PI_20241209

The Best Places to Work in Money Management

2024 winners cite the key reason for their success: their employees

Hard work and dedication celebrated through parties, spot awards and much more

y B CARYL ANNE FRANCIA

And in the blink of an eye, another year of striking investment deals and generating returns is in the books for money management rms. In their written responses to Pensions & Investments’ Best Places to Work in Money Management survey, many employers praised their staff’s dedication and hard work for fostering the success of their business.

It’s clear that these organizations are equally passionate about helping their employees continue to learn and grow. Take rst-time winner Missouri State

Employees’ Retirement System, for example. Aside from providing pensions for bene ciaries, the Jefferson City-based public fund offers competitive compensation, meaningful feedback and professional development opportunities to its employees, noted Executive Director Abby Spieler.

But another thing she said that makes MOSERS a great place to work are the “small things throughout the year that increase engagement,” which she has put extra emphasis on in the past few years.

One act of kindness included an employee who allowed the staff to borrow his rolling popcorn machine for colleagues to enjoy. When the Kansas City Chiefs played in — and won — the Super Bowl, the pension fund hosted a tailgate party, and also encouraged staff to wear their favorite team’s attire for a group photo.

SEE WINNERS ON PAGE 46

In this year’s report

 For a list of winners, see Page 13

 Pro les of the 113 winning rms begin on Page 14

 Managers are bee ng up policies for parental leave. Page 3

 Sonya Mughal celebrates 30 years at Bailard. Page 3

 Graphic: How managers’ bene ts stack up on insurance. Page 3

 Firms nd value in bolstering women’s bene ts. Page 17

 Survey methodology. Page 41

 For the full report, go to PIonline. com/BPTW2024

The SEC’s investigation of former Western Asset Management co-CIO Ken Leech — for allegedly crediting a disproportionate share of winning Treasury futures and options trades to strategies in which he had the greatest personal interest — has prompted an exodus of institutional and retail clients from the rm.

For the moment, however, disgruntled investors appear to be focusing narrowly on the strategies Leech allegedly shortchanged, rather than concluding that Western’s very bad news cycle is making the rm’s brand toxic.

Still, that could be a ne distinction, as the core and core-plus strategies regulators depicted as a dumping ground for Leech’s less successful trades over an almost three-year period through October 2023 accounted for roughly 30% of the xed-income manager’s assets under management.

What regulators referred to as Leech’s “favored” strategy — the Macro Opportunities fund he founded and presented as the purest

One year after IBM reopened its de ned bene t plan, other employers with similarly frozen plans are discussing their options but as yet have no plans to reopen them.

However, some workers are becoming more vocal about their desire for traditional de ned bene t plans, as seen in the recent machinists strike against Boeing Corp., in which the reopening of the frozen DB plan was a sticking point.

In February, the National Institute on Retirement Security released a report showing 82% of Americans surveyed believe all workers should have a pension and 65% of agreed that pension plans are better than 401(k) plans at achieving retirement security.

IN THIS ISSUE

Defined Contribution

An industry effort to reduce the problem of 401(k) cashouts seems to be working. Page 49

Endowments & Foundations

Nebraska CIO Brian Neale is pushing his fund’s private markets allocation to 40%. Page 6

Pension Funds

Kodak is selling its DB plan’s private equity and hedge fund assets. Page 6

The U.K. government’s plan to unlock pension assets is doomed to failure, critics say. Page 55 Southwest Airlines has launched a new pension plan for its pilots. Page 54

Retirement Plans

The U.K.’s overhaul of its retirement system is in full swing. Page 4

Washington

Rep. Lori Chavez-DeRemer’s record in Congress doesn’t provide many clues as to how she will act as Trump’s new Labor secretary. Page 51

Last call for plan sponsor surveys

Late responses to Pensions & Investments’ annual survey of the largest U.S. retirement funds should be submitted by the end of the year.

Sponsors with combined U.S. pension and de ned contribution plan assets of $1.5 billion or more are eligible to participate. Results will run Feb. 10. To request a survey or obtain further information, please contact Anthony Scuderi at ascuderi@ pionline.com or 212-2100140, or visit www.pionline. com/section/surveys

Scott Bessent gets rave reviews from managers

The nomination of hedge fund executive Scott Bessent as Treasury secretary by President-elect Donald Trump has been widely praised by asset managers and other stakeholders.

David Bahnsen, managing partner and chief investment of cer at The Bahnsen Group, which has more than $6 billion in assets under management, said Bessent is a “solid, dependable pick with a strong familiarity with nancial markets and reliable ideological grounding.”

Unlike his predecessor Janet Yellen, Bahnsen noted, Bessent has “decades of experience on Wall Street, which is important given the significant debt and de cit challenges the U.S. is facing.”

Bessent currently serves as CEO and CIO of hedge fund Key Square Group, which he founded in 2015. Bessent formerly served as CIO for Soros Fund Management, the investment vehicle for the Soros family and their foundations, from 2011 to 2015.

Key Square has about $577 million in assets under management.

On Nov. 22, on his Truth Social account, Trump described Bessent as “widely respected as one of the world’s foremost international investors” and “a strong advocate of the America- rst agenda.”

Trump further said Bessent will “support my policies that will drive U.S. competitiveness, and stop unfair trade imbalances, work to create an economy that places growth at the forefront.”

Others also chimed in with their approval of Bessent.

Donald A. Steinbrugge, founder and CEO of Agecroft Partners, an alternative investment consulting and

Target-date funds coming to market this year with embedded annuity options could mark a key step forward in the industry’s long slog to help 401(k) participants stretch their retirement savings into needed income for life.

Whether those “hybrid” target-date funds prove a gold spinner for money managers remains to be seen, amid uncertainties regarding how quickly  — or even whether  — demand from plan sponsors and participants will materialize.

Executives at BlackRock — which stole a march on its rivals in April with its announcement that the

rm’s LifePath Paycheck strategy had gone live — have come down squarely on the optimistic side of that question.

The product  — which gives target-date fund participants the option of using 30% of their 401(k) pools in the nal decade or so of their work lives to secure an annuity-backed paycheck for life  —  is “going to change retirement” and become a major driver of BlackRock’s growth within three to ve years, predicted Larry Fink, the rm’s chairman and CEO, on an April earnings call.

That milestone turned what had largely been theoretical discussions with plan sponsors on retirement income into practical ones, focused on evaluating products and potential implementation, said David O’Meara, New York-based senior director and head of de ned contribution investment with consulting giant Willis Towers Watson.

“Mega forces,” including the rise of arti cial intelligence and the ongoing transition to low-carbon energy, are transforming global economies and reshaping their long-term trajectories, said BlackRock in its market outlook for 2025 released on Dec. 4.

The 2025 global outlook, titled “Building The Transformation” by BlackRock Investment Institute, the rm’s macro research arm, cited the emergence of AI as one of the premier mega forces that will greatly in uence global markets and economies.

AI, the rm wrote, “may do more than improve ef ciency in speci c tasks and could eventually accelerate the process of generating new ideas and discoveries; with far-reaching implications for growth and the composition of the economy.”

Such a transformation, BII said, could surpass the industrial revolution in its breadth and impact.

The transition to a low-carbon energy economy, in tandem with AI, is also spurring major innovation In this new and ever-changing landscape, BII thinks investors can nd opportunities by “tapping into the waves of transformation”

Competing products, with similar features, are set to go live in coming months.

In August, for example, J.P. Morgan Asset Management announced its SmartRetirement Lifetime Income strategy, which begins directing participants’ contributions to a conservative stable value sleeve 10 years out from retirement. As those assets build to 25% of their 401(k) totals, participants can use them to purchase an annuity, if they so opt.

“We’re actively working with record keepers and plan sponsors in determining how we roll that out,” with potential clients showing considerable interest, said Dan Oldroyd, managing director and head of target-date strategies at JPMAM.

The Managed Lifetime Income strategy T. Rowe Price announced in mid-October, meanwhile, is structured around an immediate purchase of a 15-year deferred annuity,

using 20% or so of a participant’s savings. The prospect of guaranteed future payouts allows participants to make bigger drawdowns in the interim from the remaining 80% of their 401(k) savings.

“When you defer the annuity 15 years, it becomes much cheaper,” noted Andrew Jacobs van Merlen, co-portfolio manager for target-date strategies in T. Rowe’s multiasset division. “You pay yourself for 15 years and then the insurance company picks up the checks” for the remainder of a participant’s life.

More progress needed

Still, many gatekeepers warn, strategies coming to market this year should be seen as a way station on the path to solving for decumulation, not a destination.

Further progress will be needed on a number of fronts — including

Managers boosting parental bene ts to aid modern families

Paid leave, exibility and stipends offered to support working parents

y B CARYL ANNE FRANCIA

Family — it’s what money managers say their workplace culture feels like, but it’s also an aspiration of employees that rms are willing to support, even if staffers don’t feel completely prepared.

