The retirement industry announced a series of partnerships, appointments, and additions to its teams as it came off the last long weekend of the summer. This week, the U.S. Retirement & Benefits Partners announced its acquisition of Pension Administrative Services, Mercer appointed its latest chief investment officer, Prudential elected an independent director to its Board of Directors, and more.
PASI joins U.S. Retirement & Benefits Partners
U.S. Retirement & Benefits Partners (USRBP) has announced the acquisition of PASI (Pension Administrative Services Inc.), based in Farmington, Connecticut.
PASI Principals David Wetsman, J.D., and Ron Fishman, QKA, will assume the roles of managing partner and will continue to lead the business along with the other principals and staff.
Wetsman and Fishman stated, “We believe that the collaboration with the USRBP team, along with their extensive resources, shared values and vision will allow us to expand our hands-on service model to our clients.” They further added that “the partnership will provide opportunities for our team to deepen the interaction with advisors, recordkeepers and other referral sources. This is an exciting step forward for our continued growth and success.”
Patrick Hale, managing partner of The Retirement Plan Company (TRPC), a USRBP partner firm, said, “The addition of PASI is a terrific strategic fit for USRBP to further expand our retirement plan TPA services into the Northeast.”
“We’re excited to welcome the PASI team to USRBP. This partnership gives us the opportunity to establish a USRBP footprint in the New England area, while supporting the terrific momentum that PASI has. We look forward to growing together,” said Megan Schneider, USRBP CEO.
Mercer appoints CIO
Mercer has appointed Olaolu Aganga as partner, U.S. chief investment officer (CIO).
Aganga will report to Hooman Kaveh, global chief investment officer, and join the leadership team for Mercer’s U.S. outsourced chief investment officer (OCIO) practice.
Based in New York, Aganga will lead the U.S. OCIO investment team to implement and deliver all aspects of Mercer’s OCIO investment processes, including strategic and dynamic asset allocation, fund manager selection, as well as risk management across Mercer’s U.S. OCIO client base, ranging from endowments and foundations to defined benefit (DB) and defined contribution (DC) retirement plans, wealth managers, and insurance companies.
“I am proud to join Mercer, a firm I’ve long admired for its agility and track record for helping clients deliver impressive investment results,” said Aganga. “I’m joining a strong, global team of investment professionals and look forward to working alongside them to continue to deliver bespoke investment solutions and drive better investment outcomes for our clients.”
Aganga was most recently a managing director within BlackRock’s U.S. OCIO business. Prior to BlackRock, she advised institutional clients on a variety of investment solutions for Goldman Sachs. Aganga earned a degree in Mathematics from Smith College and a master’s degree and a Certificate in Public Management from Stanford University Graduate School of Business.
Prudential Financial elects independent director
Prudential Financial, Inc. has elected Kathleen Murphy to the Board of Directors as an independent director, effective September 11.
Murphy brings to Prudential her extensive experience in the financial services and wealth management sectors, most notably at Fidelity Investments, where she recently retired, says Prudential. She was president of Fidelity’s Personal Investing business from 2009 to 2021. During this time, she led the strategic expansion of the business, resulting in growth in client assets from $850 billion to $4.4 trillion, as well as its digital transformation.
Murphy also led Fidelity’s life insurance and annuities business, workplace savings business for tax-exempt organizations and firm-wide brand, advertising, artificial intelligence and digital design programs. She served as a senior adviser to the CEO before fully retiring.
“Kathleen is a seasoned business leader with an extensive track record for driving growth and building new business capabilities. Her experience and perspective will be invaluable in guiding Prudential to become a global leader in expanding access to investing, insurance, and retirement,” said Gil Casellas, director and chair of the board’s Corporate Governance and Business Ethics Committee. “We are excited to welcome Kathleen to the Prudential board and look forward to working closely with her.”
