New York Life Retirement Plan Services, a division of New York Life, has gained a significant amount of new assets under administration over the last year.
New York Life credits the jump to the implementation of a new business model that has expanded its executive benefits offerings as well as the appointment of new client-facing executives.
Since September of 2011, New York Life has executed sales conversions and commitments of more than $5 billion, bringing total assets under administration to $43 billion and the number of participants served to 1.2 million from 1.1 million.
New York Life landed $1.2 billion in bundled retirement plan services for the IT company Fujitsu Management Services of America, among other new contracts won.
New York Life was also able to cultivate new business in the executive benefits and stable value markets space. They landed a $ 5.5 million corporate-owned-life-insurance (COLI) funding for a multinational bank; a 1million COLI-funding for a grocery store chain; a $70 million stable value placement at a technology company and a $17 million stable value placement at a private university.
New York Life credits the upswing in new business to the growth of its relationship management and sales staff.
“Drawing on our consulting heritage, we have aligned our business such that we can better assist our clients in all these ways and as a result, we are growing to meet increased demand,”said David Castellanu, CEO of New York Life Retirement Plan Services.