MFS welcomes new CEO
MFS Investment Management (MFS) has appointed Edward M. Maloney as chief executive officer, effective January 1, 2025. He will succeed Michael Roberge, who will assume the role of executive chair.
Reporting to Roberge, Maloney will be responsible for the strategic direction and vision of MFS, leading a team of investment, distribution, finance, human resources, legal and technology functions at the firm.
“Having worked with Ted for nearly two decades, I have seen firsthand the profound impact that his leadership has had on the firm and our clients worldwide and know he is the best person to lead MFS forward,” said Roberge. “His appointment is the culmination of many years of leadership planning and is consistent with MFS’ long-term approach to executive transitions.”
Maloney joined MFS in 2005 as an equity research analyst and the following year took on portfolio management responsibilities as a global sector leader. He was named director of US equity research in 2011 and a co-manager of diversified portfolios in 2012. In 2016, he assumed the role of global director of research, and in 2019, chief investment officer, a position he will continue to hold at this time. In addition, he has established a strong leadership team of co-CIOs across equity and fixed income disciplines, mentored investment colleagues and played a key role in driving greater diversity and inclusion across the investment division.
“As MFS approaches its centennial anniversary in 2024, I cannot help but think about the next century ahead. While there is no telling exactly what will come, I am certain that Ted and future generations of MFS leaders will continue to serve with purpose and conviction to create value responsibly on behalf of our clients,” added Roberge.
Edelman acquires New England-based pension plan
Edelman Financial Engines (EFE) announced its acquisition of New England Pension Plan Systems (NEPPS), a national, full-service retirement-plan consulting firm offering advisory and consulting services to employee benefit plans and to the participants of such plans, and its affiliate New England Investment Consultants (NEIC), a registered investment advisor (RIA).
Headquartered in Providence, Rhode Island, NEPPS and NEIC are a New England-focused wealth and retirement planning firm and manage approximately $1.5 billion for more than 500 clients, providing personalized comprehensive financial planning and investment management to individuals, trusts, estates, and charitable organizations.
“The expertise and capabilities that NEPPS has in the retirement plan consulting space is a perfect complement to the broader platform we are building here at EFE,” said Suzanne van Staveren, executive vice president, chief financial officer, and chief operating officer at Edelman Financial Engines. “As we continue to grow both organically and through acquisitions, we are seeing more demand from small business owners seeking advice on managing their companies’ retirement plans. The addition of NEPPS adds to the strong existing foundation we have in providing the workplace with personalized retirement advice at scale.”
This is EFE’s largest acquisition based on assets under management (AUM) since the firm began executing its current M&A strategy in 2021.
“We are honored and excited to be joining EFE, the top RIA in the country,” said Sergio DeCurtis, CEO of NEPPS. “Like EFE, we promote the same client-first focus for our retirement plan clients and our individual wealth planning clients. Our shared approach to client service, education, financial planning and investment management makes this a great fit. We look forward to partnering with the EFE to drive growth and enhance services to both of our client bases.”
This transaction follows EFE’s acquisitions of PRW Wealth Management (2023), Align Wealth Management (2023), Erman Retirement Advisory (2022), Herrmann & Cooke, Smart Investor, and Viridian Advisors.
Baker & McKenzie LLP and K&L Gates LLP served as EFE’s counsel in connection with the transaction. Kupfer & Associates served as NEPPS’ counsel.
Natixis brings in CEO
Natixis and Groupe BPCE announced the appointment of Phillipe Setbon as CEO of Natixis Investment Managers.
Setbon will be in charge of Asset & Wealth Management, and will also serve as member of the Senior Management Committee of Groupe BPCE’s global businesses and member of the BPCE Executive Committee. He succeeds Tim Ryan in the role.
Philippe Setbon began his career in 1990 as a financial analyst with Barclays Bank in Paris, before working for Groupe Azur-GMF for 10 years as head of Asset Management.
