401k Round Up is a weekly column aimed at keeping mutual fund industry insiders updated on what's happening in the 401(k) industry. Below are quick takes on stories that originally appeared on The MFWire's sister publication, The 401kWire.
So, what are other asset managers up to in the 401(k) space? Thanks to an executive departure, Goldman Sachs
now boasts a single defined contribution investment-only chief across all channels. Scott Kilgallen
, the head of Goldman's third-party (i.e. advisor-sold) DC I-O business, recently left
the New York-based asset manager. Bill McDermott
, who joined Goldman in February to lead the institutional DC I-O business, took over all of DC I-O.
In other DC I-O news, Columbia Management
's DC I-O national sales manager, Eben Wheeler
, even as RiverSource
prepares to close tomorrow on its acquisition of Columbia's non-money market business.
And Jupiter Distribution Partners
, an outsourced DC I-O wholesaling firm that supports asset managers looking for retirement plan distribution, hired Rick Carlson
to lead hybrid wholesaling. Jupiter already works with Cullen
* * *
One of Putnam
's former sister companies is buying
a benefits consulting firm with a $2 billion book of retirement plan business. Insurance brokerage Marsh
is purchasing Bostonian Group
effective tomorrow. One defined contribution industry insider told The 401kWire
that the consulting firm will continue to be "able to operate independently."
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