Deals and People October 28, 2022

Retirement Industry People Moves

Hilb Group acquires employee benefits firm Allegacy Benefit Solutions; NEPC expands real assets team with real estate industry veteran; Prudential Financial announces leadership succession for U.S. and international businesses; and more.

Reported by

Principal Financial Group Hires U.S. Insurance Solutions Distribution Leader

Principal Financial Group has announced industry expert Anthony Shea Treadway will join the company to lead the insurance solutions distribution team. As a senior vice president and head of U.S. insurance solutions distribution, Treadway will report to Amy Friedrich, president of USIS, effective November 7.

Treadway is a 20-year veteran of the insurance industry, with significant experience as a strategic distribution leader focused on technology solutions, small business and key client management. Prior to joining Principal, he spent his career with Unum serving in various distribution and leadership roles, including most recently as senior vice president of field and market development at Colonial Life, vice president of Unum small business, and regional vice president of sales and client management at Unum.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

Treadway obtained his Bachelor of Arts in political science from Yale University and his Master of Business Administration from the University of Michigan Ross School of Business. In addition to his professional work, Treadway and his family are very involved in their community and focus their efforts on education, health care and youth athletics.

Prudential Financial Announces Leadership Succession for U.S. and International Businesses

Prudential Financial has announced that effective January 1, Andy Sullivan, currently head of U.S. businesses, will become head of international businesses and PGIM. In addition, Caroline Feeney, currently president and CEO of U.S. retirement and insurance businesses, will be promoted to executive vice president and head of U.S. businesses. Both will report directly to chairman and CEO Charles Lowrey.

The leadership changes come as Scott Sleyster, executive vice president and head of international businesses, announced he will retire from Prudential during the first quarter of 2023, following a 35-year career with the company. Prior to leading the international businesses, Sleyster held senior roles in Prudential’s treasury, retirement, and investment management units, and served as chief investment officer.

In his new role, Sullivan will be accountable for the company’s international businesses while maintaining oversight of PGIM, Prudential’s global investment manager. David Hunt, president and CEO of PGIM, will continue to report to Sullivan.

As head of U.S. businesses, Feeney will join Prudential’s executive leadership team and take on an expanded role overseeing the company’s portfolio of U.S.-based businesses. In addition, she will take over from Sleyster as chair of the board of PruVen Capital, an independently managed venture fund backed by Prudential.

Hilb Group Acquires Employee Benefits Firm Allegacy Benefit Solutions

The Hilb Group has announced that it has acquired North Carolina-based Allegacy Benefit Solutions, further expanding the company’s growing presence in the Southeast and broadening its expertise in the employee benefits arena. The acquisition took effect October 1.

Based in Winston-Salem, North Carolina, Allegacy Benefit Solutions designs robust, custom employee benefits programs and is committed to meeting client needs by building packages that help attract and retain top talent, promote engagement and reduce absenteeism, and maintain a healthier and more financially secure workforce. Sharon Yarborough, Chad Huff, and their team of insurance professionals will join Hilb Group’s Southeast regional operations.

Private Markets Alpha Appoints Operational Due Diligence and Product Specialist

Private Markets Alpha, the digital marketplace for asset managers, wealth managers, advisers and distributors to access and distribute private markets investments, has announced the appointment of Rebecca Bonini to operational due diligence and product specialist. 

Bonini will work closely with PM Alpha founder and chief investment officer Alexis Weber and PM Alpha co-founder, chief platform officer and head of operations Chloe Mercer (who will lead the team) to ensure due diligence meets the highest standards during the firm’s manager selection and investment analysis processes. 

Bonini began her career in the investment industry as a marketing and communications intern at the CFA Institute. In 2016, she joined Holland Mountain, a specialist consulting firm for the private capital industry as an Analyst. She later joined KPMG London as an audit associate within the financial services and banking department. During her time at KPMG, she worked on an extensive investment banking external audit engagement gaining significant exposure to credit, fixed income and emerging markets asset classes. 