Employers recognized in Pensions & Investments’ 2024 Best Places to Work in Money Management program have enacted more robust, diverse policies around the welcoming of new children. Along with extending leave time and creating inclusive policies, employers have

The Best Places to Work in Money Management

enhanced bene ts to promote caretakers’ wellness — both in health and nance.

These policies go well beyond the U.S. Department of Labor’s Family and Medical Leave Act, which allows certain employees to receive up to 12 weeks of unpaid leave per year without the risk of losing their job.

While Polen Capital has been named a Best Places to Work honoree for the past nine years, “certainly, when our employees look back on their lives, I hope they’re thinking about the time they have with their families and loved ones” as opposed to time they were missing from the of ce, said Rachel Trock, chief people of cer at the Boca Raton, Fla.-headquartered investment manager.

“With new babies, they say the days are long, but the years y by,” she added. “I want to make sure that our employees are taking the time

they need to both physically heal, if they are a birthing mother, but also just bond with their children

Bailard’s Sonya Mughal shares what’s kept her at the manager for 30 years

y B CARYL ANNE FRANCIA

Finding opportunity at what was then-called Bailard, Biehl & Kaiser is what Sonya Mughal said was “one of the luckiest moments” in her life — even though she didn’t understand the job description.

In December 1993, the Indian immigrant obtained her bachelor’s degree in mathematics from RandolphMacon Women’s College in Lynchburg, Va., and was invited to stay with relatives in California. Mughal knew she wanted to work in investing, but if she didn’t nd work after a month, she’d move back to the East

How Best Places winners stack up benefits-wise

Coast. She went through binders of job listings at a career center — the World Wide Web had entered the public domain only in April.

Coming across a blurb about Bailard, an investment manager founded in 1969, “I thought, ‘Oh, this sounds like a really nice company. I’m going to apply,’” she said. To her surprise, she was called for an interview.

When asked by the hiring manager why she wanted the job, “I kept saying how much I liked investing, not realizing that this was a client service role” in the wealth manage-

Asset-based nance the next big thing: KKR’s Daniel Pietrzak

y B LYDIA TOMKIW

Asset-based nance is poised to be the next “big growth” area in the private credit market, said Daniel Pietrzak, partner and global head of private credit at KKR.

“I think we’re in the earlier innings for the asset-based nance market,” Pietrzak told Pensions & Investments in an interview. “I equate the asset-based market a lot to probably where the direct lending market was, let’s call it seven years ago. Not a lot of scaled capital has been raised. I think investors are still thinking about where they put it in their asset allocation model.”

Asset-based nance is a wideranging segment of private credit.  It encompasses consumer and mortgage nance, including auto loans; loans and nancing on hard assets such as aircraft leasing and home rentals; commercial nance, including lending to small and medium-sized businesses, equipment leases and receivables nancing as well as contractual cash ows that include music and healthcare royalties and intellectual property. With the wide range of strategies, return expectations vary, from high single digits to low teens net returns.

Growth in private asset-basednance gained traction following the global nancial crisis in 2008. However, there is no consensus de nition on the exact size and make-up of the asset-based nance universe.

KKR de nes asset-based nance as nancing or acquiring portfolios backed by nancial or hard assets. And Pietrzak said KKR approximates the asset-based market at $6.1 trillion. KKR estimates that it will hit $9.2 trillion by 2029.

Credit overall overtook private equity as KKR’s largest business in

Pensions & Investments’ 13th annual Best Places to Work in Money Management program provides insights into the industry, including bene t offerings. This year’s ndings show that most of the 113 winners provide healthcare bene ts immediately, or soon after hire, to employees and their dependents. The rms also pick up most of the tab for medical, dental and vision coverage.

Starting early: Most rms

Bearing the cost: The majority of companies paid over 60% of medical, dental and vision insurance premiums for employees and their dependents. All rms paid more than 60% of medical coverage premiums for employees and 86% funded this level for dependents.

Percentage of health-insurance premiums paid, by benefit (number of firms)

Other bene ts: Most rms don’t give employees the option to obtain long-term-care insurance for themselves or their dependents. However, 75% to 96% provide bene ts like life insurance, short- and long-term disability, and health savings accounts to employees and their dependents.

Other benefits offered (number of firms)

CORE VALUES: Bailard’s Sonya Mughal

Why the U.K. is adopting ideas from Australia for DC overhaul

y B SOPHIE BAKER

The new Labour government wasn’t exaggerating when it said it was embarking on the biggest overhaul of the U.K. retirement system in decades.

Chancellor of the Exchequer Rachel Reeves and the government recently released details of its plans for U.K. de ned bene t and de ned contribution plans, covering both the public and private sectors, all with an eye on fueling U.K. growth and domestic investment.

And, of course, improving outcomes for participants.

A series of announcements and publications from the government last week called for overhaul of the

DC market and local government pension scheme (LGPS) segment that sources said will have a greater impact on the former than the latter.

In brief, the government wants to consolidate more than 60 multiemployer DC arrangements; push even more consolidation among England and Wales’ 86 LGPS funds, which have  been busy combining their about £360 billion in assets across eight pools; and spur greater investment in U.K. productive assets and local communities.

The change is intended to model plans in Australia and Canada, where large superannuation funds and the so-called Maple 8 are often held up as shining examples of sophisticated asset owners, with large allocations to private assets.

“Pension funds will always play an important role in the gilt market,” Reeves said in her inaugural Mansion House speech on Nov. 14. “But for too long, pensions capital has not been used to support the development of British start-ups, scale-ups or to meet our infrastructure needs.

“I have long been of the view that this hurts our economy because our highest-potential businesses cannot expand and savers are not seeing the returns on their investment which they deserve.”

Reeves went on to cite Australian and Canadian plans’ size in helping them to invest in productive assets.

“And more often than not, it is Canadian teachers and Australian professors reaping the rewards of investing in British productive assets through their pensions schemes rather than British savers. That’s not good enough and we need to change that,” she said.

As such, the government also released its interim review into the U.K. retirement landscape, detailing its thoughts on the need for change and what might be achieved.

A DC focus

“In my opinion, the potentially biggest shift is on this DC (side), rather than LGPS,” said Gregg McClymont, executive director-public affairs Europe at IFM Investors — an infrastructure specialist manager owned by Australian super funds and with A$218.3 billion ($141 billion) in assets under management.

“There are lots of moving parts and consultations still to be done, but it looks like government is deadly serious about learning lessons from Australian DC.”

Before his role at IFM, McClymont was director of policy and external affairs at master trust The People’s Pension, West Sussex, England.

The U.K. DC market comprises more than 1,000 plans with 12 or more participants.

But for its overhaul, the government is concentrating on the largest plans  —  about 30 authorized master trusts and and 30 providers of workplace contract-based arrangements.

A contract-based arrangement is between the individual participant and the provider of the retirement plan — usually an insurance company. These plans must comply with Financial Conduct Authority

U.K. Chancellor of the Exchequer Rachel Reeves

Nebraska CIO steers growing private markets push

Brian Neale, aiming at 40% in private markets, already reaping bene ts

y B ROB KOZLOWSKI

University of Nebraska Foundation’s $2 billion endowment has posted strong returns recently, thanks in part to the power of its private investment portfolio and the shift in industry power dynamics to favor limited partners, Brian Neale, chief investment of cer, said in an interview.

This past scal year ended June 30 was particularly strong, as the endowment posted a net return of 14.5%. While the numbers were short of the endowment’s policy benchmark return of 16.8%, it was the second-highest return among the 53 college and university endowments with $1 billion or more in assets that Pensions & Investments has tracked as of Dec. 4. The median return of the universe was 9.6%.

Neale joined the Lincoln-based foundation in June 2014 as its rst CIO-level of cial and was previously senior investment manager, corporate treasury, at MedStar Health,

Washington, where he managed a $2.5 billion pension fund.

“What I inherited at that time was really what you would consider your classic 70/30 portfolio with very little exposure within private markets,” said Neale.

At the time, Neale said the private markets portfolio was at a nascent stage and a hedge fund portfolio was being built out around the same time.

“You fast forward to today, and the portfolio does look markedly different,” Neale said. “We have a 40% target to privates, so we’ve gone from zero to 40% in terms of the target.

We’re probably closer to about 27% to 30% actual NAV (net asset value) today, but the point is we’re building toward that 40%.”

Neale said he made the decision about eight years ago to eventually reach a 40% target and has gradually raised the target over that span of time.

