Retirement Industry People Moves

T. Rowe Price Hires Head of Large Retirement Sales; PanAgora Asset Appoints Strategic Relationship Manager; and Guardian Hires Chief Communications Officer

T. Rowe Price Hires Head of Large Retirement Sales

Lee Stevens will join T. Rowe Price on March 31 as head of mega and large market retirement sales, a newly created role. Stevens will be tasked with leading the firm’s efforts to expand its business in this key segment of the U.S. retirement plan marketplace. 

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She is experienced in sales, client satisfaction, distribution strategy, product innovation, and talent development. Prior to joining T. Rowe Price, Stevens worked at JPMorgan Chase & Co. and its predecessor firms from 1987 to 2014. She was granted increasing levels of responsibility in JP Morgan’s retirement plan business, including acting as head of sales and client retention. 

Stevens joined Empower Retirement when it acquired JP Morgan Retirement Plan Services’ large-market recordkeeping unit and was responsible for the stewardship of many of the firm’s new and legacy JP Morgan clients. In her most recent position, Stevens served as head of sales for Great-West Investments and was a member of the firm’s executive leadership team. 

NEXT: PanAgora Asset Appoints Strategic Relationship Manager

PanAgora Asset Appoints Strategic Relationship Manager 

Vanessa Sea has joined the distribution team at PanAgora Asset Management. Serving as a strategic relationship manager, she will focus on consultant relations, outsourced chief investment officer (OCIO) services and hedge fund marketing practices. Lisa Mahoney and Paul Damplo will join her in these efforts.

Sea formerly worked at PT Asset Management (PTAM), where she spent the last three years developing the firm's institutional credit hedge fund business. Prior to that, she worked in consultant relations at William Blair in Chicago and with Neuberger Berman. She earned her bachelor’s degree from Indiana University and her master’s degree from the University of Chicago Booth School of Business.

"We are delighted to welcome Vanessa to PanAgora,” says Robert Job, CFA, head of Global Distribution at PanAgora. She is great addition to our team with an interesting background and a proven record. We look forward to introducing Vanessa into the marketplace. Her diverse investment experience, relationships, and excellent academic record are positive contributions to our firm.”

NEXT: Guardian Hires Chief Communications Officer

Guardian Hires Chief Communications Officer

The Guardian Life Insurance Company of America has named Sherry Pudloski as chief communications officer. She will be responsible for Guardian’s brand management as well as internal, external and digital communications. With more than 20 years of experience in the industry, she is versed in brand communications, reputation management, and corporate social responsibility.

Pudloski joins Guardian from Pfizer, where she was the head of reputation, policy, and enterprise communications. She launched the company's first corporate advertising campaign in more than a decade “to share its commitment to science and cures.” Prior to her seven years with Pfizer, she was an executive director of strategic planning and communications at Novartis Pharmaceuticals.

“Sherry is an accomplished and respected communications professional, and we are delighted that she will help lead Guardian’s corporate communications strategy,” says Deanna Mulligan, Guardian’s president and chief executive officer. “As a member of Guardian’s leadership team, Sherry will be instrumental in finding new, creative, and effective ways of communicating and executing our customer-focused vision.”

Investment Products and Service Launches

Schwab Partners with eShares; and USAA Deploys Military Retirement Comparison Tool.

Schwab Partners with eShares

Schwab Stock Plan Services announced an agreement with online equity management firm eShares, which allows the clients of eShares to transition their employee equity plans to Schwab’s stock plan administration platform, as they prepare to enter the public market.

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This service aims to help pre-IPO companies manage their employees’ equity electronically, making it easier for businesses to track everyone on their capitalization table, while enabling employees to see all their holdings in a single place. At the time of an S-1 filing, eShares clients’ data will automatically transfer onto the Schwab platform.

“An IPO is an exciting but demanding period in a company’s lifecycle. Our agreement with eShares allows us to lessen the administrative burden that comes with managing an equity compensation plan and to develop a roadmap for a smooth transition through the IPO process and beyond,” says Marc McDonough, vice president of Schwab Stock Plan Services.

Henry Ward, founder and CEO at eShares adds, “Our clients expect a great user experience and depend on our online platform to securely monitor and track the value of their equity. In working with Schwab, we are confident that companies heading toward an IPO will be provided with the robust participant experience and equity compensation expertise that their employees will need.”

NEXT: USAA Deploys Military Retirement Comparison Tool

USAA Deploys Military Retirement Comparison Tool

In response to the United States Military’s move from its current military retirement plan to a new Blended Retirement System (BRS) going into effect in January 2018, the USAA has launched its Military Retirement Comparison Tool for all service members.

It’s designed to help service members make informed decisions on the financial implications specific to their retirement situations.

The tool will evaluate the implications of status, pay grade, years of service, and years remaining until separation or retirement from the military, or the anticipated number of credited military points at the time of National Guard or Reserve retirement.

USAA recently conducted a national online survey of 400 active-duty and reservists who will have the option of switching to BRS or remain in the current plan. Three out of four (75%) service members are aware that the Department of Defense (DOD) will offer a new retirement plan in 2018, but one in four (25%) surveyed do not believe they have enough information to select a retirement plan.

"The Department of Defense has called this the most significant change to military retirement to date and estimates that more than 1 million active-duty, Guard and Reserve members will be affected by this change," explains retired Vice Adm. John Bird, USAA's senior vice president of military affairs. "We estimate that 650,000 USAA members will be impacted by this change, and our research indicates that 70% of our members recognize saving for retirement as a personal financial goal.” 

The tool is available to all military members and their families on USAA's BRS webpage. The page serves as a central location for the military community to learn more about their retirement options and to plan for their financial security. 

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