Bonini is joining PM Alpha from a senior analyst role at Akasia Europe, where she performed operational due diligence across European and U.S.-based hedge funds, private debt and private equity funds. In addition, she is a qualified Chartered Accountant with the Institute of Chartered Accountants in England and Wales. 

NEPC Expands Real Assets Team with Real Estate Industry Veteran

NEPC, LLC, an independent, research-driven investment consulting firm, has announced that real estate industry leader Shelley Santulli has joined the firm as principal and senior investment director, real assets, effective October 10. 

Santulli brings more than two decades of real estate investment and advisory experience to her new role and will help NEPC identify and report on emerging investment themes across real asset markets, which include real estate, energy, renewables, natural resources and infrastructure. 

As a part of NEPC’s real assets team, Santulli will be responsible for providing clients with market viewpoints, sourcing investing ideas, conducting manager due diligence, creating educational materials for various real estate and real asset strategies and advising clients on the implementation of investment strategies.

Prior to joining NEPC, Santulli was executive vice president, portfolio management at American Realty Advisors, where she helped lead the portfolio management and strategy of a diversified, open-end value fund. Throughout her career, she has held several other senior positions in notable investment management firms like Berkshire Group, AEW Capital Management and Fidelity Investments.

Data and Research October 27, 2022

Satisfaction with Work-Life Balance Has Dropped

Across several key workplace metrics, worker satisfaction has declined, in 2022.   

Reported by

Employee satisfaction with their work-life balance, and health and retirement benefit packages, has dropped from last year, Employee Benefit Research Institute data shows.

The 2022 Workplace Wellness Survey, from the Employee Benefit Research Institute and Greenwald Research, shows 44% of employees are extremely or very satisfied with their benefits package, compared to 51% last year; and 39% of employees describe the work-life balance at their company as excellent or very good, compared to 48% in 2021.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

“It’s important to note the declines measured this year in overall benefits satisfaction and in ratings of work-life balance, which contrast with stable job satisfaction, and the belief that remote work has improved well-being and underscore the need for employers to ramp up well-being efforts,” Lisa Greenwald, Greenwald Research president & CEO, says in a press release.

Workers’ concerns about personal debt levels and their households’ financial well-being have each increased by double-digits, the survey finds.

The data shows 80% of employees describe their level of debt as a problem, a 15-percentage point increase from 2021, and 60% of employees are concern about their household’s financial well-being, an 11-percentage point increase above last year.

EBRI data shows workers are grappling with increased financial anxiety, over debt, household finances and needing additional benefits not offered by their employers.

For example, the survey finds 19% of employees say more benefits and resources to help with caregiving would be the most valuable improvement to their employee benefits package.

Additionally, the data shows 23% of employees say they are currently offered paid caregiver leave for children or elders, 23% are offered childcare assistance or subsidies and 18% offer eldercare assistance and subsidies.   

“Six in ten employees agree that it is challenging to keep a good balance between work and caregiving responsibilities,” the survey report states. “Half cite generally feeling overwhelmed and stressed as the top challenge they face balancing work and caregiving responsibilities. [And] 35% cite having enough time with loved ones [and 34% note] significant financial strain and debt as challenges.”

EBRI data also shows 24% of employees report their employer offers subsidized or complimentary child or daycare; among workers with access, 65% have used it and 44% are interested in having the benefit available. 

Among those surveyed, 45% say saving enough for retirement is the top cause of financial stress, while 41% said it is  having savings in case of an emergency and 41% said it was paying monthly bills, the survey finds. Among workers who cite monthly bills as a top stressor, 53% say their mortgage or rent and 52% said groceries cause them the most stress, according to EBRI.

Among employees who say their debt is a problem, 78% describe their household’s level of credit card debt as a problem, 57% say debt is medical or health-related and 51% say student loan debt is a problem, according to the survey.

The 2022 Workplace Wellness Survey was conducted in 20-minute online interviews, with 1,518 full-time and part-time workers, ages 21–64, from July 13 to 29.

«