“At the same time, we took some steps internally to increase our exibility around liquidity, just how we manage the operations of the foundations as well as our spending,” he said. “That additional exibility really allowed us to be more

MARKETS

Eastman Kodak, in a Nov. 25 ling, said the company is proceeding to liquidate three quarters of its $3.5 billion U.S. de ned bene t plan invested in private equity and hedge fund assets, leaving Kodak in position to terminate the plan and lock in proceeds of up to $585 million on its surplus.

Kodak said the board has not yet made a formal determination to terminate the plan, and Kodak's ling noted that a termination of Kodak Retirement Income Plan would not impair the accrued bene ts of any participant, current or former, under KRIP.

According to the ling, Mastercard Foundation has entered into a sales and purchase agreement with KRIP to buy certain private equity ownership interests and other illiquid assets valued at $764.4 million as of March 31, for $550.6 million, or a 28% discount.

A Mastercard Foundation spokeswoman couldn’t immediately be reached for comment.

Four other unidenti ed investors agreed to buy $87.3 million in illiquid assets for a purchase price of $61.7 million.

The transactions will leave the Kodak Retirement Income Plan with $161.3 million in illiquid assets as of Sept. 30.

The ling said as previously reported, KRIP has likewise moved to redeem a substantial majority of the $917.2 million in hedge fund assets the de ned bene t plan held as of Sept. 30.

The ling said Eastman Kodak’s board of directors is “reviewing options with respect to KRIP, including the possible termination” of the plan,” and has instructed the plan’s investment committee to position the plan for a potential termination.

At the close of 2023, the plan had more than $3.5 billion in assets, a surplus of more than $1 billion over its liabilities.

In the event of a termination, Kodak projects that after the capitalization of a replacement plan, with assets likely valued at between $220 million and $245 million, the company would receive proceeds having a value of between

GOING PRIVATE: University of Nebraska Foundation’s Brian Neale

DEFINED CONTRIBUTION EAST 2025 ADVISORY BOARD

Wirmin Alcantara Associate Administrator/DC Plan Adventist Retirement Plan

Jennifer Kita Managing Director NEBA BCBSA

Elizabeth Perry Chief Scientific Advisor Federal Thrift Savings Plan

Angela Curry Senior Manager- Retirement, Human Resources Indiana University Health

Bernie Lipman Director of Benefits HelloFresh

Jordan W. Seemans Deputy State Treasurer State of Delaware

Kaye Downey Benefits Manager, Finance Benefits Meta

Mark Meigs Executive Secretary Tennessee Valley Authority Retirement System (TVARS)

Eric Thoele Manager of BenefitsStrategy & Analysis Kohler Co.

Robert Fortin, CEBS Senior Manager, Benefits Wealth Amtrak

Rose Murtaugh Associate Director, Pensions International Motors, LLC

Carolyn Wood, CPSP VP, Employee Benefits UPMC Corporate Human Resources

REPORTERS NOTEBOOK

40TH ANNIVERSARY

FTSE Russell celebrates a Russell indexes milestone

FTSE Russell is commemorating the 40th anniversary of the Russell indexes.

Launched in 1984, the Russell indexes were established when Frank Russell consultant Kelly Haughton decided that General Motors, the rm’s newest client, should have a better benchmark than the S&P 500 index for performance measurement purposes, according to a history of the indexes on Russell’s website.

Haughton thought the S&P 500 index was not broad enough, and when considering the Wilshire 5000 index, decided that index included too many illiquid stocks as well as non-U.S. companies with listings on U.S. exchanges.

After consulting with managers of both passive and active funds,

Haughton found most selected from a list of between 3,000 and 3,200 U.S. stocks, and the Russell 3000 index was born.

This was really the beginning of institutional investors being able to measure what their total investable opportunity set was, said Catherine Yoshimoto, director, product management at FTSE Russell, in an interview.

It wasn’t long before Russell’s indexes expanded far beyond that initial Russell 3000.

“Then the smallest 2,000 stocks in the Russell 3000 became the small-cap benchmark for asset managers who were calling themselves small-cap managers (because) there was no right benchmark for them,” said Yoshimoto. “Because the S&P 500

is very different from the Russell 2000, right? Even when you compare it today, you can see how different small-cap stocks behave from the large-cap stocks.”

The top 1,000 stocks in the Russell 3000 index then comprised the large-cap Russell 1000 index and new indexes within those representing growth-oriented and

Managers put on dancing shoes for charity event

With 10 weeks of professional dance lessons under their belt, 10 asset management of cials showcased their new skills in a dance contest in London Dec. 5, with Findlay Park’s Reena Tailor taking home a glitter ball trophy.

The Schroders-sponsored “CASCAID Schtrictly Come Dancing” event took place at the rm’s headquarters and raised nearly £90,000 ($114,835) for Rainbow Trust Children’s Charity, an organization that supports families who have a child with a life-threatening or terminal illness.

CASCAID “brings together colleagues from around the asset management industry (along with friends and family) to raise money for charity,” according to the group’s website.

Tailor earned a perfect score of 40 for her Argentine tango.

Other contestants included Edward Bonham Carter, vice chairman of Jupiter Fund Management, who performed the cha-cha; Katie Trowsdale, head of client investment solutions at abrdn, who danced the cha-cha; and Phil Wagstaff, independent non-executive director at Perpetual Ltd., who

performed the jive, among other industry professionals.

“We wanted a varied group (of dancers) representing different asset managers,” said a spokesperson for Schroders. “The individuals are a mix of volunteers and individuals (who were) approached.”

Each contestant performed with a professional dance partner.

Schroders’ spokesperson said this was their second sponsored charity dance event; the rst one was held in 2022 and raised more than £80,000 ($101,000).

Tickets to the 2024 event were sold out and there was a waitlist, Schroders’ spokesperson said.

CASCAID has raised over £5.4 million for Cancer Research, Great Ormond Street Hospital and The National Society for the Prevention of Cruelty to Children, and other charities.

Schroders is one of the many asset managers who have been a supporter of CASCAID since its inception in 2017, the spokesperson added.

Schroders had assets under management of £773.7 billion as of June 30.

INTEREST SPIKING

value-oriented were soon established as managers sought out further re nement, said Yoshimoto.

Russell’s index business, which has been owned by the London Stock Exchange since December 2014, now boasts more than 300 subindexes.

ROB KOZLOWSKI

Investors seeking net gains from women’s pro volleyball

As women’s sports continue to gain prominence — exemplied by rising engagement with the WNBA — women’s professional volleyball is aiming to become the next major league.

League One Volleyball (LOVB), which owns LOVB Pro, an American women’s professional indoor volleyball league, has raised an additional $100 million in funding from three investment rms, increasing total commitments to $160 million, according to a Nov. 21 news release.

The latest round of funding commitments came from womenfounded private equity rm Atwater Capital, alongside existing investors Ares Management and venture capital and early growth equity rm Left Lane Capital.

next generation of players and creating a bond unrivaled by other leagues.”

Founded in 2020, LOVB’s amateur youth programs now comprise 58 clubs with more than 16,000 athletes across 26 states and 66 locations.

“By leveraging our expertise in media and entertainment, we’re excited to amplify LOVB’s impact, delivering compelling stories and experiences that engage

The new investment will “continue to fuel LOVB’s mission to transform volleyball from the grassroots to the professional level, while supporting the much-anticipated launch of LOVB Pro’s inaugural season set to begin in January 2025,” the release noted.

LOVB Pro will hold its rst matches on Jan. 8, 2025. The matches will be aired across ESPN’s networks and digital platforms.

“What we’ve been able to achieve with LOVB is the opportunity to champion athletes throughout their entire volleyball journey,” said Katlyn Gao, co-founder and CEO of LOVB, in the release. “By connecting our club athletes to our pros, we are supporting the

volleyball fans in new, exciting ways and inspire the next generation of exceptional athletes,” said Vania Schlogel, CEO and founder of Atwater Capital, in the release.

A spokesperson for Ares added: “By championing the space for the entire community of volleyball athletes, from youth to professional, we see signi cant growth opportunities for LOVB as well as the further development of the women’s and amateur sports markets.”

Ares has $464 billion in assets under management, while Left Lane has $2.2 billion and Atwater, $459.1 million.

Other investors include VC rm Bolt Ventures and Linda Henry, a partner in Fenway Sports Group, which owns the Boston Red Sox.

GHOSH

The transformation of pension savings and retirement over the past 50 years in the U.K. re ects the nation’s signi cant shifts in both policy and style of living, according to a report by the Pensions Policy Institute and consultancy rm Capita Pension Solutions.

The report looked at events starting in 1974, which the PPI observed was a time in which the U.K. retirement landscape was dominated by de ned bene t agreements.

Following regulatory changes in the 1980s under Margaret Thatcher’s government and an expanding workforce, de ned contribution plans began to replace DB plans in the 2000s, particularly in the corporate world.

