After 16 years fighting mostly uphill battles over retirement regulation and legislation, Edward Ferrigno is looking forward to scaling some actual mountains when he retires March 31 as vice president of Washington affairs for the Plan Sponsor Council of America.
Combining the defined contribution businesses of Putnam Investments and Great-West Financial - both owned by Great-West Lifeco Inc., Winnipeg, Manitoba - is a smart strategic decision that recognizes record keepers need greater scale to thrive, DC consultants and other industry participants say.
When Timothy Jarry ascended to the role of chief investment officer in 2011 at the College of the Holy Cross, his alma mater, he undertook a yearlong portfolio review of the endowment. Looking to maintain (or increase) commitments to many external managers across equities, hedge funds and private equity, Mr. Jarry took a sidestep: He brought some of the portfolio in-house for the first time.
A federal appeals court on March 19 issued a split decision in a prominent 401(k) case involving claims by participants that a sponsor, ABB Ltd., Cary, N.C., and its record keeper, Fidelity Investments, breached their fiduciary duties.