Investment management solutions provider Spouting Rock Financial Partners has launched a separate retirement division—a specialized provider of collective investment trusts—operating under the brand Collective Retirement Solutions LLC, it announced Thursday.
The venture will operate as an affiliate of Spouting Rock Financial Partners, offering a “comprehensive suite” of CITs with different investment strategies implemented by selected managers, some of whom are a part of the affiliated Spouting Rock Asset Management platform, the company’s press released stated.
“Collective Retirement Solutions represents a new chapter in our journey to redefine and elevate retirement investment possibilities,” Bill Higgins, managing partner at Collective Retirement Solutions, said in the release. “With a strong commitment to our clients’ success, CRS will continuously strive to deliver tailored Collective Investment Trusts that align with their unique goals and objectives.”
The retirement solutions division previously operated under the parent company as Spring Rock Retirement Solutions.
The launch of CRS will enable it to be positioned as a specialized leader providing CITs to clients, according to the company. Representatives for Spouting Rock declined comment beyond the press release.
For retirement plan sponsors, CITs cost less than mutual funds. CITs and mutual funds are both pooled investment vehicles. Like mutual funds, CITs adhere to stated investment objectives and strategies. CITs are Employee Retirement Income Security Act plan asset vehicles that are not subject to the prospectus, financial reporting requirements and expense rules of the Investment Company Act of 1940.
The use of CITs has surpassed the use of mutual funds in 401(k) plans with more than $1 billion in assets, according to data from BrightScope, part of ISS Market Intelligence, which, like PLANSPONSOR, is owned by Institutional Shareholder Services Inc.
Newly formed Collective Retirement Solutions taps Bill Higgins as MD; Ocorian promotes French to head of financial crime; Voya’s Penland joins DC alternatives board; and more.
Newly Formed Collective Retirement Names Bill Higgins Managing Partner
Collective Retirement Solutions LLC, a new entity formed by Spouting Rock Financial Partners, has appointed Bill Higgins as managing partner to lead the independent specialized collective investment trusts provider.
Spouting Rock’s retirement division previously operated under the brand Spouting Rock Retirement Solutions. CRS has been created to operate under Higgins’ direction, according to a Spouting Rock announcement.
Higgins was previously a managing partner at Spouting Rock, having joined the company in April 2020.
CRS will use the resources of Spouting Rock Financial Partners, offering collective investment trusts with different investment strategies implemented by select managers. Some managers are part of the affiliated Spouting Rock Asset Management platform, according to the announcement.
Spouting Rock Financial Partners and CRS are based in Bryn Mawr, Pennsylvania.
Ocorian Promotes French to Managing Director of Financial Crime and Consulting
Ocorian, a provider of regulatory and compliance, alternative fund, corporate and fiduciary services, has promoted Joe French to managing director and head of its financial crime and consulting services.
Joe French
French is responsible for anti-money laundering, fraud and cyber-crime for Ocorian’s subsidiary, Newgate Compliance. For U.S. pension fund managers investing in E.U. or U.K. markets, streamlining customer due diligence is crucial and at times challenging, an Ocorian spokesperson said by email.
“Ocorian works with clients and counterparties to provide pragmatic solutions to these issues with its experienced resourced and online solutions,” the spokesperson said. “In his role, Joe helps clients build a strong understanding of the practical requirements firms need to have in place to guard against being used for financial crime.”
French is based in London. Ocorian is headquartered in Saint Helier, Jersey, in the U.K. and has 23 office locations.
Voya’s Penland Named to DC Alternatives Association Board
Voya Financial Inc.’s Kirk Penland, senior vice president for nonqualified markets, has been added to the board of directors of the Defined Contribution Alternatives Association.
Kirk Penland
Penland will join the nonprofit board to further its work of educating the retirement industry on using alternative investments within defined contribution plans. The DCALTA’s current board is comprised of retirement plan advisers, asset managers and servicers, and ERISA attorneys.
“The retirement plan landscape is constantly evolving with regulatory mandates, product innovation and new approaches to investment strategies,” Penland says. “With the right resources and information, access to alternative solutions within a retirement program could help plan participants achieve their long-term retirement goals.”
At Voya, Penland’s group works with industry investment firms to provide alternative investments to nonqualified deferred compensation plans. Prior to Voya, Penland was CEO of Pen-Cal Administrators Inc., which designs and administers employee and executive benefit plans. Voya acquired Pen-Cal in 2018.
Corebridge Taps Muderrisoglu to Head Investor and Rating Agency Relations
Retirement solutions and insurance provider Corebridge Financial has name Isil Muderrisoglu head of investor and rating agency relations, reporting to Chief Financial Officer Elias Habayeb.
Muderrisoglu joins from Equitable Holdings Inc., where she was head of investor relations. At Equitable, she also held roles across strategy, mergers & acquisitions and corporate finance, including chief financial officer for the individual retirement business. Josh Smith, director of investor relations, will remain part of the team and report to Muderrisoglu, according to a company announcement.
Houston-based Corebridge, which has more than $370 billion in assets under management and administration, was part of AIG before being spun off in an initial public offering in 2022.
“Corebridge has made significant progress against the strategic initiatives and financial goals established at the time of the IPO,” Habayeb said in a statement. “With Isil’s broad financial experience and deep industry expertise, we look forward to expanding our external stakeholder engagement, including equity and fixed income investors, and rating agencies.”
AI-Backed Tifin Amp Names Gagliano CEO as Founder Nair Steps Aside
Sal Gagliano
Artificial intelligence-driven fund distributor Tifin Amp named Sal Gagliano as CEO, replacing founder Vinay Nair, who will continue as executive chairman.
Nair, an entrepreneur and former Wharton School of the University of Pennsylvania professor, founded Tifin with the model of leveraging AI for wealth management and investing for advisers, consumers and workplaces.
Gagliano joins from Broadridge Financial Solutions, where he was most recently senior vice president and general manager of the marketing and regulatory communications business, with prior roles as division chief operating officer and head of strategy for the asset management segment, and as vice president of strategy for the global sales and marketing team.
Charlie Shaffer
Tifin Amp also announced the addition of Charlie Shaffer as president and chief revenue officer. Shaffer was most recently global head of distribution at Russell Investments and previously held roles as head of distribution for Voya Investment Management and global head of distribution at Credit Suisse Asset Management.
“I am thrilled to join the TIFIN AMP team as we strive to modernize distribution for the asset management industry,” Gagliano said in a statement. “Our unique data, innovative AI capabilities and strong talent will enable us to help asset managers more effectively drive sales.”
Wedbush Securities Names Jeff Smits VP of Investments
Wedbush Securities, a subsidiary of Wedbush Financial Services, has named Jeff Smits vice president of investments to work out of the firm’s Newport Beach, California office.
Smits will be reporting to Doug Ireland, a senior vice president and market manager. Prior to joining Wedbush, Smits began his career at Morgan Stanley, then moved to Stifel Nicolaus and most recently worked for seven years as a financial adviser at Edward Jones.
“Wedbush provides opportunity and growth that best allows me to serve my clients and plan for their financial futures,” Smits said in a statement.
Wedbush, which is headquartered in Los Angeles and has 900 employees, provides private and institutional clients with securities brokerage, wealth management, and investment banking services.