Prior to joining Fidelity, Murphy was CEO of ING U.S. Wealth Management, leading its defined contribution, defined benefit, retirement solutions, annuities and ING Advisors Network businesses. She began her career at Aetna, where she held various legal and government affairs roles, including general counsel and chief compliance officer of Aetna Financial Services.
Murphy brings a diverse array of prior board experience to Prudential, including board positions at the Financial Industry Regulatory Authority, the Markle Foundation and the National Football Foundation. She holds a juris doctor degree from the University of Connecticut and a bachelor’s degree in economics and political science from Fairfield University.
LGT Financial Advisors brings in CIO and FA
LGT Financial Advisors, LLC (LGT-FA) has added John Bullman, chief investment officer, and Josh Orton, senior financial advisor, to its growing team.
Bullman joins the LGT Financial Advisors team with more than 20 years of experience in the investment management industry. He is a chartered financial analyst (CFA) charterholder and holds the chartered alternative investment analyst (CAIA) designation.
Previously, Bullman was responsible for the investment selection and management for a family office portfolio. Serving as the chief investment officer, Bullman will assist the financial advisory team with recommendations supporting allocation decisions that are inclusive of client goals and risk-related expectations.
Orton joins LGT Financial Advisors with more than 13 years of experience in the financial services industry. He holds his Series 65 license and recently passed the Certified Financial Planner exam.
Prior to LGT, Orton held positions as planner and advisor at TD Ameritrade and other boutique registered investment advisor firms in DFW. As a senior financial advisor, Orton will focus on helping clients develop comprehensive financial plans and coaching them through the wealth management process.
$154 Million AUA firm joins Cetera
Cetera Financial Group (Cetera) announced that Brent McDonald and his Tar Heel Wealth Management Team have joined Cetera Advisor Networks via Convergent Financial Partners.
Based in North Carolina, McDonald was previously affiliated with Securities America. He provides comprehensive financial planning and investment advice to clients and had more than $154 million in assets under administration as of June 21, 2023.
“My team and I are excited to experience the local, boutique feel of Convergent Financial Partners, backed by the national network of Cetera Advisor Networks,” McDonald said. “I can’t imagine receiving the same control and support anywhere else – and I look forward to seeing how my practice continues to grow and strengthen at Cetera.”
McDonald has 18 years of experience helping both people and businesses meet their financial goals and has earned his AIF designation. He joined and later took over management of Tar Heel Wealth Management, a firm based out of Hickory, North Carolina, known for its team approach to helping clients take the mystery out of preparing financially for both the present as well as the future. McDonald’s specialties include small business planning, retirement and income planning, estate planning and insurance needs. He holds a bachelor’s degree in finance from the Martha & Spencer Love School of Business at Elon University in North Carolina and currently lives in Hickory, North Carolina with his wife, Michelle.
McDonald is joined in Tar Heel Wealth Management by partners Julie Carroll and Ken Kleva.
Alera Group names industry veteran as new CIO
Alera Group announced the creation of a new chief investment officer (CIO) role for its wealth services and retirement plan services divisions.
B.J. Webster, an industry veteran and managing partner of Pennsylvania-based Wharton Business Group, an Alera Group company, will assume the CIO responsibilities alongside his continuing work with clients. Alera Group Wealth Services oversees more than $7.5 billion in assets under management (AUM). Alera Group Retirement Plan Services advises on about $7.5 billion of assets.
“With B.J.’s leadership and guidance, we will provide a unified investment platform for a consistent client experience and easy access to broad investment options,” said Tina Hohman, executive vice president and national practice leader of Alera Group Wealth Services.
“B.J. is the ideal person to lead a national investment committee that ensures top-tier solutions across our investment-related services,” said Christian Mango, executive vice president and Retirement Plan Services national practice leader.
Webster co-founded Wharton Business Group in 1992 and has more than 30 years’ experience in portfolio evaluation, investment policy development, manager selection, security selection, portfolio rebalancing and investment fee analysis.
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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.