The report identi ed the introduction of auto-enrollment into corporate DC plans, starting in 2012, as one of the most important developments in the 21st century, stating that this change "would lead to a quickly growing membership and open up new investment opportunities"

“Pensions don't operate in isolation. There are so many other factors that in uence pension saving as well, such as rising house prices and an increase in life expectancy” noted Shantel Okello, a policy researcher at PPI and co-author of the report, in an interview with P&I.

Looking toward the future, the report predicted that by 2034, savers will be primarily dependent on de ned contribution savings, with savings from de ned bene t plans only applying to an ever-shrinking minority of the country's workers.

The report noted that decades of auto-enrollment will have helped savings for those in a corporate plan but, under current legislation, not the self-employed.

Key developments in the regulatory space recently have included the ongoing Mansion House reforms, with current Chancellor of the Exchequer Rachel Reeves exploring ways to boost pension fund investment within the U.K.

“The government's ongoing aim to boost the U.K. economy by increasing DC investment in U.K. assets can align with the goal of securing sustainable returns for pension plan participants,” Okello said. But it also raises concerns about how best to balance participants’ nancial interests alongside economic objectives, Okello said.

CHRISTOPHER MARCHANT

COMMEMORATING: FTSE Russell and Cboe teams ring the Cboe’s closing bell.

GAME ON: The League One Volleyball season will kick off in January 2025.

PUBLIC PENSION STRATEGY A TIMELY REVIEW

Public pension funded ratios have continued to improve this year, with the Milliman 100 Public Pension Funding Index at 82.8% at the end of the third quarter. To maintain that trajectory, plan sponsors are actively engaged in evaluating their strategic asset allocations, derisking their investment portfolio and diversifying exposures – all in order to achieve achieve their target rates of return and meet their payment obligations. As the interest rate environment transitions from higher to lower, what’s behind the key allocation changes –both within fixed income and across the asset classes? Which opportunities can allow plans to further diversify their diversifiers? While alternatives and private markets have performed well, how are public plans addressing the overallocation conundrum and how do they best deal with a more significant dispersion of returns in segments such as private credit going forward?

This supplement explores what portfolio strategies are working for public pension plans, and what’s under immediate review, the ways that they are engaging with their asset managers in a more holistic partnership, and how they can pursue a governance structure that allows greater tactical flexibility and decision-making to stay ahead of rapidly moving markets.

Sponsored by:

Stacey George Manager of sales operations

STACEY.GEORGE@PIONLINE.COM

CUSTOM CONTENT/CONFERENCES/ MARKETING/CLIENT SERVICE

Gauri Goyal Senior director, content and programming

Diane Pastore Director of conference programming Tammy Scholtes

OPINION

OTHER VIEWS GRACE REYES and THOMAS BRIGANDI

Why we should leverage socioeconomic data when making hiring decisions

The diversity, equity and inclusion movement nds itself at a crucial moment. In July 2023, two weeks after the Supreme Court struck down college race-based admissions policies, 13 Republican state attorneys general sent a letter to the CEOs of Fortune 100 companies effectively calling for an end to race-based employment policies. Other efforts to undercut the consideration of race in DEI programs, such as the Fearless Fund case, have also gathered signi cant momentum since the summer of 2023.

Taken altogether, this might appear as a setback to those of us — including The Investment Diversity Exchange (TIDE) — who deeply care about the positive role that DEI policies play in fostering advancement. But this setback does not need to be a retreat; instead, it represents an opportunity to forge a more durable approach to DEI in this new environment. The nancial services industry should broaden its standard DEI metrics to take into account certain other socioeconomic factors. In other words, it is time for a more inclusive de nition of diversity.

There will be increased DEI-related scrutiny in a second Trump administration. As a result, we have an obligation to show that DEI is good for business. A signi cant body of academic research supports the notion that diverse teams tend to perform better than homogenous ones.

But we know that we can’t pursue DEI measures as we did before because businesses won’t act when they fear the threat of litigation or governmental legal action. That’s why we believe the nancial services industry should incorporate socioeconomic measures into any and all selection processes. Doing so could dramatically reduce the threat of legal action for rms because socioeconomic characteristics are not linked to any provision set forth in not only the landmark Civil Rights Act of 1964 — the key legislation outlawing employment discrimination based on race, color, religion, sex and national origin, but also the Civil Rights Act of 1866, which prohibits discrimination on the basis of race in the making or enforcement of contracts.

This raises the inevitable question though: What socioeconomic metrics merit consideration? Our view is that since roles in the nancial services industry generally require an undergraduate degree, the answer might come from examining common characteristics across the student population we’ve helped in the past. In fact, the leaders of both TIDE and the Thomas R. Brigandi Foundation have collectively mentored hundreds of business, accounting, economics and nance undergraduate students.

First and foremost, Pell Grant status should be universally adopted as a DEI factor because it is a veri able and signi cant data point. The U.S. government’s National Center for Education Statistics (NCES) has published Pell Grant data by race every four years from the 1999-2000 academic year to the 2019–2020 academic year. During this time, the percentage of students who received Pell Grants was highest for African American students, ranging between 60% and 75%. Considering whether a student received a Pell Grant can foster pro-DEI outcomes that rms are committed to, but crucially without race being a primary or explicit factor.

The need for clear, well-documented, and reliable information further bolsters our argument to focus on Pell Grant status. It is a government-veri ed data point that demonstrates exceptional nancial need for college students. It also goes back decades, applying to

the vast majority of current college students and college graduates in the low-income bracket since the early 1970s. This is especially helpful because it is a uniform measure that covers effectively everyone in the workforce today, and furnishing a Pell Grant status record to a potential employer is as simple as the

applicant logging in to StudentAid.gov and making a request. Moreover, there is one other socioeconomic-related metric that might merit exploration — rst-generation college-graduate status. Studies have shown that students with college-educated parents are less likely to be socioeconomically disadvantaged so logically, the inverse should apply to those with parents who have not received tertiary education. In this new reality, DEI efforts in the nancial services industry have to take a different approach. But this doesn’t mean that we should dispense with their larger goals. Instead, we have to look at this current challenge as an opportunity — an opportunity to rede ne diversity in a way that is lasting, insulated from legal challenge and more inclusive. Embracing socioeconomic factors such as Pell Grant status in decision-making is one method worth pursuing. Let’s do it as soon as possible. n

This content represents the views of the author. It was submitted and edited under Pensions & Investments guidelines but is not a product of P&I’s editorial team.

Grace Reyes is the CEO and founder of The Investment Diversity Exchange (TIDE). She is based in Austin. Thomas Brigandi is managing director, investment research and relationship management, at RisCura Solutions (U.S.A.) LLC. He is based in New York. Source:

Figure 1 Pell Grants by race

OTHER VIEWS PETE STAVROS

Funds can help lift returns while giving workers a boost, too

Imagine, with the stroke of a pen, America could have stronger businesses, a more ful lled workforce, safer workplaces, and higher pension fund returns — all while building wealth for workers at the same time.

This is not a pipe dream. It’s already happening in some pockets of the economy and the opportunity to expand it is well within our reach.

In 1974, Congress passed the Employee Retirement Income Security Act which governs all quali ed retirement programs. A small — and largely unknown — part of ERISA established something called an ESOP, or employee stock ownership plan. ESOPs give tax incentives to companies that share stock ownership with front-line workers.

Initially, there was a boom in ESOP formations in the 1970s and 1980s, and at one point there were more than 10,000 ESOPs in the United States. Numerous studies showed that ESOPs built substantial wealth for workers and resulted in more stable, productive companies. Unfortunately, for reasons that are largely technical, but xable, the boom faded. Today, only about 275 new ESOPs are formed each year, and they are mostly small companies (the median size is fewer than 50 employees).

It’s time to modernize this 50-year-old law and make employee ownership of companies the norm, not the exception.

I’m an investor. In my day job, I work at the investment rm KKR. We work for institutions, including pension funds, to invest in businesses on their behalf and create value to support the retirements and livelihoods of the millions of bene ciaries who rely on them. We take our responsibility very seriously and are constantly working to make sure we are doing all that we can to deliver for our clients.

We have been working with companies since 2011 to create ownership cultures and extend ownership to all employees in the business. This is a free, incremental bene t for employees, not a trade for wages or other bene ts. And to be clear, this is not an ESOP, but the throughline of the idea is the ownership culture and what it does for the workers and the business.

We saw the results of an ownership culture in action last month at one of our companies called Geostabilization International (GSI). GSI remediates landslide risks by holding back the earth through elaborate construction work. It’s a hard and physically demanding job that helps keep our roads safe. When we rst invested in the business, the company had an annual quit rate of nearly 50%. That meant the company was literally re-hiring its workforce every two years. This was as bad for workers as it was for the company. People weren’t staying at GSI long enough to build skills and advance their careers. What’s more,

the newest workers were usually the ones most likely to be injured on the job.

