Benefits April 17, 2002

Affluent Americans Still Retirement Savers

April 17, 2002 (PLANSPONSOR.com) - Some 58% of affluent Americans surveyed, who are still working, participate in retirement plans such as 401Ks, 403bs and Keoghs, a new study by Opinion Research reveals.
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The study is the latest in a series detailing the financial profile of affluent Americans, who are defined as having investable assets of $100,000 or more, excluding their primary residence.

Results also show that the investment vehicles most widely held by affluent Americans are:

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  • mutual funds, held in 63% of portfolios
  • individual stocks, held in 61%.

According to the findings, the average affluent American has a portfolio of investable assets totaling $738,000.

Asset allocation by the affluent has remained fairly constant over the past two years, although the latest study reveals a movement towards equities at the expense of cash.

Equities command the lion’s share, at 37%, up from 34.5% immediately following the terrorist attacks. That was followed by:

  • cash or cash equivalents at 20%, down from 22%
  • fixed income securities at 13%, down from 15%
  • “other” assets making up the remainder, up from 28%.


Affluent Americans have reduced their expectations on annual financial returns over the next 10 years to 9.5% annually, significantly lower than the 13.5% reported just after September 11, and the 12.9% rate reported the month before.

The responses of 390 affluent Americans were included in the survey. The interviewing was conducted from March 15 to 24, 2002



 

Deals and People April 16, 2002

TNT's Mitchell To Retire

April 16, 2002 (PLANSPONSOR.com) - James J. Mitchell, President--Worldwide Operations and Technology at Northern Trust, will retire on May 31.
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Mitchell, who is 59, will be succeeded by Timothy J. Theriault, 41, Executive Vice President and Chief Technology Officer, reporting to Northern Trust President Barry G. Hastings. Mitchell joined Northern Trust in 1964 and has held positions in Northern’s Auditing, Trust and Operations areas.

Theriault, a graduate of Illinois State University, joined Northern Trust in 1982, according to the company. He was named a Vice President in 1991, Senior Vice President in 1995, Chief Technology Officer in 1996 and an Executive Vice President in 1999.

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Northern also announced that Jean E. Sheridan, Executive Vice President and currently WWOT Group Head, will join Northern’s Corporate and Institutional Services (C&IS) business unit to manage a new group, the C&IS Core Services and Strategy Group. She will report to Peter L. Rossiter–President, C&IS. In the new role, she will have responsibility for Risk Management & Compliance, Financial Management, and the C&IS Product, Sales and Marketing areas.

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