Corporate Roundup: SEC Names IM Director, CAPTRUST Brings in M&A Leader
This week’s Corporate Roundup features key leadership moves, strategic acquisitions, and product launches shaping the retirement and wealth sectors. From SEC appointments to CAPTRUST’s new M&A hire, and from EdgeCo’s latest deal to Security Benefit’s index expansion, these developments mark pivotal shifts across the financial services landscape.
SEC Names IM Director
The Securities and Exchange Commission (SEC) today announced that investment management industry leader Brian T. Daly will become the new director of the Division of Investment Management, effective July 8.
Daly has experience in roles at global law firms and investment management firms while advising fund managers and sponsors on regulatory compliance.
For the past four years, he has been a partner in the investment management practice at Akin Gump Strauss Hauer & Feld LLP in New York, where he has guided investment advisors and other clients on their legal and compliance programs, policies, and procedures as well as counseling on fund and management company formation, operational and trading issues, contentious matters, and management company transactions.
“Brian has deep familiarity with all levels of the investment management industry, and I look forward to working with him as we address smart, effective oversight of the industry and its relationships with investors,” said SEC Chairman Paul S. Atkins. “I am looking forward to working with Brian on common-sense regulation that does not impose unnecessary burdens and genuinely embraces the public comment process.”
Daly said, “I’ve long respected and appreciated the SEC’s commitment to regulatory oversight while advising clients on compliance and providing public comment from the investment management point of view during agency rulemaking. I am optimistic about this new day at the SEC and eager to get to work with Chairman Atkins and my new colleagues to ensure regulatory compliance by investment advisers and fund managers while tailoring rulemakings within our statutory authority.”
Prior to Akin, Daly spent nearly a decade as a partner in the investment management group of Schulte Roth & Zabel LLP, advising investment advisers and fund managers on legal, compliance, and operational issues and matters. He was also a founding equity partner of Kepos Capital, a quantitative investment management company, while he served as chief legal and compliance officer. Among other prior positions, Daly served in general counsel and chief compliance officer positions at Millennium Partners, a Carlyle Group liquid markets fund manager, and Raptor Capital Management. He also taught legal ethics at Yale Law School and served on the board of directors of the Managed Funds Association.
Daly earned his juris doctor, with distinction, from Stanford Law School, where he was an associate editor on the Stanford Law Review and the editor-in-chief of the Stanford Journal of International Law. He received his bachelor’s degree magna cum laude and Phi Beta Kappa, from Catholic University and his master’s degree from the East-West Center at the University of Hawaii.
CAPTRUST Brings in M&A Leader
CAPTRUST Financial Advisors (CAPTRUST) has appointed Mike Wunderli as head of mergers and acquisitions (M&A), where he will lead the firm’s strategic inorganic growth initiatives.
“The industry is at an inflection point,” said CAPTRUST CEO Fielding Miller. “We wanted someone who was ready to face those challenges with energy and enthusiasm. Mike is ready. He fits CAPTRUST, and he fits our strategic ambitions for the future.”
Wunderli joins CAPTRUST from ECHELON Partners, a boutique investment bank where he served as a managing director since 2016. At ECHELON, he oversaw M&A activities across the wealth and asset management industry.
Before working at ECHELON, Wunderli spent 12 years at Lehman Brothers and UBS as a senior vice president in the private wealth management division. Throughout his career, he has worked closely with entrepreneurs and business owners and has collaborated with top investment managers, private equity funds, family offices, trading desks, and various capital providers.
“I’ve been on the other side of the table for the last nine years, and I’ve seen how the industry’s top acquirers have evolved. CAPTRUST’s elite offering, coupled with its integration expertise and deep resources, distinguishes it among the nation’s top financial advisory firms,” said Wunderli. “In my view, a select group of elite firms will emerge as the clear leaders in the independent space, and CAPTRUST is uniquely positioned to elevate the industry to new levels of quality, integrity, and fiduciary stewardship.”
Wunderli holds a bachelor’s degree from Brigham Young University and a master’s degree from The Wharton School at the University of Pennsylvania. A native of Salt Lake City, Utah, he currently resides in Redondo Beach, California.
OneAmerica Promotes Leaders to Chief Roles
OneAmerica Financial has recently promoted two leaders within the organization.
Tim Bischof has been promoted to chief financial officer, and Kim Thomas will now serve as senior vice president and chief human resources officer. Both appointments were announced by Scott Davison, chairman, president and CEO of OneAmerica Financial.
“These promotions are designed to capitalize on Kim and Tim’s unique talents and leadership as we sharpen our focus on how we serve our customers and stakeholders in the future,” Davison said. “I want to thank them both for their leadership, and I look forward to the ongoing impact they and their teams will continue to make.”
