Toni Brown was named senior defined contribution specialist at Capital Group to bolster the firm's DC business.
In this newly created job, Ms. Brown will help to develop new products and services, provide support to clients and intermediaries, and serve as a spokeswoman for Capital's retirement business, William Anderson, director of the retirement plan business for Capital Group, said in an interview.
“It was the right job at the right time at the right company,” Ms. Brown said in an interview. She had been director of U.S. client consulting and DC segment leader for Mercer, based in San Francisco. She started at Capital Group on Tuesday; she will remain in San Francisco.
Ms. Brown will be responsible for Capital Group's DC efforts in the western half of the U.S., Mr. Anderson said. Capital Group plans to hire an East Coast senior DC specialist by year-end, he said.
Ms. Brown said her job at Capital Group will differ from her Mercer job in that she will be involved in product development and that she won't have individual clients. Product work at Capital Group could include working on glidepath construction and underlying investments for custom target-date funds as well as retirement income solutions, she said.
Capital Group has $287 billion in retirement plan assets under management, including $214 billion in defined contribution assets, Mr. Anderson said.
“Toni's client and leadership responsibilities are being taken on by others at Mercer,” Rich Nuzum, Mercer's investments business leader-North America, said in an e-mail. “Toni has made significant contributions to Mercer Investments as our national segment leader for defined contribution and as our director of client consulting.”
Mr. Nuzum added: “Mercer is fortunate to have a deep bench of DC consulting talent. We are confident that Mercer will remain a source of DC thought leadership and industry-leading client consulting, even as one of our senior colleagues moves on to a new role.”