Six years later, the company had a different story. The quit rate had declined 70% and injuries declined by 50%. Here’s why: Workers (both union and non-union) participated in the ownership of the business through a program established in the beginning of our investment. We changed the way the business ran, speci cally by soliciting more

input from the owner-workers and acting upon their good ideas. We shared the business plan, and transparently reported on our nancial results and operational priorities at quarterly owners’ meetings.

Our investors saw a 5x return, and GSI employees shared in that success. Anyone who had been with the business for at least 2.5 years received a payout of more than $100,000 and the most

tenured front-line colleagues earned $325,000.   I am convinced that this is the vanguard of corporate value creation today. Sharing stock ownership with workers and building “ownership cultures” has proven time and again to be a win-win initiative. Ownership cultures work. Happier, more engaged employees lead to stronger businesses with more

Retirement Income Strategies

Pete Stavros is co-head of KKR’s global private equity business and founder of Ownership Works and Expanding ESOPs. He is based in New York.

THE 2024 Best Places to Work in Money Management

Super employers

(1,000+ U.S. employees)

FIRST PLACE

Neuberger Berman Group

SECOND PLACE

Balyasny Asset Management

THIRD PLACE

PGIM

FOURTH PLACE

Principal Asset Management

FIFTH PLACE

Franklin Templeton

SIXTH PLACE

T. Rowe Price

SEVENTH PLACE

Voya Investment Management

EIGHTH PLACE

Barings

Major employers

(500 to 999 U.S. employees)

FIRST PLACE

First Eagle Investments

SECOND PLACE

Schwab Asset Management

THIRD PLACE

GCM Grosvenor

FOURTH PLACE

Lord Abbett

FIFTH PLACE

StepStone Group

SIXTH PLACE

Hamilton Lane Advisors

SEVENTH PLACE

MetLife Investment Management

Large

employers (100 to 499 U.S. employees)

FIRST PLACE

Baird Asset Management

SECOND PLACE

WisdomTree Asset Management

THIRD PLACE

Missouri Public School and Education Employee Retirement Systems

FOURTH PLACE Polen Capital

FIFTH PLACE

Brandes Investment Partners

Other winners (alphabetical):

� Adams Street Partners

� Aksia

� AQR Capital Management

� Ariel Investments

� Beach Point Capital Management

� Brandywine Global Investment Management

� Busey Wealth Management

� California State Teachers’ Retirement System

� Churchill Asset Management

� Clarion Partners

� ClearBridge Investments

� Cohen & Steers

� Diamond Hill

� DRA Advisors

� Fort Washington Investment Advisors

� GW&K Investment Management

� Harbert Management

� Harrison Street Real Estate Capital

� Heitman

� Income Research & Management

� Intercontinental Real Estate

� Jackson National Asset Management

� LaSalle Investment Management

� Legal & General Investment Management America

� Liberty Mutual Investments

� Modera Wealth Management

� NexPoint

� NISA Investment Advisors

� PCCP

� PineBridge Investments

� PPM America

� Pzena Investment Management

� RBC Global Asset Management (U.S.)

� Resolute Investment Managers

� Schroder Investment Management North America

� SLC Management

� Stockbridge Capital Group

� Strategic Retirement Partners

� Westwood Holdings Group

� William Blair Investment Management

Medium

employers (50 to 99 U.S. employees)

FIRST PLACE

Dana Investment Advisors

SECOND PLACE

Campbell & Co.

THIRD PLACE

Global Endowment Management

FOURTH PLACE

Jacobs Levy Equity Management

FIFTH PLACE Bailard

Other winners (alphabetical):

� Abbott Capital Management

� Alaska Permanent Fund Corp.

� Artemis Real Estate Partners

� Balentine

� Canterbury Consulting

� Corbin Capital Partners

� Crossmark Global Investments

� Duff & Phelps Investment Management

� Eventide Asset Management

� Frontier Asset Management

� Innovest Portfolio Solutions

� Kennedy Capital Management

� Longfellow Investment Management

� Los Angeles Capital Management

� Madison Investments

� Missouri State Employees’ Retirement System

� National Real Estate Advisors

� Parnassus Invesments

� Penserra

� RCP Advisors

� The London Company of Virginia

� Trillium Asset Management

Small employers (20 to 49 U.S. employees)

FIRST PLACE Cornerstone Advisors Asset Management

SECOND PLACE

Newfront Retirement Services

THIRD PLACE

Ninety One

FOURTH PLACE Satori Capital

FIFTH PLACE

Regions Investment Management

Other winners (alphabetical):

� AAM Insurance Investment Management

� Agilis Partners

� Belle Haven Investments

� Cardinal Investment Advisors

� Domain Capital Group

� Elion Partners

� Garcia Hamilton & Associates

� Goelzer Investment Management

� Granahan Investment Management

� May ower Advisors

� Montgomery County Employee Retirement Plans

� Noble Investment Group

� North Square Investments

� Pugh Capital Management

� Ramirez Asset Management

� Richard Bernstein Advisors

� Riverbridge Partners

� Shelton Capital Management

� Stadion Money Management

� WEDGE Capital Management

� Xponance

The Best Places to Work

SUPER EMPLOYERS: 1,000+ EMPLOYEES

FIRST PLACE

Neuberger Berman Group

Headquarters: New York

AUM: $481 billion as of June 30

U.S. employees: 1,933

Years won: 2013-2024

IN THEIR OWN WORDS:

“A word that de nes Neuberger Berman is opportunity — on professional, cultural and personal levels. We are deeply committed to our people and want them to see NB as a career destination. With over 700 employee-owners, there is an authenticity to our efforts and a shared goal of delivering for clients. This year, we celebrated 85 years of Neuberger Berman — a testament to our storied history and enduring values and 15 years since regaining our independence as an employee-owned rm. Being a best place to work is core to our strategy and mission.”

THREE COOL THINGS:

� Fosters fun and social engagement through events such as bowling tournaments, table tennis

matches and “paint and sip” sessions. Employee resource groups also sponsor physical activities such as in-of ce tness classes, participation in the annual J.P. Morgan Chase corporate running challenge and company sports teams for kickball, squash and beach volleyball. Also has a knitting club and the NB Band that performs an annual concert.

� Encourages employees to take one day of paid time off for their mental health annually, in addition to participating in educational wellness webinars on topics such as improving sleep habits and eating better. In addition to online wellness tools and programs, offers in-of ce amenities including massage chairs, nap rooms and meditation rooms, as well as events such as a “puppy cuddle day.”

� Contributes 15% of eligible earnings up to the regulatory maximum to eligible U.S. employees. There is no vesting.

Balyasny Asset Management

Headquarters: New York

AUM: $21.8 billion as of June 30

U.S. employees: 1,143

Years won: 2024

IN THEIR OWN WORDS:

“Working at Balyasny is an opportunity to build businesses, ideas, teams and careers. Since 2001, we have welcomed individuals with the vision, con dence and humility to take on hard challenges and embrace big opportunities. People with the passion and determination required to turn ideas into reality, who recognize that teamwork strengthens ideas and magni es impact.”

THREE COOL THINGS:

� Encourages learning and innovation through training programs and competitions, such as having teams apply knowledge taught by the arti cial intelligence team to

EMPLOYEES SAY:

� “When joining, I heard a lot about the rm’s culture and was somewhat skeptical as every company claims to have a strong culture. Shortly after joining the rm, however, I noticed that everything I had heard was true. We work in an incredibly collaborative environment that focuses on reaching the nish line together. I don’t have to

fear asking questions as everyone is willing to help each other learn more so we can all be the best employees we can be.”

� “It’s motivating to see people that have spent 50 years at a rm and are still working simply because they enjoy it. The rm is lled with people who are intellectually curious and always trying to better themselves.”

develop their own large language models. As part of its Tech Excellence Awards program, recognizes individuals and teams who have made a strong impact for the rm with prizes and group meals.

� Offers unlimited paid time off, allowing for a maximum of three consecutive weeks at a

time. In addition to fully paid parental leave, provides access to parental leave coaching for expectant parents as well as backup care service provider Bright Horizons for dependents, including pets.

� Promotes camaraderie and fun through activities such as an annual beach volleyball

Headquarters: Newark, N.J.

AUM: $1.33 trillion as of June 30

U.S. employees: 2,944

Years won: 2020-2024

IN THEIR OWN WORDS:

“At PGIM, we are motivated by an ambition to shape the future. We value respectful disruption that leads to meaningful change. We believe that the rich tapestry of experiences, perspectives and backgrounds of our employees is a driver of innovation and success. Our culture distinguishes us as more than just a company — but as a community that empowers its members to grow, succeed and make meaningful contributions to the world.’’