He then joined Generali Group in 2004 where he held roles including CEO of Generali Investments France, CEO of Generali Investments Europe Sgr and Chief Investment Officer for the whole of the Generali Group.
He joined Groupama in 2013 as CEO of Groupama Asset Management. He has been CEO of Ostrum Asset Management since 2019.
Philippe Setbon was elected president of the French Asset Management Association (AFG) in June 2022. He holds a Master and a Post-Graduate Diploma (DESS) in Finance from Paris-Dauphine University and is a graduate of the French Society of Financial Analysts (SFAF).
Groupe BPCE is the second-largest banking group in France, with Natixis Investment Managers working as part of its financial group.
Transamerica to serve as recordkeeper for Gallagher 401(k) solution
Transamerica announced it was selected as the recordkeeper for Gallagher ‘s new 401(k) Choice Pooled Solutions.
Through a single contract, an employer can select either the Gallagher 401(k) Group Retirement Plans or the Gallagher 401(k) Choice Pooled Employer Plan. This move offers small and large employers the choice to join the group retirement plans or a pooled employer plan.
Gallagher’s new 401(k) Choice Pooled Solutionsprovides:
- Recordkeeping services through Transamerica Retirement Solutions
- 3(38) investing fiduciary services through Gallagher Fiduciary Advisors, LLC
- 3(16) plan administration fiduciary services through TAG Resources, a Transamerica company
- Distribution through Gallagher’s Retirement Plan Advisors.
Phil Eckman, Transamerica’s president of Workplace Solutions, said, “We are proud to collaborate with Gallagher. Our shared goal is to simplify retirement plan administration so that small and large organizations can focus on their core business and help employees prepare for retirement.”
John Jurik, Gallagher’s U.S. Retirement Plan Consulting national practice leader, said, “The SECURE Act removed many of the barriers to pooled employer plans and paved the way for greater access for small employers. Collaborating with Transamerica, a pooled plan pioneer for over 20 years, will allow us to help plan sponsors balance the need to reduce costs with the desire to provide a competitive retirement benefit that attracts and retains employees.”
Savvy hires latest wealth manager
Savvy Advisors Inc. (Savvy), a registered investment advisor (RIA) affiliated with Savvy Wealth Inc., today announced that Jacob DuBose has been appointed as its newest principal wealth manager.
DuBose is the seventh financial advisor to join Savvy in the second half of 2023.
DuBose joins Savvy after departing Empower (previously Personal Capital), where he led a team that managed more than $425 million in assets for nearly 300 high-net-worth (HNW) individuals and families, business owners and trusts. During his six years at Empower, he was a senior financial advisor on the private client services team. As a principal wealth manager at Savvy, the Denver-based DuBose will serve affluent and HNW clients.
“As I considered the next phase of my career, it was important for me to continue to pursue my passion for managing the wealth of individuals and families,” said DuBose. “Savvy offered everything I was looking for. I wanted to go independent in a smart way, by selecting a firm with a comprehensive infrastructure to support growth. Savvy gives me the flexibility to provide financial advice my way, while serving clients’ unique needs.”
Prior to Empower, DuBose spent nearly 10 years as a senior financial consultant at TIAA-CREF where he specialized in financial planning, while earning his CFP certification in 2019. At Savvy, DuBose will have access to an all-in-one platform that allows him to leverage his deep financial planning background to provide customized advice. Savvy Wealth’s AI-powered platform brings daily workflows into an intuitive, user-friendly dashboard, in addition to automating and streamlining processes like new account onboarding, client portfolio recommendations, ongoing financial planning and personalized communications across multiple marketing channels. Savvy’s advisors also have access to Savvy Wealth’s proprietary direct indexing solution that enables the delivery of tax-efficient, values-aligned portfolios.
DuBose’s hiring at Savvy closely follows the addition of John Khoury and Maya Joelson as principal wealth managers, along with advisors Michael Most, Frank Remund, Erich Yost, and Ryan Bond.
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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.