The Department of Labor’s release of the fiduciary rule wasn’t the only news in the retirement industry this week. Personnel changes, a plan provider selection, and innovations around 401(k) and IRA assets also took place.
Voya
At Voya Investment Management, the asset management business of Voya Financial, Inc., Barbara Reinhard was named head of asset allocation for the firm's Multi-Asset Strategies and Solutions (MASS) team. Reinhard, who is based in New York, reports to Paul Zemsky, chief investment officer, MASS.
The MASS team, which, as of December 31 oversaw $27 billion in assets under management, designs customized and packaged multiasset solutions, including target-date funds.
Groom Law Firm, Chartered
On the legal side, Erin Cho and David Olstein joined the Fiduciary Responsibility group at Washington, D.C.-based Groom Law Firm, Chartered.
Cho advises asset managers, broker-dealers and investment bankers on the services and products they offer to U.S. pension plans. Olstein's practice focuses on the fiduciary responsibility provisions of ERISA.
Pentegra Retirement Services
Pentegra Retirement Services has announced that Matt Petersen has joined as regional director for its qualified retirement plan sales. He reports to Pete Swisher, senior vice president of national sales, and will spearhead business development efforts for the upper Midwest. He was most recently a regional vice president with Transamerica Retirement Solutions.
Raymond Corporation
The Raymond Corporation chose Fidelity Investments as its 401(k) provider. Fidelity consolidated multiple retirement plans into a single 401(k), with $235 million in assets under management and participants ranging in age from millennials to post-retirement.
IRA Services
And IRA Services launched ISCP, a real-time, cloud-based, application program interface (API)-driven retirement investment solution for the peer-to-peer (P2P) industry. ISCP provides platform investors with the ability to fund their P2P and crowdfunding investments through their 401(k) and IRA accounts, allowing real-time access to over $12 trillion dollars of capital for the P2P industry.
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