THREE COOL THINGS:

� Reimburses industry study programs and tuition annually up to $8,000 for bachelor’s degrees and $12,000 for master’s degrees, in addition to providing $1,000 for wellness-related expenses such as tness club membership and pet support. Also sponsors wellness weeks to provide training on topics including menopause, men’s health and the effects of loneliness.

� Provides a 100% match for up to 4% of employees’ contributions to both pre-tax and Roth 401(k) plans, which offer 17 investment options such as a guaranteed income fund and a company stock fund. As with the

company’s de ned bene t plan, employees are vested into the 401(k) plan’s company match after three years of work.

� Promotes fun and learning through cultural celebrations for occasions such as

� “The organization has a great retirement package, which helps ease people’s fears about ‘will I have enough’ as we get to that stage. As a whole, the organization has many clubs and events to be inclusive, and shows a great interest in giving back to the community with volunteer events.”

Caryl Anne Francia

tournament, pickleball matches and participation in the rm’s soccer teams, which competes in corporate leagues and charity games. Through employee resource groups, organizes reside chats, cultural celebrations, cooking classes and volunteer opportunities.

EMPLOYEES SAY:

� “The rm’s culture of collaboration and inclusivity fosters an environment where everyone has a voice. To many, this is more than just a workplace. This is an organization that invests in their people just as much as their people invest in it. This is a place where we come together to be the best.”

� “Leadership is transparent and keeps us informed on company success and direction month to month. The company emphasizes work-life balance with a good paid time-off allowance and the ability to actually use it.”

� “Balyasny is a place where you can build your career, regardless of your experience level. We are given the tools and autonomy to not only excel in our roles, but to create new avenues for success through innovation.”

Abigail Parrott

International Women’s Day and Asian Paci c Islander Heritage Month, as well as an annual winter holiday that featured photo booths, a karaoke room and skee-ball in 2023. Also hosts an annual summer barbecue on the headquarter’s terrace with live music.

EMPLOYEES SAY:

� “People like working at this organization because it puts the employees at the forefront of all decisions. PGIM has a people-centric culture where all employees’ opinions, experiences and backgrounds are of value to making us successful. The senior leadership has been at the organization for a long time, but they continue to keep up with current trends and keep us competitive.”

� “One of the biggest reasons people like working here is the people. We have many long-tenured employees, and that is always cited as a big reason — and I agree. I work with some amazing people. The bene ts package is a reason people like working for Pru.”

� “Mobility within the organization is supported and ample. I’ve seen moves by colleagues, and had my own professional moves to more exciting roles within the business without the prior experience you’d assume necessary.”

Caryl Anne Francia

Neuberger Berman employees gather after participating in the rm’s inaugural pickleball tournament.

As part of BAM’s annual Day of Service, employees in Chicago assemble personal hygiene kits for members of the Mercy Home community.

PGIM staffers donned colorful winter garb for their annual holiday party.

Principal Asset Management

Headquarters: Des Moines, Iowa

AUM: $699 billion as of June 30

U.S. employees: 1,413

Years won: 2012-2024

IN THEIR OWN WORDS:

“Our culture thrives on authenticity, curiosity and innovative thinking — and one that is actively invested in our clients’ best interests and empowering our team to push boundaries and drive impactful solutions. We value continuous networking and learning, ensuring we stay ahead in an ever-evolving industry. Thank you to our exceptional team for its dedication and passion that makes this recognition possible.”

THREE COOL THINGS:

� Promotes wellness by offering unlimited paid time off, in addition to 11 company-paid holidays. For employees who are not based at the rm’s headquarters, reimburses up to $500 annually for tness-related expenses, including gym membership and virtual training services with proof of attendance and expense.

� Fosters a social environment through team lunches and outings, and through 14 employee resource groups that focus on diverse populations and interests such as sustainability. Also encourages philanthropic support among employees through the Principal Foundation, a nonpro t that supports community programs that focus

The Best Places to Work

SUPER EMPLOYERS: 1,000+ EMPLOYEES

� Shines a spotlight on successes through announcements on rmwide intranet. Also recognizes individual performance through spot awards such as off-cycle bonuses.

EMPLOYEES SAY:

� “Principal promotes a healthy balance of achieving our career goals, as well as our personal milestones. There is a clear and vivid image of where I am and where I aim to be with stepping stones laid out along the way. Management makes our value to the organization clear, and although we are large in size, our team-oriented nature helps minimize the feeling of grandiosity.”

� “The senior leaders in this organization are forthcoming, honest and willing to address any employee feedback, no matter the topic. This organization is ethical and truly values creating an inclusive and diverse culture.”

� “This organization provides resources to continue personal and professional development such as further education cost reimbursement and mentoring programs. Additionally, the organization provides other well-rounded resources such as a full-service gym and other amenities.”

Caryl Anne Francia

FIFTH PLACE

Franklin Templeton

Headquarters: San Mateo, Calif.

AUM: $1.65 trillion as of June 30

U.S. employees: 4,035

Years won: 2023-2024

IN THEIR OWN WORDS:

“Everything we do at Franklin Templeton is focused on delivering better client outcomes. It’s why we’ve built a world-class investment rm that aims to offer the best of both worlds: global strength and boutique specialization. Our global scale and diverse business make FT a dynamic and engaging place to work. And we continue to make strategic acquisitions and invest in innovative new capabilities — which help keep employees at the forefront, exposing them to new technologies, cultures and markets.”

THREE COOL THINGS:

� Provides an 85% match for employees’ contributions to their 401(k) plans up to the IRS maximum. For its employee stock purchase plan, takes 15% off the fair market value of company stock on the rst or last day of a purchase period, depending on which price is lower.

� Offers time off for voting and donating blood. In addition to 10 employer-paid holidays per year, gives 10 days annually for family caregiver leave.

� Promotes social and physical wellness through activities such as on-site barbecues, food truck events and virtual tness classes that range from kickboxing to yoga. Encourages

Principal staffers take a break while volunteering at the Principal Charity Classic golf tournament, which raised a record $8.6 million in support of Iowa youth.

The Best Places to Work

SUPER EMPLOYERS: 1,000+ EMPLOYEES

Franklin Templeton

participation in community service, and recognizes employees committed to volunteerism with Harmon E. Burns Award, named for the rm’s late vice chairman.

EMPLOYEES SAY:

� “It’s possible for working parents — especially working mothers with young children — to hold leadership roles within our organization and thrive while maintaining a positive

work-life balance. That is not a trivial thing, and is a compelling reason for longevity within the organization.”

� “Small enough for employees to get to know one another individually across duciary trust, and to access individual support — vs. helpline — for many human resources and technology needs. Yet, large enough to offer strong, deep knowledge and resources for employees and clients.”

� “Incredible 401(k) match, increased vacation with tenure, and quality health bene ts without penalty for spouses that have access to insurance.”

Caryl Anne Francia

SIXTH PLACE

T. Rowe Price

Headquarters: Baltimore

AUM: $1.57 trillion as of June 30

U.S. employees: 7,485

Years won: 2015, 2017, 2019-2021, 2024

IN THEIR OWN WORDS:

“At T. Rowe Price, we identify and actively invest in opportunities to help people thrive in an evolving world. We do the same with our associates. A career at the rm means you can grow and make a difference in ways that matter to you. We work toward this ideal by offering a variety of resources to support our associates on their career path, bene ts and exibility so work ts in with life overall, a collaborative spirit of generosity and respect for differences, and the ability to pursue personal commercial success without compromising our values as people.”

THREE COOL THINGS:

� Provides a 50% match on up to 4.5% of employee contributions to their 401(k) accounts, as well as an amount equal to 4.5% of an associate’s eligible compensation. Each plan year, the company may make a variable contribution of up to 6% of eligible compensation.

� Hosts social activities including summer open houses with food, music and giveaways, as well as virtual team-building games such as trivia contests. Also encourages participation in community service, and gives $10 per hour of qualifying volunteer work that can be donated to nonpro t of choice.

� Promotes healthy habits through online

Voya Investment Management

Headquarters: New York

AUM: $333 billion as of June 30

U.S. employees: 1,021

Years won: 2015-2022, 2024

IN THEIR OWN WORDS:

“Voya Investment Management manages assets across public and private xed income, equities, multi-asset solutions and alternative strategies for institutions, nancial intermediaries and individual investors, drawing on a 50-year legacy of active investing and the expertise of 300-plus investment professionals. Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding diversity, equity and inclusion in its business.”

EIGHTH PLACE

Barings

Headquarters: Charlotte, N.C.

