This week in our corporate roundup, PensionBee announces its latest entry into the U.S. market, JULY acquires the Tennessee-based Acuff & Associates, PCS Retirement brings in new hires to lead its sales and strategic accounts team, and more.
PensionBee Expands to the U.S.
PensionBee Group plc, an online pension provider based in London, is launching its business in the U.S.
The company’s wholly owned US subsidiary, PensionBee Inc., is now registered with the Securities and Exchange Commission (SEC) as an investment adviser.
“Our vision is a world where everyone can enjoy a happy retirement,” said Romi Savova, CEO of PensionBee. “By entering the world’s largest defined contribution pension market, where many consumers still struggle to prepare adequately for retirement amidst an array of confusing and opaque investment options, our unique and simple approach to online retirement savings will resonate.
PensionBee previously entered into a strategic agreement with State Street Global Advisors (SSGA) in May. The Company and SSGA have previously collaborated on the Company’s UK investment offerings where SSGA acts as an investment manager of certain underlying portfolios.
According to PensionBee, under this strategic agreement:
- PensionBee will deploy its online retirement proposition and proprietary technology, enabling U.S. consumers to consolidate and roll over their 401(k) plans and individual retirement accounts (IRAs) into one new PensionBee IRA.
- PensionBee has selected a range of investment portfolios to be offered to customers that use SSGA’s model portfolios, exclusively consisting of SSGA managed exchange-traded funds (ETFs).
- SSGA will provide marketing support to PensionBee.
“We are excited to extend our relationship with PensionBee and serve as their exclusive ETF model provider in the United States,” stated Yie-Hsin Hung, CEO of State Street Global Advisors. “Our collaboration with PensionBee will enable millions of Americans to have access to model portfolios built with our ETFs in individual retirement accounts managed by PensionBee.
PensionBee is aiming to administer between $20 to $25 billion in U.S. DC assets over the next decade, such that it becomes of equal importance to its growing UK business, the company said.
In the UK, PensionBee has over £5 billion of Assets Under Administration (AUA) and 250,000 invested customers.
JULY Acquires Tennessee-Based TPA
July Business Services, LLC, (JULY) a national provider of 401(k) plan services to small to mid-sized employers, has acquired Acuff & Associates, a third-party administrator (TPA) of defined contribution plans and actuarial consulting services based in Brentwood, Tennessee.
The Acuff acquisition is part of JULY’s strategic growth plan, with a focus on high-touch administration and actuarial services. Similar to past JULY acquisitions, the company states its selected Acuff for their “strong, experienced people, and culture and values that complement JULY.” Acuff employees, the majority of whom hold professional designations within the retirement plan space, will be integrating into the JULY team.
“We are thrilled to welcome Acuff to the JULY family,” said John Humphrey, CEO of JULY. “This acquisition is a significant step in our growth strategy, allowing us to provide even more comprehensive services to our clients. Acuff is uniquely poised to strengthen our administration and actuarial services, as they focus solely on these two areas. We have a core belief at JULY that to be a successful long-term provider in the retirement market, we need to excel in three areas – innovation, expertise, and service – and Acuff strengthens us in all three areas. They will especially enhance our team’s expertise in plan administration and actuarial services and help us continue to strengthen our service delivery to clients and advisors.”
“This partnership is a natural fit, as both of our organizations share a dedication to client service and innovation in the retirement plan industry,” commented Trina Gross, Acuff Chairman and CEO. “We are excited about the opportunities this acquisition brings and look forward to being part of JULY’s continued success.”
This marks JULY’s second acquisition in 2024, as the company says it continues to pursue strategic growth opportunities that align with its culture and tap into valuable talent pools. Following this acquisition, JULY now serves a client base of over 8,500 clients, comprising 215,000 plan participants and over $12 billion in plan assets.
PCS Retirement Welcomes Industry Veterans
PCS Retirement has expanded its sales and strategic account teams with a trio of industry veterans.
Julianne Donatelli, Chris McCarthy, and Robert Ebeling are joining PCS Retirement as part of the growth of its Sales and Strategic Accounts teams where their roles will include enhancing client engagement, implementing growth strategies, and refining the company’s overall value proposition. Donatelli will head up the ERISA sales team while McCarthy and Ebeling will expand the Strategic Accounts team.
