Retirement Industry People Moves

Acadian appoints leader of global client group; Empower adds CIO for IT leadership; TRA acquires retirement consulting and administration firms; and more.

Art by Subin Yang

Acadian Appoints Leader of Global Client Group

Acadian Asset Management LLC has appointed Kelly Young to executive vice president and chief marketing officer (CMO). As part of the newly created CMO role, Young will lead the Global Client Group, overseeing all business development, client, and consultant relations teams across North America, Europe, Asia and Australia.

In addition to the CMO role, Young will join Acadian’s Executive Management Team, taking an active role in business and leadership decisions. She will continue to serve on the executive committee.

As part of this strategic Client Group structure, Young will be responsible for enhanced coordination among affiliated global offices in order to support international growth and continue building innovative partnerships and delivering exceptional client service. Young will now be based at Acadian’s Boston headquarters.

“We are thrilled to announce Kelly’s appointment to CMO,” says Ross Dowd, co-chief executive officer at Acadian. “Kelly’s experience in managing international teams provides her a keen sense of the evolving and unique needs of global clients. I’m confident that under her leadership, Acadian’s Global Client Group will meet and exceed the expectations of our growing client base.”

To more adeptly address this expansion, the Global Client Group has also appointed dedicated regional heads for Europe and Asia. Andrew Hair, previously CEO of Acadian Australia, will assume the role of head of Asia PacificIan Shea, former director of Middle East Sales, will assume the role of senior vice president, director, EMEA.

Young says, “We have already built an extremely strong team globally, and with a new strategic structure in place that emphasizes cohesion while considering the distinct needs and nuances of clients in different global markets, we will not only be able to build on our success but further emphasize the value we place on partnership with our clients spanning the globe.”

Young joined the London-based Acadian Client team in 2009 as a relationship manager providing marketing and client service to clients and prospects in the region. In 2012, Young became managing director of Acadian UK, and in 2017 was made director, International Client Group, leading all non-U.S. offices. She joined the Executive Committee in 2018.

Empower Adds CIO for IT Leadership

Empower Retirement has appointed Carol Kline as chief information officer (CIO).

She will provide information technology (IT) leadership and direction for all Empower business units and lead the team that will deliver technology solutions. 

Kline will be responsible for defining and delivering the IT strategy and capabilities across the Empower enterprise and will be a key contributor to Empower’s business-to-business and business-to-consumer engagement strategies, which have a strong emphasis on digital innovation. She will lead technology delivery across the organization through data analytics, business intelligence, application development and support, infrastructure, security and technical services.

Kline, who will lead a team of 850, will report to Empower President and CEO Edmund F. Murphy, III. The appointment is effective October 14.

“Carol has a demonstrated track record of leading forward-thinking technology strategies. She knows how to collaborate with business leaders and has the ability to apply technological change to improve business processes and performance.  I look forward to welcoming her to Empower,” says Murphy.

Kline comes to Empower from business process services provider Conduent, where she served as CIO and was responsible for the company’s technology strategy, including delivery for all products, client platforms and internal information technology.

Kline also has held the position of executive vice president and CIO for Teletech and held executive and senior leadership positions at EchoStar, America Online and Qwest. She brings more than 30 years’ experience in planning and executing technology strategies, improving customer experiences, and working with leaders across all business lines.

She holds an undergraduate degree from Ohio Northern University and a master’s from Case Western Reserve University in Ohio.

Kline will work from Empower headquarters at Greenwood Village, Colorado.

TRA Acquires Retirement Consulting and Administration Firms

The Retirement Advantage, Inc. (TRA) has acquired two retirement plan consulting and administration firms: Benefit Strategies, Inc. of Roanoke, Virginia (BSI) and Scholz & Friends Enlightened Retirement Group, Inc. (S&F) of San Antonio, Texas.

“BSI and S&F are two strategic acquisitions for us. Both firms will allow us to further expand TRA’s consulting capabilities and extend our national footprint,” says Matt Schoneman, president of TRA. “We are very excited to have the knowledgeable and experienced staff members of each company join our firm. With the addition of the staff and our continued investment in technology, cybersecurity, automation, sales, and service capabilities, we will further enhance the already excellent customer service experience we provide to our clients and recordkeeping and financial partners.”

“The timing and locations of these opportunities couldn’t have been more ideal,” comments Jeff Schreiber, TRA’s director of Sales. “These are two well-respected retirement plan providers in two of our designated growth markets. TRA’s business is providing service to retirement plans of all sizes, and we look forward to supporting our newest clients and helping their employees reach their retirement goals.”

Over the past eight months, TRA has acquired and successfully integrated Gillespie and Company of Virginia and Quality Pension Services, Inc. in Chico, California. “We are currently offering complimentary and confidential business assessments for TPA business owners who might be asking ‘Is it time to sell?’ Whether an acquisition proves to be a good fit or not, exploring the possibility is a great exercise to contemplate the future of a business. It never hurts to talk,” says Schoneman.

AIG Elects CEO of Institutional Investment Unit

American International Group, Inc. has elected John Panagakis as chief executive officer, First Principles Capital Management, LLC (FPCM), the unit of AIG Investments that serves institutional clients with expertise across the global fixed income securities and derivatives markets. He will be based in New York and report to Douglas Dachille, executive vice president and chief investment officer of AIG.

“John is a recognized leader in financial services and investments. He has an extensive track record in all aspects of asset management and distribution, along with significant operational and leadership experience,” says Dachille. “His proven expertise in the development and distribution of investment services for institutional investors and intermediaries will be an advantage for FPCM in the market.”

Panagakis joins FPCM from TIAA Nuveen, where he spent more than 30 years in a variety of asset management, operational and advisory leadership roles, most recently as executive vice president, head of International Advisory Services. While at TIAA Nuveen, he transformed the organization from a U.S.-focused asset manager to a global presence with international distribution, product and marketing offerings. During his tenure, he also held numerous other leadership roles that included executive vice president, head of Global Institutional Business Development; managing director, head of Institutional Distribution; and director, Northeast Region Institutional and Individual Services.

Schroders Announces Changes to North America Leadership Team

Schroders has made changes to its country leadership team with the announcement of its North America CEO.

Karl Dasher, currently CEO of North America and co-head of Fixed Income, will leave the firm at the end of the year. Marc Brookman, who joined Schroders earlier last year as deputy CEO of North America, will take over as CEO of North America. Philippe Lespinard, who has worked with Karl Dasher for the past 10 years on the fixed income investment platform, will continue as head of Fixed Income reporting to Charles Prideaux, global head of Investment.

Dasher will work with Brookman and Lespinard on the leadership transition throughout the remainder of this year and will be available as an adviser to the firm from January 2020. Brookman will report to Lieven Debruyne, global head of Distribution.