Capital Holdings Purchases Legend Group Holdings
Group, a network of independent broker-dealer firms, has announced the sale
of Legend Group Holdings to Lincoln Investment Capital Holdings.
Financial terms were not disclosed.
The Legend Group includes an independent broker-dealer and
registered investment adviser (RIA) focused on supporting the delivery of
professional guidance by financial advisers to 403(b) retirement savings plans.
It is owned by Cetera affiliate First
"We're very excited to complete this transaction, which
reinforces Lincoln Investment's leadership position in the market for
retirement plan advice,” says Ed Forst, president and CEO of Lincoln Investment.
“We welcome The Legend Group's financial advisers to the Lincoln Investment
community, and we look forward to supporting them in growing their businesses
by effectively providing the professional advice their mass affluent and high
net worth clients need."
NEXT: Morgan Lewis Extends Employee Benefits Services with
Three New Partners
Morgan Lewis Extends
Employee Benefits Services with Three New Partners
Morgan Lewis is
expanding its employee benefits and executive compensation services with the
addition of three new hires: Rosina
Barker, Jonathan Zimmerman, and Steven Witmer.
The three will assist clients with their qualified and
nonqualified retirement plans as well as with health and welfare plans,
fiduciary and investment matters, and employment tax and worker classification
issues. They also will advise on complex executive compensation matters and on
the benefits and compensation issues arising in mergers and acquisitions,
dispositions, and other business transactions.
“I am delighted to welcome our new partners, who offer our
clients remarkable depth encompassing a wide range of areas affecting employee
benefits,” says Firm Chair Jami McKeon.
“Rosina, Jonathan, and Steve will work closely with our strong employee
benefits team across the United States to provide our clients with the advice
they need in this continually evolving arena.”
Barker provides counseling on the Employee Retirement
Income Security Act (ERISA), taxes, and securities law aspects of executive
compensation and employee benefit plans. She is versed in defined benefit (DB)
pension plan issues, fiduciary counseling, and complex executive compensation
matters. In the last 12 months, Barker has advised clients on the executive compensation
and employee benefit plan issues arising from corporate transactions totaling
more than $13 billion. She has also served on the tax staff of the U.S. House
Ways & Means Committee, where she had primary staff responsibility for all
pension and employee benefit legislation. Barker is a fellow of the American
College of Employee Benefits Counsel.
Zimmerman has a broad-based practice with a concentration on
executive compensation, qualified retirement plans, and health and welfare
plans. He also advises clients on payroll, withholding, and fringe benefits
Witmer advises companies on qualified and nonqualified retirement
plans, health and welfare plans, and other ERISA and tax matters. He has an
extensive benefits outsourcing practice, and has negotiated close to 1,000
contracts with payroll and benefits vendors on behalf of plan sponsors. He frequently
advises clients on the transfer of plan assets and liabilities, and on other
benefit issues arising from dispositions, spinoffs, initial public offerings,
and other business transactions up to the multibillion dollar range.
NEXT: AllianzGI Acquires Sound Harbor Partners
Sound Harbor Partners
Active investment manager Allianz Global Investors (AllianzGI) has announced that U.S.
private credit manager Sound Harbor
Partners has agreed to join its private debt platform. Under the terms of
the transaction, AllianzGI will acquire Sound Harbor’s assets for an
undisclosed sum and the Sound Harbor team will join AllianzGI. Following the
acquisition, expected to close within the first quarter of 2017, AllianzGI’s
clients will be able to access U.S. private credit investment funds.
“Over the last five years, AllianzGI has invested steadily
in the quality and breadth of its active investment offering,” says AllianzGI CEO Andreas Utermann. “Within
our fast-growing alternatives segment, private debt stands out as a
particularly exciting area, where we’ve clearly signaled our intent to expand
our capabilities to address our clients’ evolving investment needs. The
addition of the team from Sound Harbor is a significant step in that process,
strengthening and complementing our existing capabilities in this important
Sound Harbor is a New York-based private credit manager
focused on alternative investments in corporate loans, direct lending,
distressed debt and opportunistic credit. Led by Michael Zupon and Dean
Criares, the firm manages these investments on behalf of its clients in private
limited partnerships, collateralized loan obligations, and separately managed
accounts. Zupon is a former partner at The Carlyle Group where he founded and
led the leveraged finance business. Criares is a former partner of The
Blackstone Group, where he founded and led the loan management business.