“The growth of our sales and strategic accounts teams is a direct result of our expansion in these areas,” says Scott David, CEO of PCS Retirement. “But you can’t continue growth without good people. The fact that we’ve been able to bring in talent like Julianne, Chris, and Robert speaks volumes about the future of PCS. Their proven success in managing large, complex client relationships will be invaluable as we continue to grow and innovate within the retirement solutions industry.”
Donatelli, previously with Bank of America/Merrill Lynch, has been recognized over her 25-year career for her interpersonal and team-building skills. Leveraging her experience in sales execution, strategic planning, and channel strategy design, Donatelli will use these skills to lead the ERISA Group Sales team at PCS Retirement.
McCarthy joins PCS Retirement with 35 years of retirement plan sales experience. In his most recent role at T. Rowe Price, McCarthy served as an account executive specializing in driving new business sales.
Ebeling brings over 35 years of experience in financial services. In his last position at Empower, Ebeling collaborated with sales, relationship management, and senior management teams to promote a wide range of services, including defined contribution, defined benefit, equity compensation, health savings accounts, and investment management solutions.
McCarthy and Ebeling will be joining the newly formed Strategic Account Management team led by Jordan Migneault, who has over 20 years of experience at PCS Retirement.
Transamerica Brings in Client Engagement Leader
Transamerica announced that Gregg Holgate has joined the company as head of Inforce Management and Client Engagement for the company’s retirement business.
Holgate, who most recently led institutional retirement distribution at Lincoln Financial Group, will lead the team dedicated to ensuring Transamerica’s recordkeeping clients maximize the industry-leading solutions the company offers.
Holgate will report to Jamie Ohl, president of Protection Solutions and Savings and Investments at Transamerica.
“Gregg’s experience and expertise leading people and driving results will further enhance Transamerica’s ability to deliver superior service to clients,” said Ohl. “We have more than 24,000 retirement plan sponsor clients, and I am confident they will benefit from Gregg’s proven ability to understand and tailor solutions to their specific needs.”
As part of his role, Holgate will also lead Transamerica’s Advice Center, which works directly with plan participants to help customers build and protect their retirement income through job changes and retirement. Holgate is a military veteran with more than 25 years of experience in the financial services industry. He has previously held leadership roles at Lincoln Financial Group, Voya Financial and ING.
Holgate holds Series 6,7, 24, 26 and 66 FINRA licenses and is a board member of the Philadelphia Union Foundation. He earned a bachelor’s degree from Arizona State University.
Cetera Growth Officer to Retire
Cetera Financial Group, which is owned by Cetera Holdings, announced today that Tom Taylor, chief sales and growth officer, will retire at the end of 2024. Cetera is finalizing a search for a new senior leader to join the organization.
“Tom’s countless contributions over nearly three decades have been instrumental in making Cetera the powerful industry leader it is today,” said Mike Durbin, CEO of Cetera Holdings. “Tom has been a true champion of Cetera’s values and we are grateful for his leadership and the impact he has made on our culture and service to our advisors. Tom will continue to be an important member of the Cetera family and we wish him the best in his well-deserved retirement.”
Taylor has held multiple leadership roles at Cetera over his nearly 30-year tenure. He worked previously as due diligence coordinator, vice president of sales and training, vice president of Cetera’s Financial Institutions Division, and chief administrative officer before taking the role of chief operating officer. He led as president and CEO of Cetera Advisor Networks, from 2015 until he became Cetera Financial Group’s chief sales and growth officer in 2021. Prior to joining Cetera, Taylor spent five years as a top-producing registered representative at Liberty Securities Corp./IFMG and ran an investment program managing a team of advisors for a financial institution in Southern California.
“I consider myself extremely fortunate to have spent the majority of my career working for a company I love, serving a noble profession alongside amazing people that I have come to cherish as my Cetera family,” Taylor said. “Cetera is in a tremendous position of strength and I leave knowing the firm is in better shape than ever with a bright future ahead.”
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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.