National Life CEO MacLeay Announces Retirement

first_imgNational Life Group CEO Announces RetirementMontpelier, Vermont (June 10, 2008) – Thomas H. MacLeay announced today that he will retire by year’s end as President and Chief Executive Officer of National Life Group(r). MacLeay will remain as Chairman of the Board of the financial services company.”National Life is strong,” said MacLeay, 58. “This is an excellent time to make the transition to new leadership.”MacLeay, a Vermont native who has worked at National Life for 32 years, has served as President of the company for a total of 11 years and CEO and Chairman for the past six years.”I have accomplished what I set out to do six years ago, which was to strengthen the company’s financial foundation, diversify and grow its businesses, and build an executive team superbly qualified to continue to move the organization forward,” said MacLeay.National Life Group(r), a Fortune 1000 company, serves more than 700,000 customers. With 2007 revenue of $1.4 billion and net income of $109 million, the companies of National Life Group(r) have roughly 900 employees, with most located at the Group’s home office in Montpelier, Vermont. Group companies also maintain offices in Dallas, New York, San Francisco, Boston and Philadelphia.National Life Group(r) (NLGroup) includes its flagship company, National Life Insurance Company, founded in Montpelier in 1848. Also in NLGroup are Life Insurance Company of the Southwest in Dallas, Texas, and Sentinel Investments, Equity Services, Inc. and National Retirement Plan Advisors, all located in Montpelier.David Coates, lead independent director on the National Life Group(r) Board of Directors, said MacLeay has revitalized the company. “The right person in the right place at the right time can change everything – and for National Life, Tom MacLeay has been that person.””When the Board named Tom as CEO, I said no one was better suited, better prepared or better able to fill the leadership post. Time has proven me right. By every measure National Life is stronger and more vibrant today than it was before Tom took over,” said Coates.During MacLeay’s tenure as chief executive officer, National Life Group(r) has experienced exceptional growth by every possible measure. NLGroup’s assets under management jumped from $13 billion in 2002 to $20 billion this year; net income has broken the $100 million mark each of the last two years, and statutory capitalization has been growing at an annual rate of 15 percent since 2002.”Most importantly, Tom has worked to grow and diversify the businesses so that today the company has an excellent and healthy balance of business, with about a third of its assets under management from life insurance, a third from annuities and roughly 25 percent from Sentinel Investments, our asset management company,” said Coates.MacLeay also has been responsible for enhancing National Life Group’s(r) commitment to the environment and its reputation as a socially responsible corporate citizen. Under his leadership the company formed a major charitable foundation and embarked upon an ambitious, multi-faceted project to turn its Montpelier headquarters into a green campus. MacLeay just announced the company will soon begin installing on its roof the largest solar electricity project in the state. National Life Group(r) is on schedule to win coveted LEED (Leadership in Energy and Environmental Design) certification this year for its Montpelier headquarters.Coates said he and the other members of the Board are pleased MacLeay will remain as Chairman of the Board, “and that we will still have the benefit of his leadership and vision.”According to Coates, the Board has been focused on leadership development and succession planning for some time in anticipation of MacLeay’s retirement. The Board has already begun a process to select a successor.MacLeay joined National Life in 1976 as a security analyst, rapidly advancing through the management ranks and serving in pivotal positions at critical times in the company’s growth and expansion. He became President and Chief Operating Officer in 1996; in 2002 he was named Chief Executive Officer and Chairman of the Board.MacLeay said he is looking forward to continuing a role with the company as Chairman of the Board, and is also eager to have time for other endeavors. “Charlotte and I are looking forward to spending more time with our children and grandchildren and hope to do some extended travel,” he said. “We are both active with several organizations, have deep roots in the local community and have no plans to change our primary residence.”MacLeay is Chairman of the Board of Sentinel Group Funds, Inc., and currently serves on the Board of Directors of Chittenden Trust Company and the Central Vermont Economic Development Corporation. He is a Trustee and Chairman of the Finance Committee of the Air Force Aid Society.The MacLeays live in Montpelier. They have two grown children, David MacLeay and Kate MacLeay Crespo, and two grandchildren.###About National Life Group(r)National Life Group(r) is a diversified family of financial service companies that has successfully forged a strong identity as a product innovator. Companies in the group offer a comprehensive portfolio of life insurance, annuity and investment products to help individuals, families and businesses pursue their financial goals.National Life, a Fortune 1000 company, serves more than 700,000 customers. With 2007 revenue of $1.4 billion and net income of $109 million, members of National Life Group(r) employ roughly 900 employees, with most located at its home office in Montpelier, VT. Group companies also maintain offices in Dallas, New York, San Francisco, Boston and Philadelphia.The Group is made up of its flagship company, National Life Insurance Company, founded in Montpelier, Vermont in 1848; Life Insurance Company of the Southwest, Dallas, Texas, and Sentinel Investments, Equity Services, Inc. and National Retirement Plan Advisors, all located in Montpelier.National Life Group(r) is a trade name of National Life Insurance Company and its affiliates. National Life Insurance Company’s variable insurance products are distributed by Equity Services, Inc., Member FINRA and SIPC. Sentinel Funds are distributed by Sentinel Financial Services Company, Member FINRA/SIPC. Life Insurance Company of the Southwest offers fixed insurance products in all states except New York. All companies referenced are affiliates of National Life Group(r). Each company of the National Life Group(r) is solely responsible for its own financial condition and contractual obligations.last_img read more

