In a surprise announcement, 401(k) managed portfolio provider CLS Investments said Ryan Beach has been named CEO, replacing Todd Clarke. Clarke will move into an executive sales role as head of the new national accounts team of NorthStar Financial Services Group, the firm’s holding compnay.
NorthStar Financial Services Group, which includes The Gemini Companies, Orion Advisor Services and CLS Investments, said Beach will assume the role of CEO effective immediately.
“These changes mark an exciting new time for NorthStar,” Clarke said in a statement. “We feel that we have the proven ability to accelerate each subsidiary’s growth by maintaining focus on product innovation and providing the best possible service to our clients. I’ve been at the helm of CLS for a long time – and I will continue to work with the amazing team we have assembled there– but as NorthStar collectively grows and our group of subsidiaries continues to integrate services, my new post will allow me to be more effective in servicing the entire NorthStar client base.”
As newly appointed CEO of CLS, Beach will now be responsible for leading the firm’s executive team.
“I’m looking forward to continuing to work closely with Todd to provide CLS asset management services to additional partners,” Beach added. “CLS is enjoying its strongest year to date in asset flows. With these exciting developments slated for CLS, our future is bright and I am eager to lead the team into this next chapter.”
NorthStar currently services $430 billion in assets. Located in Omaha, Neb., it has grown by approximately 61 percent in AUM and has added 133 employees collectively among its subsidiaries since January 2015. The company recently unveiled a new $6.3 million facility on its Omaha campus. The additional 43,000 square-foot space includes seating for 300-350 employees.
