This week, Endeavor Retirement announces new services with the creation of Endeavor Law, IRIC adds new members to its board of directors, AllianceBernstein launches a new fund on the New York Stock Exchange (NYSE), and more.
Endeavor Retirement announces new law group
Endeavor Retirement is now expanding to Endeavor Law.
The new law group was formed to support emerging and growing financial services firms, along with registered investment advisors (RIAs), against high costs associated with compliance, regulatory, and legal burdens.
“We are thrilled to offer a model where we make it our business to know your business,” said Founding Partner Sean Cooper. Partner Bonnie Treichel added, “We are proud to offer flat-fee solutions for many legal issues, including our fractional general counsel service, that would typically be hourly at many firms. We have found our clients appreciate the predictability offered by this structure over the more traditional hourly model.”
IRIC appoints industry leaders to board of directors
The Institutional Retirement Income Council (IRIC), a non-profit think tank for the retirement income planning community, has appointed Michael Kreps, Laura Schumann and Mark Shemtob to its board of directors.
“We are delighted to welcome Michael, Laura and Mark to our esteemed board of directors,” said Michelle Richter-Gordon, IRIC’s executive director. “They bring a wide range of relevant knowledge and experience in defined contribution retirement plans and we look forward to their many contributions to the Board and our members.”
Kreps is chair of Groom’s Retirement Services group and works with a variety of clients on retirement and health plan issues, and Schumannis vice president, product development & management at NRECA, where she is responsible for the development, evolution, and ongoing management of the employee benefits product portfolio that NRECA offers to its nationwide membership.
Mark Shemtob has provided actuarial and consulting services to employers over the last four decades with respect to all facets of both defined benefit and defined contribution retirement plans. Shemtob is a Fellow of the Society of Actuaries, an Enrolled Actuary under ERISA and a member of the American Academy of Actuaries, the Conference of Consulting Actuaries and the American Association of Actuaries and Pension Professionals. He is also a Certified Financial Planner specializing in helping retirees create retirement income strategies.
“IRIC wants to maintain its multi-faceted focus on all aspects of the complex challenge of providing retirement income through in-plan solutions. We are confident that the special skill sets possessed by our new Board members will significantly enhance our ability to continue to meet this objective,” said William Charyk, IRIC president.
John Hancock launches investment features for evolving financial needs
John Hancock Retirement has launched a dynamic investment feature available to new clients converting from an existing plan to better help their participants address more complex financial needs and prepare for retirement.
During plan conversion, participants usually are automatically invested in an age-appropriate target date fund (TDF) until they decide to manage their own investments or leave them in the default investment. With John Hancock Retirement’s dynamic retirement strategy, participants over an age set by the plan sponsor will be transitioned automatically from the TDF to the John Hancock Personalized Retirement Advice (Retirement Advice) managed account program, which uses Morningstar Investment Management LLC’s advice methodology.
“Managed account programs, such as Retirement Advice, are designed to provide customization and adapt to a participant’s evolving financial needs and goals,” said Wayne Park, CEO, John Hancock Retirement, in a statement. “Nearly 90 percent of our retirement plan participants recently said that professional management of their retirement investments and savings would positively impact them getting financially prepared for retirement.1 We’re pleased we can offer this solution for those who feel it will benefit their retirement readiness.”
AllianceBernstein launches active ETF on the NYSE
AllianceBernstein Holding L.P. and AllianceBernstein L.P. are launching its AB High Yield ETF (HYFI) as an active exchange-traded fund (ETF) on the NYSE.
“The AB High Yield ETF broadens our offerings for clients by ultimately supplying them with a flexible vehicle to weather various market conditions,” said Global Head of ETFs and Portfolio Solutions Noel Archard. “We remain focused on enhancing our ETF suite to meet our clients’ ever-evolving needs, and this launch unlocks a new opportunity to invest in additional income-generating products.”
The investment objective of HYFI is to seek to maximize total return consistent with prudent investment management. HYFI invests at least 80% of its net assets in US high-yield corporate bonds (fixed-income securities rated Ba1 or lower by Moody’s or BB+ or lower by S&P Global Ratings or Fitch Ratings, or comparable unrated securities) and related derivatives. It seeks to provide income by emphasizing three pillars: broad diversification, dynamic beta exposures, and AB’s quantitative and fundamental research.
Insight Investment hires client solutions group lead
Insight Investment has appointed Ciaran Carr as head of client solutions group – North America.
At Insight North America LLC (INA), Carr will lead the newly created client solutions group NA and joins from Legal & General Investment Management America (LGIMA) where he was most recently head of solutions strategy. The group will comprise Insight’s client relationship management, client service and solution design teams. Carr will report to Serkan Bektas, head of client solutions group, and David Leduc, chief executive officer, North America.
Carr’s appointment follows several recent hires made by Insight North America including Jeffrey Berman as head of distribution for North America, Daniel Haff as chief compliance officer, Moustapha Abounadi as head of U.S. business strategy, Karen Toll as senior portfolio manager for Investment Grade Credit and Adam Shakoor as portfolio manager for Strategic Credit.
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