Retirement Industry People Moves

Nova 401(k) Associates names new attorney and consultant; Lockton Pacific adds employee benefits VP and producer; and CC Capital and Motive acquire Wilshire Associates.

Art by Subin Yang

Art by Subin Yang

Nova 401(k) Associates Names New Attorney and Consultant

Nova 401(k) Associates has announced that Craig Hoffman has joined the firm as an attorney/consultant.

Hoffman will be using his decades of experience to assist with interpreting and implementing new legislative and regulatory guidance and will assist in Nova’s development of its pooled employer plan (PEP) service offering. In addition, he will assist with special projects and corrections work, which is an ever-growing part of the Nova service offering.

“Craig’s thought leadership and selfless dedication to this industry is respected by everyone in the business. Craig’s hire is making a big statement about Nova’s true commitment to the importance of staying ahead of the curve in an ever-changing, fast evolving technical environment,” says Russell Hooker, national sales director at Nova.

Hoffman brings with him over 35 years of experience and is recognized as a national expert in the tax-qualified plan world. He also regularly speaks at national conferences on a wide range of Employee Retirement Income Security Act (ERISA) topics. Hoffman has also established himself as a liaison between the private sector practitioners and government regulators.

“Adding Craig’s experience and expertise to the Nova team as we work to develop PEP solutions is a tremendous advantage. He will also be instrumental in keeping our staff up to date on regulative and legislative changes,” says Karen Smith, president of Nova

Lockton Pacific Adds Employee Benefits VP and Producer

Risk management and employee benefits consultant Jason Del Grande has joined Lockton Pacific in the San Francisco Bay area as a vice president and producer.

Del Grande will be working with employers seeking best-in-class health care benefits in order to improve workforce wellness, retain and compete for talent, and manage their bottom line more effectively.

“Middle market employers continue to grapple with limited access to claims data and analytics, leaving them paying higher premiums with no transparency in their benefits plans,” says Del Grande. “Regardless of their size, we are able to provide claims transparency through our deep relationships with select carriers and through alternatives to the traditional market, then develop disease management and wellness strategies to help employers mitigate high claims and curb escalating health plan costs.

Del Grande has 15 years of leadership in the employee benefits and commercial insurance industry, and he specializes in alternative funding strategies and captives, as well as total rewards consulting and wellness program development.

“Jason’s energy and creativity will be a tremendous asset to us as we continue to build our presence and deepen our bench in the region,” says Phil Pierce, chief operating officer (COO) of Lockton Pacific North. “We are thrilled that a professional of Jason’s caliber who shares our core values, integrity and passion for client service is joining our team. Through his leadership and established relationships, he will fuel our business and shore up our long-term success in the region.”

Del Grande received a bachelor’s degree in business administration from University of Southern California (USC) where he recently served on the board of the USC Marshall Alumni Association.

CC Capital and Motive Acquire Wilshire Associates

Private investment firm CC Capital and Motive Partners, a specialist private equity firm focused on growth and buyout investments in technology-enabled financial services companies, have announced an agreement to acquire Wilshire Associates, a global investment technology and advisory company.

Since its founding by Dennis Tito in 1972, Wilshire has grown from an investment technology firm into a leading global advisory company specializing in investment products, consulting services and technology solutions. Headquartered in Santa Monica, California, the company serves a deep blue-chip client base of asset owners, including corporate and public pension plans, in addition to financial institutions and intermediaries. In 1974, the company established the Wilshire 5000 index, a definitive benchmark for the broad U.S. stock market. Wilshire also established the Wilshire Trust Universe Comparison Service in 1976, a peer-universe service for actively managed U.S. institutional plan assets, representing approximately $3.6 trillion in assets under management (AUM).

“The foundations Wilshire has built over the last five decades provide a highly compelling opportunity from which to accelerate growth for its clients and the firm,” says Chinh Chu, senior managing director of CC Capital.

Rob Heyvaert, managing partner of Motive Partners comments, “We are delighted to be partnering with CC Capital again, combining our teams’ deep knowledge of the sector to execute our transformation plan, benefitting Wilshire’s exceptional client base and future clients.”

With Wilshire’s brand and product capabilities, CC Capital and Motive expect to capitalize on the company’s potential to transform and benefit its clients through enhanced technology, data and analytics capabilities, investment solutions and offerings, and partnerships and geographic presence.

Upon closing of the transaction, Dennis Tito will step down from his roles as chief executive officer and chairman, and John Hindman will also step down from his roles as president and vice chairman. Jason Schwarz will continue to lead the investment and portfolio analytics activities as president and chief operating officer (COO). The transaction, which is subject to customary closing conditions, including required approvals, is expected to close by the end of 2020.