Retirement Industry People Moves

Nationwide to Acquire Jefferson National in 2017; Integrated Retirement Hires Former ERISA Lawyer; Hatteras Funds Adds Managing Director of Business Strategy; and more.
Nationwide to Acquire Jefferson National in 2017

Nationwide Life Insurance Company recently announced its acquirement of Jefferson National, a supplier of tax-advantaged investing solutions for registered investment advisers (RIAs), and fee-based advisers.

According to Jefferson National, the acquisition was made in an effort to increase Nationwide sales in financial service products, as well as to expand each organization’s aptitude in serving customers distinctively.

“Partnering with the Jefferson National team will enable Nationwide to expand our distribution footprint and meet the needs of investors and retirement savers who want to do business in a fee-based adviser environment after implementation of the DOL fiduciary standard,” says Nationwide CEO Steve Rasmussen. “This will complement our strong brokerage distribution channel and allow customers to do business with us in the manner they prefer. This new partnership is mutually beneficial to both Nationwide and Jefferson National, providing opportunities for growth in ways we couldn’t achieve individually.”

While terms of the purchase agreement between the two entities have yet to be disclosed, Jefferson National announced that Nationwide will be purchasing all of the company’s stock, resulting in Jefferson National becoming a wholly owned subsidiary of Nationwide.

The transaction is expected to close in early 2017.

NEXT: Integrated Retirement Hires New ERISA Expert

Integrated Retirement Hires New ERISA Expert

Integrated Retirement, a provider of retirement plan content and training, has added Todd Berghuis to its team of Employee Retirement Income Security Act (ERISA) experts. As senior ERISA counsel, Berghuis is tasked with helping clients navigate the increasingly complex regulatory retirement plan environment.

“We’re extremely fortunate to have Todd on board,” says Pam O’Rourke, senior vice president at Integrated Retirement. “He’s highly-regarded in the industry and has been front and center in helping to shape retirement plan legislation and regulation, including the DOL’s recently released Conflict of Interest rule. Especially given the current environment, we’re excited that our clients will be able to benefit from his incredible wealth of knowledge.”

In addition to providing technical and compliance support to clients, Berghuis will be Integrated Retirement’s liaison to the Internal Revenue Service (IRS), the Department of Labor (DOL) and other governmental entities. He will also continue to serve as chairman of the DOL Subcommittee of ASPAA’s Government Affairs Committee and to speak about technical and regulatory issues around the country.

Berghuis has been an ERISA attorney and consultant in the retirement and financial services industry for more than 30 years. Prior to joining Integrated Retirement, Berghuis spent 15 years at Ascensus, serving as senior vice president of ERISA Compliance since 2008.

NEXT: Hatteras Funds Adds Managing Director of Business Strategy

Hatteras Funds Adds Managing Director of Business Strategy

Hatteras Funds, a provider of alternative investment solutions for financial advisers and their clients, announced that Robert Brown has rejoined the firm as managing director of Business Strategy.

“Rob’s return allows us to better serve our clients and further supports our goal of providing alternative solutions designed to solve the needs of financial advisers,” says David Perkins, CEO of Hatteras Funds. “We are excited to welcome Rob back to the Hatteras family. Rob brings extensive experience in alternative investments along with a commitment and dedication to serving financial advisers.”

Rob will assist with implementing the firm’s strategic vision and will work to further integrate the sales, marketing, national accounts and investment management teams at Hatteras. Brown joined Hatteras in 2004 after spending 10 years in various sales, marketing, and national account roles.

He served with numerous firms including Wilbanks, Smith & Thomas and Highland Associates. He received his bachelor of art’s degree from Washington & Lee University and his master’s degree in business administration from the University of Florida.

“I am truly happy to re-join Hatteras Funds,” says Brown. “Hatteras was founded to design alternative solutions which enable financial advisers to better serve their clients. I am particularly excited by the firm’s renewed commitment in the area of private investments. This team is motivated by a strong dedication to serving the adviser community and I look forward to being a part of that again,” says Brown.

NEXT: MV Financial Fills New Position 

MV Financial Fills New Position

MV Financial, a national asset management firm servicing retirement plans, has promoted Chris Schaefer to head of the Retirement Plan Practice Group. Schaefer's appointment comes as MV Financial expands its retirement practice in response to increased demand from middle-market clients seeking to broaden their employee benefit programs, while also minimizing expenses and improving retirement outcomes for their employees.

"Chris has a strong track record in helping retirement plan sponsors and participants achieve optimal outcomes," says MV Financial CEO Masood Vojdani. "We are pleased to have him lead the retirement practice as we continue to expand regionally and nationally."

Schaefer will oversee 401(k) plans as well as 403(b), 457(b), and defined benefit (DB) plans in the private and nonprofit sectors. He will work with the firm's investment management, portfolio operations, and client services divisions to provide clients with tailored retirement planning and investment guidance.

"As market volatility persists, employers are examining their retirement plans' investment options more carefully than ever," says Schaefer. "Our retirement practice helps these companies reduce costs, streamline their investment menus and minimize fiduciary risk."

The practice serves government contractors, professional services firms, nonprofit organizations and trade associations, and has a strong focus on the Mid-Atlantic and Washington, D.C., metropolitan area.

NEXT: TIAA Expands Marketing Operations

TIAA Expands Marketing Operations

TIAA Global Asset Management has appointed two new leaders to its marketing organization. Eleri Dixon will take over as head of Global Digital Strategy and Marketing Technology. Meanwhile, Eugene Colter will take on the role of head of Global Investment Communications and Marketing Strategy.

