Norman E. Nabhan and Gary P. Jackson must like working together. The two were colleagues for 10 years at Smith Barney, where Mr. Nabhan is national director of the firm's consulting group and Mr. Jackson ran the retirement plan services group through 2001.
Although Mr. Jackson is now managing director of sales and distribution with NYLIM Retirement Plan Services, a division of New York Life Investment Management, he and Mr. Nabhan are joining forces once again.
Mr. Nabhan said his path and Mr. Jackson's crossed again after he spoke with a client who had been impressed by a presentation about NYLIM's bundled defined benefit plan services. Mr. Nabhan said he contacted Mr. Jackson, and their conversation progressed from initial visits to due diligence and finally a strategic alliance between the two companies at the end of 2004.
The alliance will allow Smith Barney's network of 100 institutional consultants around the country to offer their mostly middle-market clients (with between $25 million and $500 million in assets) NYLIM's bundled defined benefit services in a total retirement outsourcing relationship, said Mr. Nabhan.
The alliance already has "one client on the platform," with another 17 in the pipeline, said Mr. Jackson. They declined to identify the client.