Products September 23, 2014

JPMorgan HSA Business Goes to HSA Bank

September 23, 2014 (PLANSPONSOR.com) - Webster Financial Corporation has signed a definitive agreement to acquire the health savings account (HSA) business from JPMorgan Chase Bank.
Reported by

Under the agreement, approximately 700,000 accounts, including an estimated $1.3 billion in deposits and $175 million in investments, will migrate from JPMorgan Chase Bank to HSA Bank, a division of Webster Bank and administrator and depository of HSAs. 

“This acquisition will solidify HSA Bank’s position as a leading provider of health savings accounts with nearly $4 billion in assets under administration in more than 1.4 million accounts and will accelerate HSA Bank’s strategy to increase penetration of the carrier and large employer markets,” says James C. Smith, chairman and chief executive officer of Webster. 

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HSA Bank had $2.4 billion in assets under administration ($1.75 billion in deposits and nearly $700 million in investment accounts) as of June 30; 700,000 accounts; 30,000 employer relationships; and integrations with 15 health plans and third party administrators. HSA Bank offers clients:

  • Investment options including the ability to select from thousands of mutual funds, exchange-traded funds (ETFs), stocks, and fixed income products through integrations with leading investment providers;
  • Online investment tools, education, and guidance to help HSA customers manage their funds and health care decision-making;
  • myHealth Portfolio, an online dashboard that gives individuals a consolidated view of their health care finances along with the ability to pay health care bills online with billpay, debit card, or check; and
  • A dedicated call center.

More information about HSA Bank is at www.hsabank.com.

Deals and People September 23, 2014

SEI Adds Alternatives Specialist

September 23, 2014 (PLANSPONSOR.com) – Andrew Daly joined investment management and processing firm SEI as a client investment strategist on the firm’s U.S. institutional advisory team.
Reported by

Daly will work with clients to provide strategic advice on various investment vehicles tailored to their unique goals and objectives. SEI says Daly’s hiring supports its commitment to bringing advanced alternative investment solutions to retirement plan clients and other institutional investors.

The client investment strategist role is new to the advisory team, SEI explains, and was created to support the expansion of SEI’s alternative investing programs, delivered through its investment outsourcing business. SEI currently has more than 475 institutional outsourcing clients worldwide, representing $74.1 billion in assets under management, the firm says.

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Al Pierce, managing director of the advisory team, says his firm is working to deliver optimal portfolio diversification and sophistication with a wide array of products from industry-leading investment managers.

Daly has more than 15 years of investment expertise working with institutional investors on alternative investment strategies. Before joining SEI, he was a managing director and partner with Mill Creek Capital Advisors LLC. In that role, Daly managed the alternative investment program from the firm’s inception, which consisted of hedge funds-of-funds and private equity partnerships. Prior to that role, he held management positions at The Radcliffe Group and Hirtle Callaghan & Co. Daly is a chartered financial analyst (CFA).

More information on the firm is available at www.seic.com.

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