GE Asset Management Creates Innovative Alliance With Diversified Investment Advisors to Address Major Gaps in Healthcare Retirement Plans NORWALK, Conn.--(BUSINESS WIRE)--Nov. 11, 2002-- New Alliance Will Create Positive Change for Healthcare Workers GE Asset Management (GEAM) today announced an exciting new partnership with Diversified Investment Advisors (Diversified) to offer world-class retirement plan services to healthcare organizations throughout the U.S. Hospitals and healthcare systems are facing an overwhelming need to deal with rapid industry consolidation and complex, costly plan administration.
These challenges, combined with employee turnover, often result in participation rates nearly 40% lower(1) then the average corporate plan. The GE Healthcare Retirement Advantage(TM) offers plan sponsors solutions to these challenges; working with GEAM and Diversified, plan sponsors can now simplify complex multi-plan situations, drive increased participation rates and, ultimately, turn retirement programs into a recruiting and retention advantage.
Jack Boyce, Senior Vice President of Retirement Services at GEAM and Chris Cumming, Senior Vice President and Healthcare Market Leader for Diversified, commented on the unique strengths both firms bring: According to Boyce, This alliance combines GE's pension investment experience and commitment to healthcare with the 403(b) experience, scale and expertise of Diversified. Added Cumming, Our firms also share an unparalleled commitment to quality and client service. Aligning Diversified's tradition of excellence in 403(b) plan management with GE's rigorous Six Sigma quality processes and change management tools is powerful. And our state-of-the-art service platform will be delivered to clients via a single point of contact.
Boyce concluded, Most importantly, we are both leaders in the area of consumer and participant education, as demonstrated by the award winning GE Center for Financial Learning and through Diversified's nationally recognized participant education programs.
The American Hospital Association (AHA) recently awarded Diversified its exclusive endorsement for their health care focused retirement programs. According to Anthony J. Burke, president and chief executive officer of AHA Financial Solutions, Inc., the AHA subsidiary that assesses the market and awards the AHA endorsement, Diversified's new alliance with GEAM is another example of how they are looking for new and innovative ways to provide a depth of service and support to AHA members and all of health care.
In addition to the company's organizational strength and history of solid product design, Diversified and its management share our same passion and interest in creating solutions that will ultimately improve service for health care providers.
About GE Asset Management
With over seventy-five years of investment experience, GEAM began overseeing the GE Pension Trust in 1927. The first major corporate pension plan to offer investment services to plan sponsors in 1988, GEAM, a wholly-owned subsidiary of GE, is the investment management arm for the GE Company. The organization currently oversees more than $153 billion for institutional and individual investors worldwide.
GEAM's Institutional Retirement Services team prides itself on high touch, high quality relationship management, utilizing the broad resources of GE for the benefit of its clients. GEAM is headquartered in Fairfield County, CT and has offices in Tokyo, London, Los Angeles and Ontario, Canada. Learn more at www.geassetmanagement.com.
About Diversified Investment Advisors
Diversified is a national investment advisory firm specializing in retirement plans. Diversified has been serving the 403(b) market since 1963 and is a leading provider of retirement plan services to healthcare organizations, managing more than $7 billion of healthcare assets. The company's expertise covers the entire spectrum of defined benefit and defined contribution plans, including: 401(k); 403(b); 457; non-qualified deferred compensation; profit sharing; money purchase; cash balance and Taft-Hartley. Diversified services over $50 billion in retirement plan assets, helping more than one million participants to save and invest wisely for retirement. Headquartered in Purchase, NY, the company's regional offices are located in California, Georgia, Illinois, Iowa, Louisiana, Maryland, Massachusetts, Michigan, New York, North Carolina, Ohio, Oregon, Pennsylvania, Texas and Wisconsin. Learn more at www.divinvest.com.
(1) Source: Spectrum Group - A New View of Challenges and
Opportunities in the 403(b) Market.
--30--sw/ny*
CONTACT: GE Financial
Tim Benedict, 203/229-5206
or
Diversified Investment Advisors
Wendy Daniels, 914/697-8967
KEYWORD: CONNECTICUT
INDUSTRY KEYWORD: BANKING BIOTECHNOLOGY MEDICAL
MARKETING AGREEMENTS
SOURCE: GE Asset Management
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340