Bischof joined the companies of OneAmerica Financial in 2020, serving as senior vice president and chief actuary. His responsibilities have included managing valuation, modeling, corporate development, financial planning and analysis, and asset liability management, as well as overseeing various finance and actuarial teams.
“I’m honored to step into this role at an exciting time for OneAmerica Financial,” Bischof said. “We are focused on the future right now and are making sure we continue to build credible momentum while maintaining our outstanding financial strength.”
Since joining the organization in 2017, Thomas has led multiple teams, including human resources, corporate security and community affairs, and drove the enterprise inclusion efforts internally and externally.
“Having had exposure to so many different elements of our enterprise, I’m in a unique position to be able to leverage the relationships I’ve built to help lead OneAmerica Financial through its next phase and truly impact more lives inside and outside the company,” Thomas said. “Our responsibility is making sure we have the best talent to continue our mission in the community and to our customers.”
Transamerica Appoints Life Distribution Head
Transamerica has named Ryan Parker as head of Life Distribution, effective June 9.
In this role, Parker will lead the distribution strategy for Transamerica’s life insurance business. He will report to Rob Carney, chief distribution officer of the Life, Annuities, and Mutual Funds division.
“Ryan is the right leader at the right time. He has a proven record of energizing distribution teams and delivering results, all while keeping customers’ needs front and center,” said Carney. “He brings the right mix of hands-on experience and leadership vision to take our life insurance distribution to the next level. I look forward to seeing the momentum he will create across our customer, field force and agent relationships.”
Parker will lead the company’s life insurance sales strategy and execution across a broad portfolio of insurance solutions. In this distribution role, Parker will focus on helping to innovate and connect product solutions to the needs of Transamerica’s customers.
Parker joins Transamerica from F&G, where he most recently served as senior vice president of Life Distribution. He succeeds Wendy Boyd, who is now chief distribution officer at World Financial Group, a Transamerica subsidiary.
“I am honored to join Transamerica and lead the life distribution team at such an exciting time as the company builds the leading middle market life insurance and retirement company,” said Parker. “There is a great momentum right now, and together, we will continue to work to exceed customer expectations, strengthen relationships with agents and deliver the modern tools and experiences they need to help more families across America achieve financial security—and ultimately, live their best lives.”
Equity Trust Releases Retirement Solution for Self-Employed Workers
Equity Trust Company is launching its Equity Solo 401(k)—a comprehensive retirement solution designed for self-employed individuals and solopreneurs. This new offering, facilitated by its affiliate Equity Specialty Services, empowers investors to open, manage, and control their Solo 401(k).
Developed in collaboration with a leading industry software provider, the Equity Solo 401(k) simplifies and enhances the way self-employed individuals manage their retirement savings.
“While the Solo 401(k) provides many advantages for small business owners, managing the account has largely been a burdensome process,” said George Sullivan, CEO of Equity Trust Company. “The Equity Solo 401(k) empowers solopreneurs to manage their retirement investments like never before—on their terms, with the flexibility and tools they need to succeed.”
The Equity Solo 401(k) includes features like online onboarding, integrated fund control, online management, expanded contribution options, and diverse investment capabilities.
Alliance for Lifetime Income Joins LIMRA, LOMA
LL Global, the parent of LIMRA and LOMA, the leading trade association for the life insurance, annuity, and workplace benefits industry, is merging its nonprofit consumer education association Alliance for Lifetime Income (ALI) into LIMRA and LOMA.
ALI was founded in 2018 to help consumers and financial advisors better understand protected income in retirement.
“In each of the last 15 years, LIMRA research shows consumers’ top concern has been about achieving retirement security. This strategic move reflects our commitment to continue educating consumers and advisors about the value of the products our members provide that can help them achieve lifetime financial security,” said David Levenson, president and CEO of LIMRA and LOMA. “By integrating ALI’s strong consumer-facing programs with LIMRA and LOMA’s deep industry knowledge, research and member network, we can expand our collective impact and educate more Americans about the importance of protected lifetime income, empowering them to make better-informed financial decisions.”
“The Alliance was founded eight years ago with a single mission — to help educate Americans about the importance of having protected income in retirement,” said Jean Statler, CEO of the Alliance for Lifetime Income. “Though our research shows more pre-retirees are aware of and asking their advisors about annuities, there’s still more work to be done. We believe LIMRA and LOMA’s long history of industry leadership, capabilities, and resources will help take this effort to a whole new level.”
The transaction is expected to close by August 31, 2025.
SPARK Institute Launches API Guidelines for Recordkeepers, TPAs
The SPARK Institute today announced the release of its API Integration Guidelines for Recordkeepers and TPAs, a set of voluntary best practices designed to modernize, secure, and streamline data exchange in the retirement plan industry.
Developed by SPARK’s Third-Party Administrator (TPA) Committee in collaboration with industry stakeholders, the guidelines offer a foundational framework for firms seeking to build or enhance API connectivity across platforms.