Dixon will focus on expanding the firm’s digital strategy, enhancing the client experience across multiple channels of distribution, and helping to unify the firm’s marketing technology platforms. Colter is tasked with creating and leveraging thought leadership content throughout the organization, as well as leading strategic marketing initiatives and public relations.

“The appointments of Eleri and Eugene build on the firm’s strategy to create a client-centric marketing organization focused on meeting client needs and positioning TIAA Global Asset Management for continued growth,” says Chief Marketing Officer Martha Willis. “Their collective experience and deep-rooted industry knowledge will add immediate value to our marketing initiatives as we align our digital capabilities to enhance the client experience and expand our investment voice in the marketplace.” 

With more than 20 years of financial services experience, Dixon joins TIAA from Fidelity Investments, where she served as vice president of strategic program management. Previously, she was vice president of fixed income research at Lehman Brothers, where she drove the implementation of a Lehman-designed UNIX trading and sales application for non-dollar options and future products.

Colter joins the firm from BlackRock, where he served as global head of strategic messaging. This role allowed him to oversee sales messaging and strategy, thought leadership, and strategic communications, among other functions. Prior to BlackRock, he worked on the messaging and content team at PIMCO, where he led the creation of messaging for new product initiatives and firm-wide strategies to drive external and internal communications. Colter also spent nearly 15 years at Dow Jones and The Wall Street Journal, where he served as a reporter and in various editorial roles overseeing teams in the U.S. and the U.K.

NEXT: Cafaro Greenleaf Hires New Director of Operations

Cafaro Greenleaf Hires New Director of Operations

Cafaro Greenleaf (CG), a national advisery firm for corporate and public retirement plans, has appointed Brian Clark to the newly-created position of managing director of Operations. He will be tasked with leading and overseeing all firm operations.

"The addition of this key role at Cafaro Greenleaf reaffirms our commitment to our valued clients and trusted adviser partners, as we continue to grow, evolve and lead in this ever-changing industry and regulatory environment,” says Wayne Greenleaf, managing principal of CG. “We are very excited to welcome Brian Clark to our firm in this important role. His many years of experience in the retirement sector and his leadership skills will be a great asset to Cafaro Greenleaf, and our clients, advisers, and staff."  

Clark brings with him more than 28 years of industry experience with focus on group retirement benefits. He has worked with defined contribution (DC), defined benefit (DB), and non-qualified plans.

Earlier in his career, he managed the operational components of one of the largest ever retirement provider acquisitions. Clark has also held the roles of regional vice president of Client Relations and Business Development for Prudential, and vice president of Relationship Management at New York Life. His most recent position was with VOYA Financial. He earned his bachelor’s degree in marketing from the University of Scranton, and his master’s degree in management from Marywood University. He holds FINRA Series 6, 26, 63 licenses.

"Cafaro Greenleaf has built an outstanding reputation as a trusted guide for its clients with an enduring focus on helping plan sponsors create and administer plans that prepare their participants to reach their retirement goals,” Clark says. “I'm honored to join an organization that has long been among the most highly regarded firms in the industry."

Founded in 1981, Cafaro Greenleaf is a boutique firm comprised of professional retirement plan advisers and consultants servicing corporate, public, and institutional clients.

NEXT:Envestnet Retirement Solutions Appoints New Chief Marketing Officer

Envestnet Retirement Solutions Appoints New Chief Marketing Officer

Envestnet Retirement Solutions (ERS) has appointed Kelly Michel as its new chief marketing Oofficer. She will be tasked with leading the firm’s strategic marketing initiatives while working closely with sales, client management, and product development teams throughout the company.

"Kelly will harness the expertise she gained from working with advisers at recordkeepers and broker-dealers to help us communicate the benefits of our innovative technology and fiduciary solutions to the retirement marketplace," says Babu Sivadasan, group president of ERS. "We look forward to collaborating with her on initiatives to help more service providers and retirement plan advisers understand how our technology can contribute to better outcomes for all plan stakeholders."  

Michel brings with her 25 years of experience in the retirement services industry. Prior to joining ERS, she served as executive vice president of Sales and Marketing for Newport Group, and senior vice president and head of Retirement Consulting Services for AIG Advisor Group. She was also Transamerica senior vice president of Institutional Business Development in addition to several other roles with the company. Michel began her retirement services career at Empower, where she spent eight years.

She also holds the Accredited Investment Fiduciary (AIF) designation from the Center for Fiduciary Studies.

"All areas of the retirement services industry are grappling with compliance challenges due to the new fiduciary standards," says Michel. "In today's rapidly evolving marketplace, ERS's holistic approach to connecting advisers and recordkeeping service providers enables these parties to deliver transparency, fiduciary support, and improved overall results for plan sponsors and participants." 

NEXT: LGIMA Expands U.S. Index Team 

LGIMA Expands U.S. Index Team

Legal & General Investment Management America (LGIMA), a registered investment adviser (RIA), has appointed Michael O’Connor to the position of senior portfolio manager for the US Index team. He will be responsible for managing global equity and fixed income index portfolios for the team, which currently manages $70 billion in index strategies, the firm reports.

With more than 17 years of experience in the industry, O’Connor has served various roles including several that allowed him to manage global index portfolios. Prior to joining LGIMA, he was head of the international equity index portfolio management team at Northern Trust Asset Management in Chicago.

“Michael brings immense talent and experience to LGIMA,” says Head of US Index Funds Shaun Murphy. “The depth and breadth of Michael’s experience across the investment spectrum will be invaluable to further supporting our clients and driving our truly differentiated index offering forward.”

LGIMA is a Chicago-based RIA specializing in active fixed income, liability driven investment (LDI), and index strategies for the U.S. institutional market. It currently has $134 billion in assets under management (AUM), the firm says.