NEXT: Deutsche Asset Management Appoints New CIO
Management Appoints New CIO
Petra Pflaum has
been named Deutsche Asset Management's
(Deutsche AM)’s new chief investment officer for Responsible Investments.
Pflaum will be tasked with managing the firm’s
environmental, social, and governance (ESG) team while also growing its client
offerings across the firm’s Active, Alternatives and Passive businesses. The
existing ESG thematic research and governance teams will report to her.
Pflaum will continue in her role as EMEA Head of Equities
for Deutsche AM, and will be joined by Britta
Weidenbach who will become EMEA
Co-Head of Equities effective immediately. Pflaum will also become a member
of the Management Board of Deutsche Asset Management Investment GmbH
representing Deutsche AM’s Equity and Equity Trading businesses.
Pflaum joined Deutsche AM in 1999. Beforehand, she served
as the company’s co-head of Global Research and global head of Small & Mid
Cap Equities. Weidenbach is currently head of European Equities and has also
been with Deutsche AM since 1999. She has managed European equity funds since
“Deutsche AM has recognized the importance of ESG within its
investment approach for many years,” says Nicolas
Moreau, head of Deutsche Asset Management. “We are proud to have been
amongst the early signatories to the UN supported Principles for Responsible
Investment (PRI) in 2008. It is important we build on this heritage, and
use our expertise to help clients who want support in this important investment
NEXT: Lockton Opens Office in Philadelphia
Lockton Opens Office
Center City Philadelphia, Pennsylvania, is the home for the
newest office of privately-held insurance broker Lockton. Its professionals will serve property and casualty,
employee benefits, and retirement clients out of the new location.
"Lockton entered the Philadelphia market five years ago
by opening an office in Blue Bell,” explains Tim Ryan, chief operating officer for Lockton. “Now we are excited
about adding a downtown office as a key part of the company's continued expansion
in the Northeast.”
Lockton's northeast region now consists of seven offices spanning
from Boston to Washington, D.C.
"This move downtown brings us closer to our clients,
markets and potential employees in the greater Philadelphia area," says
Chris Keith, president of Lockton Philadelphia. "We plan to significantly
expand our operations within the greater Philadelphia metro area and the
addition of the Center City office is just the first step."
The Center City office address is 1800 John F Kennedy Blvd,
Suite 1110, Philadelphia, PA 19103.
More than 6,000 professionals at Lockton provide
50,000 clients around the world with risk management, insurance, employee
benefits consulting, and retirement services.
Ascensus Names New VP of Corporate Development
Ascensus Names New VP of Corporate Development and
Christian Fulmino has
been appointed as the new vice president
of corporate development and M&A of Ascensus, a national independently-owned retirement plan and college
savings services provider.
Although the position won’t
specifically focus on plan sponsors or advisers, he is tasked with playing a
major role in prioritizing M&A opportunities, evaluating the landscape of
potential acquisitions, valuing and structuring deals, and conducting due
Fulmino has more than 15 years
of experience in corporate development, strategy, and M&A. Before joining
Ascensus, he served as senior director of strategy and corporate development at
Broadridge Financial Solutions. He also played key roles in closing strategic
platform and technology acquisitions, lift-out strategies, and market expansion
opportunities. Fulmino also worked on a number of Broadridge corporate
initiatives including industry utilities, block chain, and strategic
investments in private companies.
Prior to Broadridge, Fulmino spent eight years at News Corporation, leading
their inorganic growth strategy into Central and Eastern Europe. Fulmino earned
his bachelor’s degree in business administration from Rider University and is
master’s degree from Cornell University.
