CAPTRUST adds $1.3 billion advisory firm
CAPTRUST Financial Advisors (CAPTRUST) has acquired The Normann Financial Group. Normann Financial is based in Sanford, North Carolina, and oversees more than $1.3 billion in assets.
Normann Financial works with a wide variety of clients, from business owners and retirees to nonprofits and corporate retirement plans. The team believes in the benefits of comprehensive financial planning, including retirement and estate planning, lending solutions, and education planning. The firm was founded in 2015 by Kel Normann, who still leads the firm today. Nine additional colleagues will join CAPTRUST.
“As a longtime admirer of CAPTRUST, we know joining forces is the right move for the growth of our firm,” said Normann. “Our team looks forward to expanding in North Carolina and adding to the services available to our clients, from marketing to technology advances.”
“CAPTRUST has had a longstanding relationship with the folks at Normann Financial Group, and our values align—from the way we serve our clients to community involvement,” said Rush Benton, CAPTRUST’s senior director of Strategic Growth.
This deal expands CAPTRUST’s footprint across North Carolina, with nearby Raleigh headquarters and existing offices in Charlotte, Greensboro, and Wilmington. North Carolina has the largest CAPTRUST presence in the country, with more than 520 employees.
The addition of Normann Financial is CAPTRUST’s eighth deal announced in 2023 and the 71st since 2006. Consistent with other transactions, Normann Financial will take on the CAPTRUST brand.
IRI announces board of directors
The Insured Retirement Institute (IRI) announced election results for its Board of Directors.
IRI welcomed a new member to its board, Sean Baker, director, head of Retirement Insurance within BlackRock’s Retirement Group. Baker leads a team that is responsible for driving BlackRock’s strategy with life and annuity insurance companies across sub-advised and index-based crediting solutions. Additionally, he is also charged with developing and maintaining relationships with insurance companies, serving as a thought leader on industry trends, and being a consultative partner to clients.
Additionally, the following members have been re-elected to new three-year terms.
- Jacob Armstrong, senior vice president, head of Insurance Strategic Distribution, Franklin Templeton Distributors
- Graham Day, president, Eagle Life Insurance Company (for American Equity Investment Life Insurance Co.)
- Marci Green, managing director, head of Retail Insurance, Goldman Sachs Asset Management
- Eric Henderson, president, Nationwide Annuity, Nationwide Financial
- Robert Jameison, senior vice president, head of Institutional Insurance and DCIO Relationship Management, Fidelity Institutional Asset Management
- John Kennedy, executive vice president, chief distribution and brand officer, Lincoln Financial Group
- Kevin Kennedy, senior vice president, sales and chief marketing officer, Retirement Solutions Division, Pacific Life Insurance Company
- Melissa Kivett, executive vice president, Corporate Retirement Solutions and Business Development, TIAA
- Wesley Severin, executive vice president, Retirement Division, Symetra Financial
- Michael Sturm, managing director, Annuity Product Executive, Bank of America
- Dylan Tyson, president, Prudential Retirement Strategies, Prudential Financial
“I want to welcome Sean Baker from Blackrock as the newest member of the IRI Board of Directors,” said Wayne Chopus, president and CEO of IRI. “I look forward to his contributions.”
He continued, “Our Board is a deeply motivated and highly-engaged group of industry leaders who are laser-focused on championing retirement security for workers and retirees and to improving our industry. I’m incredibly grateful for their ongoing commitment and contributions to guide our organization.”
T. Rowe Price names independent director
T. Rowe Price Group, Inc. announced today that its board of directors has elected Bill Donnelly as an independent director of the company.
Donnelly was the executive vice president responsible for Finance, Investor Relations, Supply Chain and Information Technology for Mettler-Toledo International Inc. when he retired in 2018 after more than 20 years. Donnelly previously served as chief financial officer of Elsag Bailey Process Automation, NV and prior to that was an auditor with PricewaterhouseCoopers LLP.
Donnelly earned a bachelor’s degree in business administration from John Carroll University.
Donnelly currently serves as lead independent director for Ingersoll Rand, Inc. and is also a member of the board of directors of Quanterix Corporation.
John Hancock expands ETFs
John Hancock Investment Management, a company of Manulife Investment Management, has launched two exchange-traded funds (ETFs) to expand its ETF lineup and to bring additional income and capital appreciation opportunities to investors.
The firm’s ETF suite now totals 12 funds with over $5 billion in assets under management as of September 30, including preferred income, mortgage-back securities, corporate bond, municipal bond, U.S. and international equity portfolios.
“John Hancock Investment Management has a lengthy track record of providing access to a variety of managers and investment strategies that bring opportunities for a well-diversified portfolio to investors,” said Kristie Feinberg, head of U.S. and Europe, Manulife Investment Management, and president and chief executive officer, John Hancock Investment Management. “We are excited to launch two new actively managed ETFs for those investors who may be seeking these municipal bond and equity strategies in an ETF wrapper.”
New ETFs
John Hancock Dynamic Municipal Bond ETF (NYSE Arca: JHMU) is the firm’s first municipal bond ETF. JHMU is managed by Adam A. Weigold, CFA, senior managing director, senior portfolio manager, and head of the Municipal Fixed Income Team, and Dennis DiCicco, portfolio manager at Manulife Investment Management. JHMU seeks a high level of interest income exempt from federal income tax. The Municipal Team manages more than $1.5 billion in assets as of September 30.
John Hancock Fundamental All Cap Core ETF (NYSE Arca: JHAC) is the firm’s first active semi-transparent ETF. It seeks long-term capital appreciation and is managed by Emory W. (Sandy) Sanders, Jr., CFA, senior managing director and senior portfolio manager and co-lead of the U.S. Core Value Equity Team, and Jonathan T. White, CFA, managing director and co-lead of the U.S. Core Value Equity Team, at Manulife Investment Management. The U.S. Core Value Equity Team manages more than $23 billion in large-cap value, large-cap core, and all-cap core strategies as of September 30.
Sequoia introduces ultra-high net worth office
Sequoia Financial Group, LLC (Sequoia), a leading SEC-registered wealth manager with more than $15 billion in assets under management as of September 30, has launched Sequoia Sentinel, a boutique family office within the firm that is dedicated to supporting the unique needs of ultra-high net worth individuals and families.
Akron, Ohio-based Sequoia was established in 1991 to provide asset management and wealth planning services across the wealth continuum—from individuals to family offices—with locations throughout the United States.
Sequoia Sentinel clients typically have a minimum account size of $20 million. Sequoia Financial Group offers services to clients across the wealth continuum, including several specialized resource groups. It created Sequoia Sentinel to offer an array of tailored services, including asset management, tax management, wealth transfer, asset transactions, and charitable planning to meet the challenges inherent to generational wealth.
Sequoia Sentinel is overseen by Annie McCauley, executive vice president and chief client experience officer of Sequoia. Sequoia Sentinel represents about 55% of the firm’s assets under management (AUM).
“This is a significant milestone in our firm’s 32-year history,” said Tom Haught, founder and CEO. “Sequoia Sentinel’s team leverages the depth and breadth of Sequoia’s capabilities and resources to provide a custom and multi-generational client experience for each of our qualified clients.”
In conjunction with the new Sequoia Sentinel brand, Sequoia Financial Group unveiled a new website and refreshed its logo and mark.
SEE ALSO:
- Corporate Roundup: NAGDCA, Savvy Advisors Hires, JULY Earns Certification
- Corporate Roundup: MetLife Collabs with Nayya, Sequoia Acquisition
- Corporate Roundup: NFP Acquires Divergent, T. Rowe Price Names CTO
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.