Venerable investment firm First Eagle Investment Management has formed a division specifically dedicated to the 401(k) retirement space.
The New York-based company announced Thursday that its new “Retirement Investment Solutions” group will be run by new hire Michael Rosenberg.
“Working closely with First Eagle’s retail and institutional distribution teams, the new group will partner with financial advisors, investment consultants and retirement plan record keepers to deliver investment solutions to plan sponsors, plan participants and individual retirement savers,” according to the firm.
“One of the biggest social problems of our time is the shortfall in retirement savings for average Americans,” said Mehdi Mahmud, CEO and president of First Eagle Investment Management. “First Eagle intends to be a part of the solution to the challenges they face. Our investment strategies already help to serve the needs of savers in various stages of their financial life-cycle, from accumulation to distribution.
The creation of its Retirement Investment Solutions group, he adds, will enable it to complement investment offerings with specialized services and education for retirement savers and their financial advisors, consultants, employer-sponsored retirement plans, record keepers, and third-party administrators.
First Eagle is an independent investment management firm that manages approximately $98 billion in assets on behalf of institutional and individual clients.
Rosenberg joins First Eagle from Prudential Investments, a unit of Prudential Financial and Prudential Investment Management Services Co., where he was executive VP and director of IODC (investment-only defined contribution).
In that role, Rosenberg was in charge of Prudential Investment’s distribution strategy and sales to plan sponsors, consultants, intermediaries and retirement platforms.
Prior to joining Prudential in 2007, Rosenberg spent nine years with Goldman Sachs Asset Management, where he was director of retirement services. He also spent 11 years marketing retirement plan services at ABN AMRO.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
