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Here’s what happened in the employee benefits industry while you were busy doing your job (or on vacation, trying to resist the thrall of your work email). Mergers and acquisitions galore, promotions and new hires, partnerships. Who said summer was slow in the benefits biz?

FBMC Benefits Management announced the promotion of President David Faulkenberry to President and Chief Executive Officer. Faulkenberry joined FBMC in 2011 and is responsible for the overall leadership, strategy and corporate direction of the organization.

Mercer Global Advisors announced the acquisition of Jackson Financial Management, augmenting the company’s existing strong presence in Southern California. The acquisition brings Mercer’s total offices to 41, and increases Mercer’s AUM to over $16 billion. JFM founder Tracy O. Jackson and his 13 team members will be joining Mercer Advisors.

Ascensus announced that David Musto, currently its president, will add chief executive officer responsibilities to his role effective January 1, 2020. Bob Guillocheau, currently chairman and CEO of Ascensus, will continue to serve as chairman.

CAPTRUST Financial Advisors announced the addition of McQueen, Ball & Associates and Cornerstone Capital Advisors to its team, expanding the firm’s presence in Pennsylvania and Northeast Ohio. McQueen, Ball & Associates, founded by Jerry McQueen, manages $1.3 billion of client assets. Cornerstone Capital Advisors, led by Mario Giganti, oversees $770 million in client assets.

Custodia Financial (loaneraser.com) announced that it has appointed Drinker Biddle & Reath LLP Partner Bradford Campbell to its Strategic Advisory Council (SAC). Campbell will provide legal, public policy, and regulatory guidance to Custodia on its mission to automatically improve retirement outcomes by solving America’s $2.5T 401(k) loan default problem.

Hub International Limited announced acquisitions in June and July that included the following:

The assets of Cosaint Insurance Partners, LLC, Pennsylvania
Crichton, Brandon, Jackson & Ward, Inc., d/b/a The Crichton Group (TCG), Tennessee
Berk Bilgen Insurance Ltd. (BBI), Alberta, Canada
BenefitLink Resource Group Edmonton Holdings Inc., Alberta, Canada
Foster & Parker Insurance Agency, Inc. (Foster & Parker Insurance), California
The assets of CBIS, LLC, d/b/a In-Fi, Georgia
Porchlight Financial, British Columbia, Canada

Assurance announced the hiring of Chris Pappas as vice president for the employee benefits practice at Assurance’s Schaumburg, Ill headquarters.

EZShield and IdentityForce announced that their brands have aligned under a new company: Sontiq. The new parent company name is derived from the Latin word “sonticus” meaning serious or critical. Sontiq is headquartered in Nottingham, Maryland.

Kirt Walker was named Chief Executive Officer-elect of Nationwide. He will assume the top leadership role at the Columbus, Ohio-based insurance and financial services provider on Oct. 1, 2019, succeeding CEO Steve Rasmussen, who earlier this spring announced his decision to retire in the fall.

HealthEquity announced a definitive agreement to acquire all of the issued and outstanding shares of common stock of WageWorks. The acquisition is expected to give HealthEquity access to more of the HSA market by expanding its direct distribution to employers and benefits advisors.

CyberScout announced the appointment of Jennifer Leuer as Chief Executive Officer. Leuer joins CyberScout from Experian where she served as president of Partner Solutions.

Alera Group announced its acquisition of Landmark Benefits, located in Windham, New Hampshire. All Landmark employees will continue operating out of the firm’s existing locations under the name Landmark Benefits, an Alera Group Company, LLC.

Prudential Retirement will continue its more than two-decade partnership with Wayne County in Michigan, as recordkeeper for its defined contribution retirement plans. Wayne County has agreed to a new five-year contract totaling $650 million in retirement assets, which includes $430 million in 401(a), $220 million in 457(b), and $1.5 million in FICA Alternative plans for 8,000 participants. Kevin VandenHaute of Titan Wealth Advisors is the plan’s investment consultant.

Instant Insights /

Benefits industry newsmakers: Alera Group, CyberScout, HealthEquity, Prudential Retirement

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