At the end of June, Pensionmark selected a new CIO, DCALTA appointed new members to its board of directors, and Bank of America named its new Omaha branch president.
Pensionmark brings in new CIO
Pensionmark has added Nate Garrison as the firm’s new chief investment officer. In this role, Garrison will lead all investment strategy, research and communication activities for all Pensionmark financial services companies.
Garrison comes to Pensionmark from Cambridge Investment Research where he was most recently the assistant vice president of Advisory Solutions. While there, he served as a business and investments leader for the firm’s flagship WealthPort advisory platform and model portfolio program, developed portfolio strategies for Cambridge’s Private Client Solutions Group and built Cambridge’s manager research system and socially responsible investing platform. Prior to Cambridge, Garrison was on a wealth management team at Credit Suisse Private Bank in Washington, D.C., and before that he was at Steben & Company in Rockville, Maryland.
“We were seeking someone qualified to combine their expertise with the firm’s foundation developed over the past 30 years to catapult the Pensionmark brand and Nate can do exactly that,” said Troy Hammond, CEO of Pensionmark. “We are excited to have him join the team and look forward to his strategic leadership as we drive growth in both the retirement and individual wealth businesses.”
“Joining Pensionmark is extremely exciting at this point in my career given where the firm is headed in terms of growth,” said Garrison. “Building out the analyst team and innovating new service offerings for our clients will no doubt prove to be a rewarding challenge.”
Garrison is finishing a master’s degree in analytics from the Georgia Institute of Technology, and holds a master’s degree in applied economics from John Hopkins University and a bachelor’s degree in economics and history from the University of Virginia. He also holds designations for chartered financial analyst, chartered alternative investment analyst, financial risk manager and certificate in investment performance measurement, as well as FINRA Series 3, 7, 24, 63 and 66 registrations.
The DCALTA announces appointments to board of directors
DCALTA has appointed Drew Carrington from Franklin Templeton, James Hannigan from Apollo, and Avi Turetsky from Ares Management to its board of directors.
DCALTA founding board members, Gary Fencik from Adams Street Partners, Jeffrey Hall from Nuveen and Bob Long from StepStone Private Wealth, will be transitioning from the board. “Their exceptional contribution to DCALTA`s dramatic growth has been essential to our impact on the retirement industry,” said Jonathan Epstein, DCALTA president and founder.
“We are thrilled to welcome Drew, James and Avi to our board of directors. Their knowledge, skills, and experience will be invaluable as we navigate the opportunities and challenges ahead for expanding access to alternative investments in defined contribution retirement plans,” said Epstein.
Turetsky, partner and head of the Quantitative Research Group at Ares Management, said, “It has been an honor to be involved with DCALTA since 2020, and I am thrilled to be joining its board. DCALTA has made important progress in its initiatives that seek to provide retirees greater access to alternative investments. Ares has a long history of investing on behalf of public pension plans and other retirement funds that help provide secure futures for retirees, and we look forward to further expanding these efforts through our work with DCALTA.”
Hannigan, managing director at Apollo Global Management, said, “At Apollo, we believe that alternative assets, in their various forms, can provide excess returns and reduced volatility relative to their public market equivalents. Despite a long-term investment horizon, DC participants have historically had limited access to alternative assets. DCALTA has made great strides in advocating for change. I am excited to join the board and support their effort.”
Carrington, head of Institutional Defined Contribution at Franklin Templeton said, “I’m looking forward to serving on the DCALTA board and advancing this crucial topic of expanding access to alternative assets for participants in defined contribution plans. This is an initiative Franklin Templeton supports from the top down that our CEO, Jenny Johnson, refers to as “Democratizing Alternatives.” Our clients deserve the broadest range of investment choice, and expanding into alternatives helps to provide all clients with access to performance and return drivers that differ from more traditional investments. It is long past time that U.S. DC plans follow the lead of other institutional investors (and other DC systems outside the U.S.) in incorporating a full range of investment tools in professionally managed solutions for DC plan participants. DCALTA is uniquely positioned to push the industry forward on this topic.”
Bank of America appoints Omaha president
Bank of America has named Craig Korkow president of Bank of America Omaha.
As president, Korkow will assume the responsibilities for connecting banking and investment resources offered through the bank’s eight lines of business to people and companies across the region.
Korkow will support Bank of America’s growth in Omaha as a new retail market, including opening five of eight planned new financial centers by 2025, beginning with two locations in 2023. The expansion in Omaha brings retail banking, lending and small business services to local clients, building on existing investing and personalized financial guidance from Merrill and the support it offers businesses through Business and Commercial Banking services. Bank of America currently serves 50,000 clients throughout Omaha who will now have more access to the company’s full array of financial services.
“Craig has established deep relationships with teammates, clients and the Omaha community for more than 20 years and personifies Bank of America’s commitment to stakeholder service,” said Brian Moynihan, Bank of America chairman and CEO. “He is well positioned to grow our presence in Omaha and deliver the full breadth of Bank of America’s capabilities to help our local clients improve their financial lives.”
In addition to his responsibilities as president of Omaha, Korkow serves as resident director for Merrill Wealth Management, working with clients to design and implement detailed retirement plans. He joined the company in 2000 after graduating summa cum laude from South Dakota State University. Korkow began his career in the U.S. Army, achieving the rank of Captain before joining Merrill.
Korkow demonstrates a strong commitment to the Omaha community and is passionate about helping young people achieve their goals through his work with the Rough N’ Ready Challenge Rodeo program for children with special needs and the Omaha River City Rodeo focused on youth in rodeo. He also volunteers regularly with the United Way of the Midlands and serves as a mentor to teammates. In his role as president, Korkow will lead the 70 employees in Omaha who are actively engaged in supporting their local community.
The retail entrance into Omaha will serve as part of the bank’s recently announced plans to expand in nine markets, including Milwaukee, Wisconsin; Louisville, Kentucky; Birmingham, Alabama; New Orleans, Louisiana; Madison, Wisconsin; Boise, Idaho; Dayton, Ohio; and Huntsville, Alabama.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