"Christian brings a strong background in deal sourcing, structuring, and
integrating acquisition transactions—including complex lift-and-shift deals—and
has a demonstrated track record of working with business units in driving
strategic deals," says Raghav
Nandagopal, Ascensus' executive vice president of corporate development and
M&A. "He is a great addition to our team and I look forward to his
leadership and contributions in helping Ascensus accelerate our growth
Nandagopal joined the firm in
August 2016 to help it build upon its success in acquisitions. In 2016, Ascensus
completed the acquisitions of Retirement Educators, National Retirement Services, and Matthews Benefit Group.
NEXT: AXA Head of
Retirement Expands Role
AXA Head of
Retirement Expands Role
Kevin Molloy, head of Retirement Plan Services for
financial protection firm AXA, will
now oversee the 403(b), 401(k), 457, and associations retirement businesses.
“He is highly regarded within AXA and the industry at large,
and we are pleased to have him expand his responsibilities to head all of our
Retirement Plan Services businesses,” says Brian
Winikoff, senior executive vice president and head of U.S. Life, Retirement and
Wealth Management for AXA US.
Previously, Molloy was senior vice president of AXA’s
Business Support and Development area and shareholder representative for a
number of AXA Group entities including AXA in the US, AXA Life Japan, AXA
Investment Managers, AllianceBernstein, and AXA Life Invest at the
Paris-headquartered AXA Group. Prior to that role, Molloy also served as chief
financial officer of AXA Global Life.
Molloy joined the firm in 1999 as director of corporate
finance for the U.S., and was named to roles of increasing responsibility in
investor relations and distribution finance. He began his career as an
economist and corporate profits analyst with the United States Department of
Commerce’s Bureau of Economic Analysis.
He holds a bachelor’s degree and master’s degree in
agricultural and resource economics from the University of Connecticut.
NEXT: Deutsche Asset Management names Chief Investment
Strategist for the Americas
Asset Management names Chief Investment Strategist for the Americas
has been named the new chief investment
strategist for the Americas
and head of equities in the U.S.
, by Deutsche
will be responsible for assisting clients with portfolio construction utilizing
all of Deutsche AM’s investment vehicles and asset classes, while leading a
team of experienced investors responsible for managing active equity assets in
are extremely pleased to welcome David to our organization,” says Bob Kendall, head of Deutsche Asset
Management in the Americas. “David is a well-respected and familiar face
within our industry and will be a key public figure for us in presenting to our
clients Deutsche Asset Management’s global views on markets, economies and
brings more than 20 years of investment research expertise and a decade of
experience as an equity strategist to his new role. He has served as the firm’s
US Equity strategist since 2012.
to joining Deutsche Bank, Bianco was head of US Equity strategies for Bank of
America Merrill Lynch Investment Research and Global Wealth Management. He also
spent seven years with UBS and five years at the Financial Accounting Standards
Board’s Financial Accounting Standards Advisory Council.
in New York, he will report globally to Stefan
Kreuzkamp, head of Active Asset Management, and regionally to Kendall.
NEXT: Alston &
Bird Names Partner in ERISA Litigation Group
Alston & Bird Names Partner in ERISA Litigation Group
Emily Seymour Costin has been named a partner in the Compensation,
Benefits & ERISA Litigation Group of Alston & Bird. She will represent employee
benefit plan sponsors, insurers, and fiduciaries in a wide range of Employee Retirement Income Security Act (ERISA) class
actions, single-plaintiff matters, and government investigations and litigations
involving 401(k)/employer stock programs, employee stock ownership plans,
benefit terminations, investment/fee matters, and individual benefit claims.
Seymour joins 19 other new partners.
“Our new partners
have demonstrated their leadership in serving our clients and our firm with
distinction,” says Alston & Bird Managing Partner Richard Hays. “This is an
extraordinary group of attorneys, representing the very best of Alston &
Bird and the kind of leaders our clients and our teams want to work with.