, global, investment management firm that truly places clients first.”

Eagen brings 30 years of experience in building portfolios for institutions and family groups to his new role. He’s served as managing director at Alliance Bernstein, where he lead the wealth management group; and as a senior portfolio manager and co-head of Domestic Equities at BlackRock. He’s also worked as institutional consultant with Mercer Investment Consulting.