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Deals and People June 16, 2017
Retirement Industry People Moves
Texas TRS CIO steps down; Heffernan Financial
Services expands adviser team; Todd Organization hires partner for executive benefits consulting; and more.
Reported by Javier Simon
Texas TRS CIO Steps Down
The Teacher Retirement System of Texas (TRS) announced that TRS Chief Investment Officer Thomas “Britt” Harrisis leaving the agency to serve as the chief investment officer for The University of Texas Investment Management Company (UTIMCO), a 501(c)(3) investment management corporation.
Harris joined TRS in November 2006 as its chief investment officer. He previously served as chief executive officer of Bridgewater Associates, chief investment officer and president of Verizon Investment Management Corporation, chief investment officer and president of GTE Investment Management Corporation, and managing director for Asea Brown Boveri.
When Harris joined TRS, the pension fund was valued at $100 billion. Shortly after his arrival, however, the fund’s value dropped to $67 billion during the 2007-08 financial crisis. Under Harris’ leadership, the TRS investment team skillfully guided the fund back to financial health as evidenced by its $140 billion value today.
Harris restructured and expanded TRS’ investment division, implemented leading-edge portfolio management strategies, guided development of a new asset allocation policy and entered into a series of innovative strategic partnerships. With Harris’ guidance, the agency’s world-class staff has earned TRS a reputation as a top investment industry leader with highly regarded performance, innovation and effective risk management.
TRS Executive Director Brian Guthrie announced that, effective immediately, TRS Deputy Chief Investment Officer Jerry Albright will serve as interim chief investment officer. Albright is chairman of the Internal Investment Committee and sole director of TRICOT London, the first international office for the TRS pension fund. Albright previously served as TRS Investment Division’s chief operating officer as well as the director of investment operations.
At their July meeting, the TRS Board will consider plans for filling the chief investment officer position on a permanent basis.
NEXT: Ibis Capital Expands Retirement Plan Services
Ibis Capital Expands Retirement Plan Services
To support the needs of business owners who are opening small-to-mid size operations, Ibis Capital is expanding its Retirement Plan Services. The boutique wealth management firm’s retirement business offers plan implementation coordination of plan conversion, and quarterly employee education; as well as access to service providers, third party administrators (TPAs) and relationship managers.
“We are committed to expanding our portfolio to better serve the industry,” says Robert Meyer, CEO and CIO of Ibis Capital. “Providing business owners with retirement plan designs tailored to their unique needs is a focused and natural next step for Ibis.”
Ibis notes that fee compression and the Department of Labor's (DOL)’s fiduciary rule could have a particular impact on small-business owners.
“We understand the specific challenges that our clients face in an ever-changing financial landscape, and can help them routinely monitor their plans to maximize benefits at all levels of the organization,” says Meyer.
NEXT: SSGA Names Head of SPDR Sales
SSGA Names Head of SPDR Sales
Kathryn Sweeney has joined State Street Global Advisors (SSGA) as head of SPDR Americas Institutional sales. She will be responsible for defining and leading the execution of the SPDR Americas Institutional Sales Strategy. Sweeney will also collaborate with the Americas Institutional Client Group (ICG) team under Barry F.X. Smith, head of the Americas ICG at SSGA, to drive ETF sales with asset owners.
Sweeney joins SSGA from Goldman Sachs, where she spent more than 19 years. There, she played a strategic role in building out its ETF business, first in London and then in New York. She held a variety of roles, most recently as global head of Distribution and Product Strategy for the Securities Division. She worked closely with ETF asset managers, institutional trading desks and internal stakeholders to increase ETF activity. Prior to this, she held roles as head of US ETF Execution and Risk, and as an ETF trader in London and New York.
“ETFs are being used by a greater number of institutional investors seeking to reduce fees and increase the liquidity and transparency of their holdings,” says Nick Good, co-head of the global SPDR business. “Our global SPDR ETF business has a strong track record of product innovation, including working with large institutional clients to develop products such as SHE, LOWC and SPYX to meet their specific investment needs. Given Kathryn’s visibility and relationships within the ETF industry we are confident that she will continue to advance the SPDR position in the institutional market, and we are excited to have her join our Global SPDR team.”
NEXT: Cohen & Steers Hires VP of Wealth ManagementCohen & Steers Hires VP of Wealth Management
Jessen Fahey has joined Cohen & Steers as vice president on the wealth management team, specializing in the defined contribution investment-only (DCIO) marketplace. With more than 22 years of experience in the retirement services industry, he comes to Cohen & Steers from Columbia Threadneedle. While there, he served as regional vice president of sales, directing initiatives and coaching wholesalers for the company's DCIO effort. Based in Colorado, Fahey will cover the Western United States.
"Defined contribution is a critical focus for Cohen & Steers," says Charlie Wenzel, senior vice president and head of Wealth Management Defined Contribution. "We expect the implementation of fiduciary best practices will cause DC asset allocations to migrate toward those of institutional investors, where real assets are more widely utilized. Jessen will play a strategic role in growing the firm's DCIO business, educating 401(k) advisers, fiduciaries, model managers and retirement platforms about the potential of real assets to help participants improve their retirement plan outcomes."
NEXT: Heffernan Financial Services Expands Adviser Team
Heffernan Financial Services Expands Adviser Team
Jennifer Owen has joined Heffernan Financial Services as an adviser in the Irvine, California branch.
With more than 10 years of experience in the financial services industry, she began her career with MetLife working in sales, training, and advanced planning. She also consulted with financial advisers, clients, and their legal and tax advisers on investment management, retirement, tax planning, and trust and estate planning. Later, she worked at BNY Mellon Wealth Management specializing in the investment and planning needs of high net worth clients.
"We're excited to add an experienced certified financial planner to our team," says Blake Thibault, managing Director, Heffernan Financial Services. "Jen shares our passion for promoting financial wellness and literacy and we look forward to her helping our clients with all their financial needs."
Owen graduated cum laude from the University of Arizona's Eller College of Management with a bachelor’s degree in finance. She is a Certified Financial Planner, practitioner and Retirement Income Certified Professional (RICP).
NEXT: Todd Organization Hires Partner for Executive Benefits Consulting
Todd Organization Hires Partner for Executive Benefits Consulting
National executive benefits consulting firm The Todd Organization announced Kurt Snyder has joined its St. Louis office as a partner.
Snyder brings with him 15 years of experience in the executive benefits industry serving financial institutions. He’s versed in the design, financing and administration of executive benefit and bank-owned life insurance plans. He’s worked for various financial institutions from community banks to large money center institutions.
Snyder began his career with The Todd Organization in 2002 as a financial analyst in its Greensboro, North Carolina, office. In 2007, following a strategic partnership that Todd formed with the Newport Group, Snyder joined the Newport Group where he held several positions of increasing responsibility throughout the next 10 years, most recently as vice president of Financial Institutions.
“Kurt Snyder knows how to help financial institutions put in place customized, highly effective executive benefits programs. He has a deep understanding of all issues pertaining to executive benefits and bank-owned life insurance, and will be a great addition to our team,” says Bob Scharff, a senior consultant for The Todd Organization, based in its St. Louis office.