AUM: $409 billion as of June 30

U.S. employees: 1,010

Years won: 2023-2024

IN THEIR OWN WORDS:

“At Barings, we harness the depth and breadth of our global platform to meet the needs of our clients, delivering exceptional service and solutions that cross asset classes and geographies. Our team-based culture values respect, humility and innovation in service to our clients, colleagues and communities. The same collaboration, transparency and integrity that make us a partner of choice for clients also make us an employer of choice for teammates around

tools for meditation and stress management, in addition to a social networking website where employees may share stories and tips. Aside from offering healthy snacks and oating holidays for wellness, organizes group events such as walking challenges and 5Ks, for which participants are eligible to win prizes.

EMPLOYEES SAY:

� “There is a strong sense of community and teamwork. Everyone is able to lean on each other’s experiences and expertise to

THREE COOL THINGS:

� Fosters a social environment through activities such as annual carnivals, sports team outings and volunteer opportunities. In addition to receiving up to 40 hours of paid volunteer time and an employer match up to $5,000 for charitable donations, employees may engage in events such as karaoke sessions and talent competitions to bene t nonpro ts of their choice during the annual employee giving campaign.

� Sponsors a 401(k) plan with a 6% match, a de ned bene t plan and a deferred compensation plan. Also offers an employee stock purchase plan where employees may contribute up to the IRS limit of $25,000 worth of stock per calendar year, in addition to a tuition reimbursement program where they may receive up to $5,250 in annual loan relief.

� Allows 12 weeks of paid parental leave, and reimburses up to $5,000 for adoption-related expenses. Also provides referrals for care services for children and elder family members.

the world.”

THREE COOL THINGS:

� Provides a 100% match to the rst 5% of employees’ contributions to their 401(k) plans, but will increase the limit to more than 9.5% in 2025. Also contributes up to $1,000 to health savings accounts, depending on coverage level and annual salary.

� Allows unlimited paid time off in addition to 10 employer-paid holidays. Also awards employees with spot bonuses, and recognizes teamwork through the global technology team-presented Make a Difference Awards program.

� Fosters social environment through activities such as happy hours, networking events as well as seasonal and holiday gatherings. Offers free breakfast and lunch on Mondays, as well as free coffee, tea and

Boston-based employees of Franklin Templeton take a break while volunteering for Rise Against Hunger, which aims to end hunger by providing food and life-changing aid.

T. Rowe Price staffers and their families gather for a photo op before participating in Baltimore’s Pride parade.

Barings teammates packed backpacks with school supplies for teachers and students in North Carolina.

During Voya’s annual National Days of Service, staffers participated in volunteer activities ranging from Habitat for Humanity builds, park clean-ups, food banks, and nancial literacy and STEM events.

SEVENTH PLACE

The Best Places to Work

strive for — and achieve — common goals. The positive work-life balance fostered by the company culture is an added touch.”

� “Employees are treated as professionals who are capable of executing the job responsibilities they were hired to do. Micromanaging is not needed as we work in an open environment where your opinion is valued and expected.”

� “The bene ts, particularly the retirement bene ts, are greater than what you’d nd in other industries. T. Rowe does an excellent job of helping their associates prepare for retirement.’’

Caryl Anne Francia

EMPLOYEES SAY:

� “Voya has done a tremendous job building an organization and culture where everyone feels welcome and encouraged to participate regardless of background or job title. This allows people to be involved in projects and conversations that are not necessarily core to their role. However, it is so important because it allows people to really nd the kind of work they enjoy doing and have the most innate ability for.”

� “Voya’s commitment to community service and desire to make change and help others is amazing. The fact that employees are given the ability to volunteer together, with the company and on company time is invaluable.”

� “The ability to work remotely is the single most important factor contributing to my satisfaction with Voya as an employer. I am able to live in an affordable area and have the kind of home I’ve always dreamed of. As a result, I will stay at this company as long as they will have me.”

Caryl Anne Francia

snacks on all workdays.

EMPLOYEES SAY:

� “Barings is fortunate to have just great people. My coworkers are always willing to help and always very respectful. I really enjoy going into work and being with such dedicated and friendly people.”

� “The culture — it’s become a professional and industry buzzword that’s lost meaning from overuse and failed delivery. But Barings follows through on what so many companies communicate, yet fail to execute.”

� “The CEO hosts town halls very often to let us know future plans and how Barings is performing nancially. Leadership is transparent with future plans. I also feel like there is plenty of room for growth when it comes to my career.”

Caryl Anne Francia

Firms taking steps to support female employees’ life journey

Many

Best Places winners nding value in women’s health bene ts related to fertility, postpartum care and menopause issues

y B Caryl

Anne Francia

Part of building an inclusive culture means fostering a workplace that meets female employees at whatever stage of life they’re at.

For some winners of Pensions & Investments’ 2024 Best Places to Work in Money Management program, this entails offering bene ts that help their female employees as they go through different stages of their fertility journey.

Bene ts providers that are focused on women’s health may offer reimbursements, services or educational resources for fertility treatments, menopause care, or hormone therapy. Also included may be access to specialists who can assist with family building — from coming up with a plan to conceive or adopt a child, to receiving parental coaching or emotional support.

Women aged 16 years and older represent about 47% of the U.S. civilian labor force, according to October data from the U.S. Bureau of Labor Statistics.

The importance of offering bene ts related to women’s health ties back to the question, “How does our investment in employees translate into better outcomes for our clients?” noted Marisa Bernstein, head of bene ts at First Eagle Investments.

“Someone who is experiencing a change in their health — whether it be pregnancy, menopause or another type of serious health condition, could feel an impact to their work,” Bernstein added. “Helping employees any way that we can so they can be their best at what they do will have an immediate impact on the rm and our clients.”

Ranked No. 1 among winners with 500 to 999 employees, New York-headquartered First Eagle managed $138 billion in assets as of June 30.

Carrot Fertility and Maven Clinic are two of the platforms that are used — or will be used soon — by Best Places winners to offer women’s health bene ts. Both can be accessed all day through digital means.

It is “critical” to support menopause and ongoing care, noted Linnet Coppa, director and global head of human resource service delivery at the StepStone Group.

The La Jolla, Calif.-headquartered rm will start offering Maven as part of its benets package in 2025. Ranked No. 5 among winners with 500 to 999 employees, StepStone managed $169 billion in assets as of June 30.

“We have an older generation, so it’s just a testament to that we’re paying attention,” Coppa added. “We’re making sure that we’re covering it on the whole spectrum.”

Health burdens

Women spend 25% more time in “poor health” compared to men, according to a Jan. 17 report by the McKinsey Health Institute. In its de nition of women’s health, the nonpro t arm of McKinsey & Co. includes sex-speci c conditions such as menopause and endometriosis, as well as general health conditions.

Working women aged 20 to 64 in particular are affected by the health burdens, the report added. But the institute noted that by closing the health gap, the global economy could generate $1 trillion in annual growth by 2040. Some of the reasons McKinsey cited for the

‘Helping employees any way that we can so they can be their best at what they do will have an immediate impact on the rm and our clients.’

FIRST EAGLE

INVESTMENTS’

MARISA BERNSTEIN

women’s health gap included limited health education, including menstrual knowledge, as well as issues with accessibility and affordability of healthcare.

“There are more macro-level challenges with family planning, and IVF (in vitro fertilization) is just one of the examples that continues to be very, very expensive — so we’ll hear from employees that wish coverage was higher,” said Rachel Trock, chief people ofcer at Polen Capital.

She noted that this issue isn’t speci c to the investment rm, but since 2022, Polen has been able to offer as much as the rm can through Maven to support employees. The rm’s users rated the platform a 4.8 out of 5, Trock said.

Ranked No. 4 among BPTW winners with 100 to 499 employees, the Boca Raton, Fla.-headquartered investment rm managed $65 billion in assets as of June 30.

An additive benefit

For some employers, offering platforms dedicated to bolstering women’s health is seen as a supplement or backup plan for other healthcare bene ts.

At Polen Capital, Maven offers all employees a lifetime maximum bene t of $10,000, and Trock noted it is additive to what’s pro-

vided in medical coverage and offered in different geographies where the rm does business. For instance, in the U.S., medical provider Cigna covers the cost of breast pumps, so one would not have to use Maven for the service.

“A few of the things (Maven) offers are resources around preconception, fertility and emotional support for those going through IVF or egg freezing — which tends to be very taxing, physically on your body, emotionally and nancially,” Trock said. Maven also offers personalized support for postpartum, in addition to adoption and surrogacy maps, she added.

For postpartum, the platform offers therapists who can assist with mental health and planning a return to work. Postpartum care in particular “is integral to support mothers who are suffering from depression, which … can have negative impacts on relationships between the mother, her partner, the baby and others,” said Dana Rapier, chief human resources of cer at Jackson National Asset Management.

