Retirement Industry People Moves

“Changing regulation and an increasing number of employee lawsuits have made retirement management a key focus,” says Lockton’s Washington D.C. President Robert Connolly. “Our clients are looking to us to help them both care for their employees’ well-being and protect their business’s bottom line. Bringing expertise like Mike’s to the table helps us do that.”

“There are a lot of advisers who can talk investments,” says Pam Popp, Lockton’s National Retirement Practice president. “But there aren’t a lot who have seen retirement from all the angles that Mike has. He can not only help clients choose investments, he also understands the regulatory environment and the operational complexities of administering a retirement plan. That kind of holistic expertise makes a huge difference for employers who want to both take care of their people and manage risk.”

NEXT: Virtus Investment Partners Acquires RidgeWorth

Virtus Investment Partners Acquires RidgeWorth

Virtus Investment Partners has entered an agreement to acquire RidgeWorth Investments. This multi-boutique asset management firm has $40.2 billion in assets managed by affiliated investment managers and unaffiliated subadvisers. The transaction increases Virtus' assets under management to $86.8 billion on a pro forma basis, the company said.

The acquisition will add complementary institutional-quality equity and fixed income strategies from RidgeWorth's boutique managers, who will continue to operate independently. The firm intends the transaction to diversify and expand Virtus' client base, particularly among institutional investors, while enhancing distribution resources in the institutional, retirement plan, private bank and registered investment adviser channels.

"The acquisition of RidgeWorth will give us increased scale, a wider range of strategies for institutional and individual investors, and broader distribution and client service resources, particularly for institutional clients," says George R. Aylward, president and chief executive officer of Virtus. "The combined company will have a stronger and more diversified business with the scale to better serve clients in a highly competitive industry."

The two companies have comparable business models, both offering clients an array of distinctive investment strategies from boutique affiliates with shared distribution and business support functions.

"This transaction will provide continuity for RidgeWorth's clients, who will continue to partner with the same investment teams they respect and appreciate while benefiting from the enhanced support of a larger, better resourced organization," says Aylward.

Ashi Parikh, CEO and chief investment officer of RidgeWorth adds: "We are very excited to join Virtus, a firm that shares our vision, culture and approach to offering investment solutions from boutique affiliates. This partnership marks an important milestone in RidgeWorth's journey as it facilitates the transition of RidgeWorth and its clients from a private equity-owned firm to an independent, publicly traded investment management company."

NEXT: Wagner Law Group Comes to D.C.

"It is only fitting that a growing law firm at the forefront of some of the most complicated legal and regulatory landscapes, opens an office in our nation's capitol, and we are truly honored and excited to be able to do so with a staff of outstanding attorneys," says Managing Director Marcia Wagner.

The new office located at 800 Connecticut Avenue will be staffed with attorneys Dan Brandenburg and David Pickle and associate Seth Gaudreau along with an experienced support staff. Brandenburg is recognized as an expert in the areas of pension, 401(k) and welfare plans, executive compensation including plans for tax-exempt organizations, and executive employment. He has regularly represented clients before the Internal Revenue Service (IRS), the Department of Labor (DOL) and the Pension Benefit Guaranty Corporation (PBGC). He also counsels clients with respect to the IRS and DOL voluntary compliance programs as well as during audits and investigations initiated by the IRS, DOL and PBGC.

Pickle specializes in all aspects of ERISA Title I provisions including prohibited transactions and disclosure rules. His experience includes advising clients with respect to investment management services, investment transactions, mergers and acquisitions, and DOL investigations. His clients have included both plan sponsors and investment-related service providers. Gaudreau conducts legal research and drafts memoranda and briefs for ERISA. He also prepares ERISA-related governmental filings and is active in the firm's privacy and security law practice.

Next: USI Acquires Ball Peoples

John D. Collado, USI Southwest regional chief executive officer, said: “This acquisition further strengthens our footprint as one of the top three retail employee benefits insurance brokerage firms in Texas, and increases our ability to deliver our clients a powerful arsenal of employee benefits services and solutions. The talented staff at Ball Peoples has a laser focus on helping organizations build a culture committed to employee benefits. This client centric approach closely aligns with the USI ONE Advantage, which is setting a new standard for customized risk management and benefit programs that generate positive economic impact for clients. Tom, Danny and their team will play an important role to further our employee benefits practice throughout the Southwest region, and we are excited to have them join the USI family.”

Thomas H. Ball III, co-owner, Ball Peoples, added: “For 42 years, our strategy has been based on a high-touch, service driven model where relationships matter and best in class solutions are delivered. Our clients will continue to benefit from this methodology, but now they can tap into USI’s robust products that, in addition to employee benefits, include property-casualty, retirement consulting and personal risk.”

NEXT: Wagner Law Group Adds Partner