“This is about creating a common language,” said Tim Rouse, executive director of the SPARK Institute. “These guidelines represent a practical first step toward improving interoperability between recordkeepers and TPAs, while respecting the unique architecture and business needs of each firm.”
The new guidelines outline key use cases—such as census data exchange, deferral elections, loan updates, trust statements, and contribution confirmations—and recommend baseline data fields, suggested API workflows, and security best practices. While not a formal technical specification, the document is designed to help firms align on core processes and reduce friction in data integration.
“We know how much time and effort is lost to inconsistent data formats, manual reconciliation, and outdated connectivity,” said Joe Burt, president of Pension Plan Specialists P.C. and chair of SPARK’s TPA Committee. “Our goal was to build a shared starting point that all TPAs and recordkeepers can work from. This isn’t about mandates—it’s about momentum. These guidelines can help our industry move forward, together.”
While the current guidelines are focused on TPA and recordkeeper integration, SPARK emphasized that future efforts will also involve other critical players in the retirement ecosystem, including payroll providers, software compliance firms, and middleware technology partners. The goal is to foster a more seamless, efficient, and secure flow of data across the full value chain of plan administration.SPARK also announced that upcoming API guideline projects will focus on:
- Participant Balances API – Enabling secure, real-time access to participant account data
- Participant Distributions API – Supporting efficient processing and confirmation of withdrawals and rollovers
EdgeCo Holdings Acquires ERISApedia
EdgeCo Holdings LP, a provider of best-in-class solutions for financial intermediaries and their clients, has acquired ERISApedia.
ERISApedia will become part of its AmericanTCS Holdings, LLC business unit. The acquisition includes acquiring all of ERISApedia’s product offerings.
ERISApedia’s operations will be integrated into the product solutions offered by AmericanTCS’s PensionPro. ERISApedia provides compliance and prospecting services to plan sponsors, third-party administrators and retirement advisors.
“We are excited to welcome ERISApedia into the AmericanTCS PensionPro family,” said Darren Connor, PensionPro’s chief operating officer. “This acquisition represents a special opportunity to combine our strengths, expand our capabilities and deliver even greater value to our customers.”
Tim McCutcheon, ERISApedia’s owner, explained the reason for entering into this agreement with AmericanTCS, “The AmericanTCS group of businesses understands what’s required to support the needs of retirement plans and their providers. We’re thrilled to join forces with a company that shares our vision and values.”
The transaction marks EdgeCo’s 10th transaction in the retirement space, with additional acquisitions planned as part of the firm’s future growth strategy.
Eclipse Welcomes Senior Wealth Advisor
Eclipse Private Wealth Management has hired Mitchell Benedon as a senior wealth advisor.
Mitch is a certified financial planner with expertise in financial planning, estate planning, insurance, investments, tax planning, employee benefits, and retirement planning.
“We’re thrilled to welcome Mitch to the Eclipse team,” said Joel R. Freedman, managing director at Eclipse. “His extensive experience and deep financial planning knowledge make him a tremendous asset to our clients and our firm.”
Prior to joining Eclipse, Benedon built a thriving solo practice at Merrill Lynch, where he spent over six years helping high-net-worth clients navigate complex life transitions. He holds a bachelor’s degree from the University of Maryland.
“I’m excited to join Eclipse Private Wealth Management through the Sanctuary Wealth platform,” said Benedon. “Eclipse is the ideal fit – aligning with my highly personal approach, allowing me to provide truly independent advice as a fiduciary, and giving me the support and tools to help clients make confident decisions across financial life.”
Commonwealth Acquires APG
Commonwealth Financial Network welcomed Rochester, New York-based Angelo Planning Group (APG) to its network of independent advisors.
Among APG’s 30 team members are 16 advisors, including founder and managing partner Ralph Angelo and Registered Principal Todd Harris. Formerly with Osaic, the APG team reported advising on more than $1.5 billion in client assets, making it one of Commonwealth’s largest new affiliates to date.
“Ralph Angelo and his partners have built a powerhouse practice by putting client service first, and we’re honored they chose Commonwealth to ensure that their model thrives, both now and as we partner with LPL Financial,” said Becca Hajjar, managing principal and chief business development officer at APG.
The team has cultivated a family-oriented environment, servicing clients under a “real people taking care of real people” approach. The firm has mainly operated through word-of-mouth referrals, which have propelled the firm to reach a tenfold asset growth over the past 15 years. “We’ve structured the business as a one-stop shop for everything in our clients’ financial lives—from retirement and estate planning to Medicare, long-term care, and other planning specialties,” said Angelo.
Ameritas Chief Executive Officer Bob Jurgensmeier announced new officer elections, all with an effective date of June 1.
