Retirement Industry People Moves

Capital One acquires wealth management software company; Millennium Trust names first chief growth officer; Principal Global Investors hires CEO for Principal Funds; and more.

Art by Subin Yang

Capital One Acquires Wealth Management Software Company

Capital One has acquired United Income, a wealth management software company based in Washington, D.C. The deal closed on July 31.

United Income’s money management solution aims to extend the life and potential of money by utilizing new data and technology. The firm’s innovations include: the fusion of financial planning and investment management into a single platform; personalized reports that review the company’s impact on lowering customers’ taxes, increasing the value of retirement benefits and boosting investment returns; and the forecasting of potential future life events that impact wealth.

“This acquisition represents a unique opportunity to build cutting-edge wealth management capabilities that positively impact the lives of customers,” says Chris Newkirk, president of Small Business, International and Walmart at Capital One. “We’ve been impressed with United Income’s unique, technology-based approach to wealth management and the team’s execution.”

Millennium Trust Names First Chief Growth Officer

Millennium Trust Company, LLC (Millennium Trust) has added Erik Beck as its chief growth officer (CGO), a newly created role within the organization.

Beck, reporting directly to CEO Gary Anetsberger, will set client engagement and partnership strategy, define strategic growth plans and identify new business opportunities for the firm.

Prior to joining Millennium Trust, Beck was a managing director, member of the operating committee, and head of the investment management industry group at BNY Mellon. There he led a team responsible for business development and client engagement. In his 13 years at BNY Mellon, he held various other leadership positions responsible for technology projects and building partnerships with key clients. He holds a bachelor’s degree in finance from San Diego State University and serves on the Board of Trustees of the New York Foundling.

“Erik is a dynamic and visionary leader whose track record demonstrates his ability to build strong partnerships with clients, effectively manage teams, and drive results through critical thinking and innovative ideas,” says Gary Anetsberger, CEO. “As a growing business, we need to continue to transform and expand our retirement and institutional services, and Erik brings a fresh perspective to our organization.”   

Principal Global Investors Hires CEO for Principal Funds

Kamal Bhatia has joined Principal Global Investors as the new president and CEO of Principal Funds. Bhatia assumes responsibility for the global platform covering U.S. funds, European and Asian UCITS and global exchange-traded funds (ETFs). He will lead the strategic growth and management of the global platform supported by distribution, product, marketing and operations.

“As we continue to invest in and evolve our platform, Kamal brings significant asset management experience across multiple business platforms,” says Pat Halter, chief executive officer and president Principal Global Investors. “In addition to being a strong cultural fit, Kamal brings a seasoned understanding of evolving customer needs to help us take advantage of new opportunities to grow our global platform.” 

“Our goal is to meet our clients with a variety of capabilities that service their needs and exceed their expectations,” says Bhatia.

Bhatia comes to Principal from OC Private Capital, a joint venture between Oppenheimer Funds and Carlyle, where he served as CEO and chairman of the Board. Previously he has held senior management roles at OppenheimerFunds, TIAA-CREF Asset Management, Mellon Asset Management and Citigroup. He holds a master’s degree from Washington University in St. Louis and bachelor’s degree from Indian Institute of Technology in Kanpur.

SageView Advisory Adds Consultant to Phoenix Division

SageView Advisory Group has hired TJ Arcuri as a retirement plan consultant in Phoenix, Arizona.

Arcuri specializes in collaborating with retirement plan sponsors to offer programs in the defined contribution (DC), defined benefit (DB) and non-qualified plan space. Prior to joining SageView, he was a senior institutional relationship manager at Vanguard. 

Arcuri holds a bachelor’s degree in finance and minor in economics from the University of Delaware, and a master’s degree from Arizona State University with a dual emphasis in finance and international business. 

Lockton Selects Retirement Expert for Southeast Practice

Lockton’s Southeast Practice diversified its consulting services with the addition of retirement expert, Michael Blake, to its Florida-based team.

Blake, a 34-year industry veteran, holds a graduate degree from the George Washington University and several FINRA securities registrations, including the Series 63, 65, 7 and 24. He will advise retirement plan sponsors on plan design, administration, and fiduciary risk mitigation.

“Our clients expect sophisticated analytics that can help them manage their risk,” says Manoj Sharma, chief operating officer of Lockton’s southeast-based practice. “This includes a comprehensive analysis of their retirement plan. Michael’s expertise will help us provide an even more holistic perspective on client risk and deliver more complete recommendations.”

“Having a disciplined, defined process to oversee investments is one of the most important things retirement plan sponsors can do to protect themselves from fiduciary risk,” says Pam Popp, president of Lockton’s national retirement practice. “Michael will not only help clients monitor their funds, he will help them implement fiduciary best practices for overall plan governance, as well.”

Prudential Financial Announces Series of Hires and Promotions

Prudential Financial, Inc. has announced that Andrew Sullivan will succeed Stephen Pelletier as executive vice president and head of U.S. Businesses.

Sullivan will report to chairman and CEO Charles Lowrey, effective December 1. Pelletier will retire following a 27-year career with the company, in which he led Group Insurance and Prudential Annuities, and founded Prudential’s international asset management businesses, now PGIM Global Partners.

“Today’s appointments accelerate the momentum that the existing U.S. leadership team has created over the past several yearsAndy and his executive team will continue to bring a broader set of financial wellness solutions to more people in new ways,” says Lowrey. “Our conviction in this strategy, and the significant opportunity it represents for expanding our market reach, has never been stronger.”

The company also announced three new appointments, effective December 1, to its U.S. Businesses executive team: Phil Waldeck, current president of Prudential Retirement and pioneer of Prudential’s Pension Risk Transfer business, will succeed Andy Sullivan as head of the Workplace Solutions Group. Yanela Frias, current head of Investment and Pension Solutions within the Retirement business, will be elevated to president of Prudential Retirement. She will be succeeded by Scott Gaul, current senior vice president, Sales and Strategic Relationships, Prudential Retirement; and Dylan Tyson, current CEO of Prudential of Taiwan.

Kent Sluyter, current president of Prudential Annuities, will retire, following a 38-year career at Prudential, during which he has held various leadership positions, including president and CEO of Individual Life Insurance and Prudential Advisors.

Pelletier, former executive president, will remain in an advisory role until April 1, 2020.

UBS Head Selected to Lead Asset Management Team  

Following more than ten years in the Group Executive Board of UBS, Ulrich Koerner has decided to step down from his current roles as president, Asset Management and president, UBS Europe, Middle East and Africa.

Suni Harford will join the Group Executive Board of UBS and succeed Koerner as president of the Asset Management division.

Harford joined UBS in 2017 in her current role as head of Investments for UBS Asset Management. During her time at the company, she led Asset Management’s integrated Investments capabilities, driving performance for its clients. Harford joined UBS following a 24-year career at Citigroup Inc., the last nine of which she was the regional head of Markets for North America. She started her Wall Street career at Merrill Lynch & Co. in investment banking.