New York Life Investments completed the acquisition of Dexia Asset Management, an international asset manager, with management centers in Brussels, Paris, Luxembourg and its investment boutique, Ausbil, based in Sydney, for EUR 380 million.
Dexia Asset Management joins New York Life Investments’ capabilities in fixed income, equities and alternative investments and adds $100 billion in assets under management, bringing New York Life Investments’ total assets under management to $511 billion.
Naïm Abou-Jaoudé will continue in his role as chief executive officer and chairman of the executive committee of Dexia Asset Management and Paul Xiradis will remain chief executive officer of Ausbil. Yie-Hsin Hung, in addition to her current role as co-president of New York Life Investment Management and chairman of New York Life Investment Management International, becomes chairman of the board of directors of Dexia Asset Management.
In other industry news:
Creative Marketing has rebranded as CreativeOne while still catering to the annuities, life insurance and securities industries.
Creative Marketing was purchased from Aviva USA in a transaction that closed Oct. 1, 2013.
“Our new name communicates our conviction and vision to be the Most Trusted Independent Partner to Maximize Your Potential as a financial services provider,” the company said in its announcement. “We are OneTeam with OneVision and OneVoice working diligently on behalf of our producers.”
In the three months leading up to the rebranding, the firm:
- Entered into a new exclusive product distribution agreement: Allianz Preferred;
- Entered into a new partnership with EquiTrust Life to provide producers its complete line of fixed annuity products;
- Launched a new Integrated Financial Services (IFS) division dedicated to serving the life insurance and security needs of Registered Investment Advisors (RIAs) and Investment Adviser Representatives (IARs);
- Opened a new office in Phoenix-Scottsdale, Ariz. — CreativeOne-West;
- Launched the most comprehensive annuity product database in the industry: Annuity Solutions PRO.
LIMRA launched a new training program designed for new recruits that leverages the core tenets of the Trustworthy Selling program.
Trustworthy Selling Quick Start consists of three phases:
- The Core Learning Phase introduces the new producer to everything they will need to do on the job. During this two-week course, the producer experiences an intense infusion of the proven sales practices developed in Trustworthy Selling program.
- The Structured Performance Coaching Phase holds the student accountable to what they learned in the core learning phase. Through bi-weekly assignments that reinforce the Trustworthy Selling concepts, new producers work with a manager/coach to help them as they develop and demonstrate the skills they learned in the first phase.
- The Capstone Phase enables students to demonstrate mastery of their skills in a group setting and apply their knowledge to two comprehensive case studies.
Through LIMRA’s behavioral economic research, researchers found that consumers respond better to certain language and tactics based on social, cognitive and emotional factors. LIMRA research found that by working the principles of behavioral economics into a sales presentation, producers can be more effective and bridge the trust gap, understand client needs and support consumers with their purchasing decisions.
Nationwide Financial introduced Nationwide Living Benefit Suite of Riders for Nationwide Destination Series 2.0 variable annuities. The suite offers new options to help advisors recommend the best fit for clients based on age, risk tolerance and their potential guaranteed income needs at retirement. The Nationwide Living Benefit Suite of Riders includes:
· The Nationwide Lifetime Income Rider – Nationwide’s established living benefit rider, built for investors at or near retirement who are seeking a secure, guaranteed level of income;
· Nationwide Lifetime Income Capture – A new option that provides investors who may have a longer time-horizon until retirement the potential for guaranteed lifetime income with the possibility to increase their income potential;
· Nationwide Lifetime Income Track – For fee-conscious investors, this new rider offers increased equity exposure and the possibility of guaranteed income in retirement at a low cost.
LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), made enhancements to its LPL Financial Mobile app for advisors. The app offers advisors greater real-time insight into market events and an improved ability to interact directly with clients. These upgrades are being delivered in direct response to the feedback received from advisors.
LPL Financial Mobile now includes:
- Daily commentary and market insight from members of the LPL Financial Research team, including YouTube videos featuring Chief Investment Officer Burt White and Chief Market Strategist Jeffrey Kleintop, and SVP and Fixed Income Strategist Anthony Valeri;
- A redesigned user interface with a simpler look and feel, and a sidebar menu for more seamless navigation on both smartphones and tablets;
- Continuous updates about the company via the LPL Financial Twitter stream;
- Information-sharing capability via email, direct message, Twitter or Facebook, and
- The ability to answer questions and engage with clients via a secure message system.
The International Society of Certified Employee Benefit Specialists (ISCEBS) announced its 2014 officers:
- Wayne C. Murphy, CEBS will serve as president. Murphy is manager, corporate services at Prudent Benefits Administration Services, Inc. (the PBAS Group) in Toronto, Ontario. He previously served as secretary/treasurer of the International Society and has been on the governing council for the past two years. He is a past president of the ISCEBS Toronto Chapter and is a fellow of the ISCEBS;
- Ronald S. Krupa, CEBS has been elected vice president. Krupa is benefits director at First Advantage in St. Petersburg, Fla. He has been on the governing council for the past three years and is a fellow of the ISCEBS. He is a past president of the Tampa Bay Area Chapter and a past officer of the greater Philadelphia Chapter. He is a licensed health and life insurance agent in several states.
- Donna Malliett, CEBS has been elected secretary/treasurer. Malliett is benefits manager at Farella Braun & Martel LLP in San Francisc. She is a past president of the Northern California Chapter and is an ISC EBS fellow. She has served on the governing council for the past year.