£42bn LGPS asset pool readies double global equity launch

first_imgA spokeswoman for Essex said the transfers were set to take place “within the next six weeks”.The scheme’s most recent annual report showed Essex had £471.4m invested in M&G’s Global Dividend fund at the end of March 2018, and £502.8m with Longview, although the latter had subsequently been reduced as part of a rebalancing of the portfolio. The exact amounts to be transferred would be confirmed shortly before the move, the spokeswoman said.In addition, Longview had a £236m mandate with the East Sussex Pension Fund as of 31 March, while M&G ran £315m for the Kent Pension Fund in its global dividend strategy.A spokeswoman for East Sussex told IPE its pension committee had agreed to transfer the Longview mandate to ACCESS. A spokesman for Kent said its M&G mandate would transfer to ACCESS in February.The new ACCESS sub-funds follow the launch late last year of a £1.6bn “long term global growth” investment fund, run by Baillie Gifford. Essex also supported this launch, transferring more than £600m.The ACCESS pool aims to combine the assets of the LGPS funds for Essex, Kent, East Sussex, West Sussex, Hertfordshire, Hampshire, Cambridgeshire, Norfolk, Suffolk, Northamptonshire and the Isle of Wight.The pool is hosted by Link Fund Solutions, which provides the infrastructure, while Russell Investments is in charge of manager selection. A £42bn (€46.7bn) consortium of UK local authority pension funds has appointed M&G and Longview to run global equities mandates, IPE has learned.The managers were appointed by ACCESS, one of eight asset pools set up to pool the assets of UK Local Government Pension Schemes (LGPS).M&G is to manage a global dividend fund, while Longview will run a global equities portfolio, with the LGPS funds for Essex, Kent and East Sussex county councils all set to transfer existing mandates in the coming weeks.The Essex Pension Fund has agreed to transfer nearly £1bn of its assets to the two mandates, according to council documents. Both Longview and M&G were responsible for roughly 7% of Essex’s total £6.5bn investment portfolio each, the documents showed.last_img read more

Brendan Rodgers wants Liverpool to take more risks but loses Jordan Henderson

first_img The Reds have netted only three times in their opening five Barclays Premier League games this season but will be hoping for a considerable boost to the tally on Sunday when they host Norwich, against whom they have notched 21 goals in their past five meetings. And even with a fresh injury blow for club captain Jordan Henderson, who faces a further eight weeks out of action, Rodgers is hopeful his side can respond in the desired fashion. Lallana himself was returning to action on Thursday after a month sidelined by a thigh problem, and Rodgers afterwards hailed the midfielder’s “outstanding” goal, adding: “It was his touch and creativity which we have not seen so much of this season.” And as he looked ahead to the Norwich game, Rodgers said of Lallana: “I think when he’s played he has been excellent and if he plays consistently over a period of time, Adam will reach the numbers that we would like from him – I think it is only injuries that have curbed that so far. “His goal on Thursday will be great for his confidence. He has not been training that long, so to come through 90 minutes of a game at that level and score the goal he did shows he has got his eye back in very early and he will be looking to push on now.” Liverpool also have key playmaker Philippe Coutinho available again after he missed the United defeat due to a one-match suspension. Defender Kolo Toure is being assessed having sustained a dead leg in the Bordeaux contest. Liverpool boss Brendan Rodgers wants to see his side taking more risks in attack as they bid to remedy their goalscoring problem. Press Association And Rodgers said ahead of the contest at Anfield: “It is about risk-taking. “I think, for some reason, that wee bit of risk has gone out of our game. “We need to ensure we take those risks in order to create in the game and bring that intensity to it. “The players have been working really hard at that over the last week or so and it only takes that one performance to spin the season around again.” Liverpool – with seven points so far, the same as newly-promoted Norwich – go into Sunday’s match having lost their previous two league games, 3-0 to West Ham and then 3-1 at Manchester United. In terms of risk-taking, Rodgers may well be thinking of the kind of individual moments of daring that saw Christian Benteke score acrobatically at Old Trafford – or Adam Lallana nutmeg an opponent before slotting in during Thursday’s 1-1 Europa League draw at Bordeaux. Rodgers has expressed his confidence about things improving for the Reds as various personnel become available again, with Daniel Sturridge and Joe Allen in contention to make their comebacks from injury on Sunday. Henderson, though, has broken a bone in his right foot in training on Friday – just as he was due to return from a heel problem. last_img read more