Until then, both brands—owned by parent Aegon—continue to exist, said Stig Nybo, president of pension sales and distribution at Transamerica Retirement Solutions.
Speaking to PLANADVISER, Nybo said both brands will move under the Transamerica Retirement Solutions umbrella, run by Peter Kunkel, who reports into Kent Callahan, President and CEO of Employer Solutions and Pensions a division of Transamerica. The newly-formed Transamerica Retirement Solutions Group is divided into four areas: operations, distribution, investments and retirement.
In late August, there were some changes to the companies’ reporting structure, though the companies are still employing the “same talented people on board as we’ve historically had,” Nybo said.
In his new role, Nybo reports to Kunkel. Reporting to Nybo are Jason Crane, senior vice president and head of sales at Transamerica Retirement Services, and Joe Masterson, SVP and head of sales at Diversified. Also reporting to Nybo is Todd Lacey, senior vice president of strategic distribution at Transamerica, is running business development. Peggy Santhouse, vice president and head of national distribution and business development at Diversified, reports to Lacey.
Although some executives have new bosses, Nybo made it clear that there were no changes to the company’s service delivery model based on the reorganization.
The decision to put the brands under common management is a “logical move,” Nybo said, explaining it allows the companies to leverage and pool their resources across complementary business units. Transamerica has a small-market focus, and Diversified has a mid- to large-market focus.
This movement toward one brand began approximately one year ago, Nybo said, when the company combined the operations of Transamerica Retirement Services and Diversified. This occurred “methodically and seamlessly,” he noted.
The combined operations team, which has been in place for more than a year , is now known as the Institutional Service Center, run by Alice Hocking, who also reports to Kunkel. When asked about the timing, "it takes time to ensure that the transition is seamless," Nybo said, in order to properly execute for plan sponsors and distribution partners.
As to why the company will be branded under the Transamerica label, Nybo said Transamerica did some branding initiatives in the retail space in the past year and saw the Transamerica name become much better known. “We’ve never been more recognized,” he said.