Deals & People December 23, 2021

Retirement Industry People Moves

John Hancock Investment Management names new managing director; Transamerica selects large market retirement sales leader; Hub International acquires retirement plan consulting firm; and more.

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Art by Subin Yang

Art by Subin Yang

John Hancock Investment Management Names New Managing Director 

John Hancock Investment Management has named Andrew Brosco as a managing director, defined contribution investment only (DCIO) specialist for the central territory. In this position, Brosco will be responsible for promoting the firm’s strategies to retirement plan intermediaries and mid-tier consultants, reporting to Senior Managing Director Gene Huxhold.

Brosco will develop and implement DCIO sales strategies, working with the retail divisional sales manager of John Hancock Investment Management business consultants. He is responsible for Texas, Colorado, Kansas, Oklahoma, Nebraska, North Dakota, South Dakota, Louisiana and New Mexico. He joins the firm from Amundi US Asset Management, where he previously served as the regional vice president in the investment only and retirement group. 

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At Amundi, Brosco provided retirement-focused consultants in the south-central region with updates on the trends in the retirement plan landscape, solutions to help them grow their retirement business, and investment strategies for their plan sponsor clients. He also provided intelligence to major defined contribution (DC) recordkeeper platform wholesalers. Additionally, Brosco represented the retirement team on Amundi Pioneer’s regional vice president council. 

Brosco attended Boston University’s School of Management, graduating with a bachelor’s in business administration dually concentrated in finance and organizational behavior. He went on to receive Accredited Investment Fiduciary (AIF) certification, as well as several industry-relevant trainings, such as with Microsoft Suite, Morningstar, Zephyr and Fi360, as well as Sequoia Core Sales and Amundi U.S. Sales.

Transamerica Selects Large Market Retirement Sales Leader

Transamerica has announced that Ryan Franken has rejoined the company as the national sales manager of retirement large markets. He will report directly to Darren Zino, senior managing director of U.S. retirement distribution.

“Ryan is a proven leader with in-depth knowledge of the retirement plan industry, and he and his team will prove valuable to the advisers and plan sponsors of large retirement plans,” Zino says.

Franken first joined Transamerica in 2011 as a mid-market sales leader in the New York City area. He was promoted to division vice president of mid-market retirement sales for the company’s northeast region in 2015. He pursued other opportunities in 2018, and rejoined Transamerica in December. He is a graduate of Georgetown University and holds a master’s degree in business administration from Cornell University.

Hub International Acquires Retirement Plan Consulting Firm 

Hub International Limited announced that it has acquired the assets of GRP Financial California LLC. Terms of the transaction were not disclosed.

Located in San Clemente, California, GRP Financial California is a retirement plan consulting firm offering a complete suite of services to both plan sponsors and investors. GRP Financial California manages more than $3.4 billion in assets, as of September 30.

“The GRP Financial California team brings tremendous experience in managing retirement plans for plan sponsors and providing financial wellness services to help their employees plan for a successful financial future,” says Joe DeNoyior, president of Hub Retirement and Private Wealth (RPW). “The team greatly enhances our presence and ability to bring Hub services to more businesses in California.”

Principals Jason Jeskey, Austin Gwilliam and Kyle Posvistak, along with the GRP Financial California team, will join Hub California.

TRA Completes Third Acquisition of 2021

The Retirement Advantage Inc. (TRA) has announced the acquisition of The Law Offices of R. David Danziger (RDD), of Southampton, Pennsylvania.

“Bringing RDD into the TRA family will enhance our capabilities in multiple markets,” says Matt Schoneman, TRA’s president and owner. “The expansion of our footprint and team, additional service offerings, and the opportunity to provide additional consulting capabilities throughout our network only enhances our ability to deliver desired solutions to our clients.” 

The strategic acquisition of RDD was completed December 1. With the acquisition, TRA is committed to continuing to support the adviser and recordkeeping partners of RDD with customized retirement plan solutions that exceed business owner and employee retirement plan goals.

There will be no immediate changes to the services and offerings from RDD or TRA as the integration of the two businesses is approached thoughtfully over time.

Products December 23, 2021

Investment Product and Service Launches

State Street launches new retirement income strategy, while Federated Hermes launches two new ETFs.

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Art by Jackson Epstein

Art by Jackson Epstein

State Street Launches New Retirement Income Strategy

State Street Global Advisors, the asset management business of State Street Corp. has launched IncomeWise, a next-generation solution that blends the flexibility and simplicity of traditional target-date funds (TDFs) with the security of guaranteed lifetime income. Available for defined contribution (DC) plans, this solution represents a multi-year, cross-industry development, resulting in a new kind of retirement income strategy.

IncomeWise focuses on providing a simple investment option to support participants through all their retirement years. The solution uses State Street’s target-date glide path to help participants accumulate wealth during their savings years. A portion of these savings can then be converted into a guaranteed income stream for later years of retirement by purchasing a qualified longevity annuity contract (QLAC). This approach offers participants income security when they are likely to need it most, while providing flexibility and access to savings during their early retirement years.

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State Street says IncomeWise is available to any plan sponsor as a custom TDF offering. The company also said, “State Street Global Advisors is actively developing a collective investment trust [CIT] vehicle for the product as it continues to have a number of exciting discussions with plan sponsors similarly interested in better addressing longevity risk.”

Federated Hermes Launches Two New ETFs

Federated Hermes Inc. has launched the Federated Hermes Short Duration Corporate ETF and Federated Hermes Short Duration High Yield ETF. 

These short-duration exchange-traded funds (ETFs) are new tools for investors concerned about inflation and the potential interest-rate risk associated with products that invest in longer-duration securities, the firm says.

The funds use the experience, insights and capabilities developed over the firm’s 50 years of managing fixed-income solutions for investors. The ETFs also incorporate Federated Hermes’ proprietary environmental, social and governance (ESG) assessment process in evaluating the risk profiles of investment-grade and high-yield securities.

“With a growing U.S. client appetite for fixed income, our first two ETF strategies build upon Federated Hermes’ heritage of responsible investing, diligent credit analysis and experience in providing compelling options at every step of the yield curve,” says John Fisher, president and chief executive officer of Federated Advisory Cos.

The Federated Hermes Short Duration High Yield ETF seeks high current income by investing in a diversified portfolio of high-yield bonds, bank loans and other securities. The strategy seeks to maintain an effective duration of three years or less. The ETF is managed by senior portfolio manager Steven Wagner, portfolio manager Tony Venturino and senior portfolio manager Mark Durbiano, who leads the firm’s domestic high-yield group. Nine industry-specific analysts and two traders complete the 14-member group supporting the fund.

The Federated Hermes Short Duration Corporate ETF seeks current income by investing primarily in securities with maturities of one to five years and will maintain a duration between 1.5 and 3.5 years. The strategy may also invest up to 10% of its portfolio in non-investment grade fixed-income securities.

Senior portfolio manager John Gentry, who heads the Federated Hermes corporate fixed-income group, and portfolio manager Robert Matthews are supported by six analysts and two traders who specialize in investment-grade fixed income.

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