Karen Noble-Patrick is the new vice president, service, ABRS service and operation. With 25 years of experience in the retirement services industry, Noble-Patrick began her career as a plan administrator for USFilter. Over the next 23 years at OneAmerica, she held leadership roles in client administration, operations and strategy. Most recently, Noble-Patrick served as assistant vice president of retirement operations for Voya. She holds a master’s degree from Anderson University and possesses both Greenbelt certification and FSRI credentials.
Roger Ruz is the new vice president of sales supervision at Ameritas Investment Company, LLC and Ameritas Advisory Services, LLC. Ruz was most recently with Huntington National Bank, where he was a senior vice president, director of brokerage supervision. He holds a four-year degree in finance from Franklin University and a master’s degree from Capital University.
Ruz also holds FINRA Series 7, 24, 53, 63, 65 and 4 licenses.
T. Rowe Price Launches New Equity ETFs
T. Rowe Price has announced three new active transparent equity exchange-traded funds (ETFs): T. Rowe Price Financials ETF, T. Rowe Price Health Care ETF, and T. Rowe Price Natural Resources ETF. The new funds began trading on NASDAQ today. T. Rowe Price’s active ETF roster now sits at 22 offerings.
Each of the three funds represents new and distinct strategies and has an expense ratio of 0.44%. The ETFs seek to provide long-term capital appreciation growth through exposure to their respective sectors:
T. Rowe Price Financials ETF (TFNS) invests at least 80% of its net assets in securities of companies servicing and operating in the financial services industry and typically maintains a portfolio of 50-70 companies. TFNS is managed by Matt Snowling, CFA and Greg Locraft, two portfolio managers of the T. Rowe Price Financial Services Equity strategy.
T. Rowe Price Health Care ETF (TMED) invests at least 80% of its net assets in the securities of health care companies engaged in health care innovations. The fund’s portfolio typically consists of 100 to 150 stocks and is diversified across health care, with a focus on biotechnology, pharmaceuticals, products and device providers, and health care service companies. TMED will be co-managed by Sal Rais, who covers biotech companies, and Jon Wood, who covers life science and diagnostic tools, and medical supplies and devices.
T. Rowe Price Natural Resources ETF (TURF) invests at least 80% of its net assets in the securities of natural resource companies, with primary focus on those engaged in the upstream extraction of energy, minerals and agriculture products. The fund typically holds 60-80 securities and invests in resource companies on a global basis. TURF is co-managed by five investment professionals:
- Rick de los Reyes, head of Commodities; and portfolio manager, Global Natural Resources Equity strategy
- Shinwoo Kim, portfolio manager, Global Natural Resources Equity strategy
- Priyal Maniar, CFA, co-portfolio manager, TURF ETF; and investment analyst, North America Energy
- John Qian, portfolio manager, Metals and Mining strategy
- Tom Shelmerdine, portfolio manager, Precious Metals strategy
T. Rowe Price introduced its first active ETFs in 2020, and today’s launches bring the firm’s lineup to 16 equity active ETFs and six fixed income active ETFs.
Security Benefit Releases Indices to Flagship FIA
Security Benefit is adding index accounts based on three new indices to its flagship fixed index annuity (FIA), Foundations Annuity.
The new indices represent international, technology, and small cap segments, as well as a simple Trigger Rate strategy benchmarked against the S&P 500. With these new options, Foundations now features 15 different index-linked accounts featuring equities, bonds, commodities, and Treasury asset classes.
“More asset classes means more ways to mirror your managed money strategies within the safety of an FIA,” said Toby Leonard, AVP, product development at Security Benefit. “Diversification is key to a client’s long-term asset mix. With Foundations, advisors can derisk portfolios by taking market loss off the table, allow for tax-deferred accumulation, and prepare for multiple scenarios with a protection-based product.”
Security Benefit added index accounts based on three well-known indices, each featuring an Annual Point to Point Index Account with a Cap:
MSCI EAFE
The MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the US and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
Nasdaq-100
The Nasdaq-100 Index (NDX) represents 100 of the largest, most dynamic non-financial companies listed on the Nasdaq Stock Market and some of the most innovative companies in the world. These companies are selected based on market capitalization and are renowned for their innovation, market leadership, and growth potential. NDX includes major players across various sectors such as technology, healthcare, consumer goods, and industrials, making it a comprehensive benchmark for growth-focused investors.
Russell 2000 Small Cap
The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 7% of the total market capitalization of that index, as of the most recent reconstitution. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.
Trigger Rate Strategy
Additionally, Security Benefit has added a straightforward crediting strategy for clients benchmarked against the S&P 500. With the new Annual Point to Point Trigger Rate strategy, a Trigger Rate is established at term (6% is used as an example in the graph), and Index performance of 0% or higher credits the stated Trigger rate.
“Now, with the addition of these four new strategies, advisors have more asset classes from which to diversify clients’ allocations within Foundations, with none of the associated market risk,” added Leonard.
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