Retirement Industry People Moves

TRA acquires retirement consulting and administration firms; AIG elects CEO of institutional investment unit; Shroders announces changes to North America leadership team.

Art by Subin Yang

Art by Subin Yang

TRA Acquires Retirement Consulting and Administration Firms

The Retirement Advantage, Inc. (TRA) has acquired two retirement plan consulting and administration firms: Benefit Strategies, Inc. of Roanoke, Virginia (BSI) and Scholz & Friends Enlightened Retirement Group, Inc. (S&F) of San Antonio, Texas.

“BSI and S&F are two strategic acquisitions for us. Both firms will allow us to further expand TRA’s consulting capabilities and extend our national footprint,” says Matt Schoneman, president of TRA. “We are very excited to have the knowledgeable and experienced staff members of each company join our firm. With the addition of the staff and our continued investment in technology, cybersecurity, automation, sales, and service capabilities, we will further enhance the already excellent customer service experience we provide to our clients and recordkeeping and financial partners.”

“The timing and locations of these opportunities couldn’t have been more ideal,” comments Jeff Schreiber, TRA’s director of Sales. “These are two well-respected retirement plan providers in two of our designated growth markets. TRA’s business is providing service to retirement plans of all sizes, and we look forward to supporting our newest clients and helping their employees reach their retirement goals.”

Over the past eight months, TRA has acquired and successfully integrated Gillespie and Company of Virginia and Quality Pension Services, Inc. in Chico, California. “We are currently offering complimentary and confidential business assessments for TPA business owners who might be asking ‘Is it time to sell?’ Whether an acquisition proves to be a good fit or not, exploring the possibility is a great exercise to contemplate the future of a business. It never hurts to talk,” says Schoneman.

AIG Elects CEO of Institutional Investment Unit

American International Group, Inc. has elected John Panagakis as chief executive officer, First Principles Capital Management, LLC (FPCM), the unit of AIG Investments that serves institutional clients with expertise across the global fixed income securities and derivatives markets. He will be based in New York and report to Douglas Dachille, executive vice president and chief investment officer of AIG.

“John is a recognized leader in financial services and investments. He has an extensive track record in all aspects of asset management and distribution, along with significant operational and leadership experience,” says Dachille. “His proven expertise in the development and distribution of investment services for institutional investors and intermediaries will be an advantage for FPCM in the market.”

Panagakis joins FPCM from TIAA Nuveen, where he spent more than 30 years in a variety of asset management, operational and advisory leadership roles, most recently as executive vice president, head of International Advisory Services. While at TIAA Nuveen, he transformed the organization from a U.S.-focused asset manager to a global presence with international distribution, product and marketing offerings. During his tenure, he also held numerous other leadership roles that included executive vice president, head of Global Institutional Business Development; managing director, head of Institutional Distribution; and director, Northeast Region Institutional and Individual Services.

Schroders Announces Changes to North America Leadership Team

Schroders has made changes to its country leadership team with the announcement of its North America CEO.

Karl Dasher, currently CEO of North America and co-head of Fixed Income, will leave the firm at the end of the year. Marc Brookman, who joined Schroders earlier last year as deputy CEO of North America, will take over as CEO of North America. Philippe Lespinard, who has worked with Karl Dasher for the past 10 years on the fixed income investment platform, will continue as head of Fixed Income reporting to Charles Prideaux, global head of Investment.

Dasher will work with Brookman and Lespinard on the leadership transition throughout the remainder of this year and will be available as an adviser to the firm from January 2020. Brookman will report to Lieven Debruyne, global head of Distribution.