The Chicago-headquartered investment adviser will roll out Maven in 2025. Named to the Best Places to Work program for the rst time this year, Jackson National managed $255 billion in assets as of June 30.

Through Carrot Fertility, Newfront Retirement Services offers a $25,000 lifetime allowance that can go toward family forming services, said Head of People Paige Maisonet. Without having their identity disclosed on their employer’s bill, staff can also use the bene t for gender-af rmation care — such as treatments that aid gender transition — and reproductive care.

The San Francisco-headquartered rm has been named to the BPTW program three times. Ranked No. 2 among winners with 20 to 49 employees in 2024, Newfront managed more than $22 billion in assets as of June 30. First Eagle offers covered members a $25,000 allowance in family planning benets through its Aetna medical program, and employees don’t have to wait the traditional

FIRST PLACE

First Eagle Investments

Headquarters: New York

AUM: $138 billion as of June 30

U.S. employees: 578

Years won: 2023-2024

IN THEIR OWN WORDS:

“First Eagle seeks to nurture a high-performance culture that attracts, develops and retains a talented, inclusive workforce. We view our employees as our most valuable asset, and the rm’s culture of respect allows our employees to do their best work for themselves and our clients. We believe an organization that embraces diversity of thought and experience within an environment of open communication fuels mutual respect among colleagues across the organization.”

THREE COOL THINGS:

� Gives back to the community through philanthropic and volunteer activities, including creating wellness packages for older adults and making bookmarks for

Schwab Asset Management

Headquarters: Westlake, Texas

AUM: $1.2 trillion as of June 30

U.S. employees: 637

Years won: 2016-2024

IN THEIR OWN WORDS:

“At Schwab — and within Schwab Asset Management — we’re united in a shared belief that what we do improves people’s lives. Through our focus on client-centric innovation, education and an unwavering commitment to service, we’re helping people own their nancial futures — and building lasting relationships along the way. SAM is a tight-knit team with a special culture. Every employee plays a role in making SAM a great place to work and is dedicated to building a culture that values and recognizes the individual experiences of our people.”

THREE COOL THINGS:

� Hosted Schwolympics event to coincide with the 2024 Summer Games. Employees engaged in a virtual series of games includ-

The Best Places to Work

students at an underserved school. For Employee Appreciation Day, the First Eagle Foundation made donations in each employee’s name to their charity of choice.

� In addition to paid parental leave, provides a $25,000 lifetime family planning bene t that can be used without a formal infertility diagnosis. This bene t is accessible to same-sex

ing Excel-athon, Schwamily Feud and Schweopardy.

� In addition to offering eight paid hours to

volunteer annually, holds an annual golf outing to raise money for charity, in addition to having fun and building camaraderie.

couples and would-be single parents.

� In addition to working with Columbia Business School as a partner for talent development programs, inaugurated a rmwide 12-month mentorship program this year for all employees to train and identify the next generation of leaders.

EMPLOYEES SAY:

� “The caliber and integrity of the people is phenomenal. There is a small- rm, closeknit feel — with the sophistication and ef ciency of a well-established, larger organization. I feel supported in my work and as an individual.”

� “Our rm is committed to long-term retention, as part of its push for value in everything it does. People stay because the commitment is bidirectional. The stable management team sticks to our core principles, and listens intently to balance the needs of both clients and employees.”

� “People are encouraged to be open about what’s going on with them, and there is a lot of support from management to help with that work-life balance. People enjoy the number of social programs we offer outside of the normal workday.”

Caryl Anne Francia

Winning team selects the charity of their choice and receives an employer match for the donation.

� Provides a monthly contribution of up to $200 to exible savings accounts and an yearly contribution of up to $850 to health savings accounts for employees with annual salaries less than $100,000. Also subsidizes backup care services for dependents, as well as tutoring and college coaching.

EMPLOYEES SAY:

� “People like working here because of the people — and the ability to work hard but also have fun with great people.”

� “Schwab’s culture of collaboration and team orientation is a huge part of why I joined the rm and want to stay. I also appreciate that the rm proactively works to maintain that culture and provide engagement opportunities covering a variety of events.”

� “I feel my employer provides resources and support that make me feel empowered and in control of my career development. Encouragement received for work-life balance and showing up as my authentic self is unlike any other company I’ve worked for.”

Caryl Anne Francia

“GCM Grosvenor is a sophisticated investment rm with a down-to-earth culture. The rm is committed to investment excellence and maintains a client-focused approach while promoting a strong, collegial culture. We believe our employees are our most valuable resource, and our employee engagement team is centered around enhancing our work experience. A diverse, engaged team is critical to our ability to successfully create and deliver value to our clients. Over half of our workforce is comprised of women and/or ethnically diverse employees, and we are committed to creating an inclusive environment where diverse professionals can thrive.” THREE COOL THINGS:

heads also host offsite summer team-building activities, such as playing pickleball, bowling and taking cooking classes.

� Runs a four-month leadership development program for female employees who complete monthly group training sessions on topics including executive presence. Participants engage in two one-on-one coaching sessions and attend an in-person networking lunch.

EMPLOYEES SAY:

� “When you have access to senior management, you feel you have a real say in your role and the development of the broader business. There is a general respect among the hardest workers on various teams that can ‘cut through the tape’ as needed.”

� “The culture here is top notch. They don’t just do things for publicity, but truly out of the kindness and generosity to its employees and the public. People here are ‘lifers.’They come here and they don’t leave. It’s a good sign of its values.”

� “People listen to each other no matter your level. There is no gatekeeping. Everyone is smart and wants to help or share ideas. And the healthcare bene ts are awesome.”

Caryl Anne Francia

First Eagle employees pack backpacks for students in underserved schools in the greater Boston area through Waltham Partnership For Youth.

� Hosts GrosvenorFest, an offsite day with games, food and a raf e for employees, family members

Schwab associates take a break during the rm’s Super Bowl party to smile for the camera.

The GCM Grosvenor Gets Involved Fair offers employees a chance to connect with colleagues, explore upcoming activities and volunteer opportunities, and engage with employee resource groups.

We run the boring numbers so you can sprint to brilliant goals.

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The Best Places to Work

MAJOR EMPLOYERS: 500 TO 999 EMPLOYEES

StepStone Group

Headquarters: La Jolla, Calif.

AUM: $169 billion as of June 30

U.S. employees: 657

Years won: 2023-2024

IN THEIR OWN WORDS:

“This award is a testament to our growth story, from a single of ce in Southern California covering a single asset class, to building a platform with 27 of ces in 16 countries that empowers each team to act swiftly and con dently. As much as we like to say our company values collaboration,

curiosity and industriousness, it takes our people living those values to bring them to life, to show the world we are purpose-built to be the trusted partner of choice for private markets solutions globally. Like anything else, it all boils down to trust and respect. So, thank you to the people who work here.”

THREE COOL THINGS:

� Sponsors departments to host fun social events, including summer parties, happy hours, community volunteering time as well as employee resource group-hosted dinners. Inclusive of remote workers, hosts a book club and encourages meetups at team off-sites and client confer-

FOURTH PLACE

Lord Abbett

Headquarters: Jersey City, N.J.

AUM: $202 billion as of June 30

U.S. employees: 762

Years won: 2020-2024

IN THEIR OWN WORDS:

“We work together to achieve our vision of being the most respected asset manager in the world — admired for our people, our performance, our relationships and our organizational agility. Our vision guides and inspires our culture. As a principles-led rm, leaders are empowered to create an environment of trust. As a performance-oriented rm, people are inspired to embody our values of excellence, responsibility, transparency and collabora-

ences.

� Promotes good health and wellness through an annual challenge where employees are awarded by documenting healthy habits. Also provides all-day access to counseling, work-life specialists and digital tools to support mental health through Modern Health.

� Supports new and expectant parents through coaching programs, travel accommodations and fully paid parental leave with the possibility to extend. Runs a working parents-led employee resource group.

EMPLOYEES SAY:

� “It’s like playing for the New York Yankees. We’re the most

Headquarters: Whippany, N.J.

AUM: $587.6 billion as of June 30

U.S. employees: 725

Years won: 2021-2024

IN THEIR OWN WORDS:

“MIM successfully blends 156 years of investment experience with the passion, innovation, and exibility of an emerging global leader in asset management as it accelerates efforts to broaden its investment strategies and solutions for institutional clients. Employees are empowered to experiment, lead growth initiatives and embrace a

tion. As a purpose-driven rm, we instill a passion for always putting our clients’ interests rst. These pillars strengthen us as we seek to deliver investment, relationship and operating alpha.”

THREE COOL THINGS:

� Promotes volunteerism and team building through community service initiatives, such as an annual holiday gift-wrapping event. Invited a local rm to help clean up Liberty State Park for Earth Day.

� Gives unlimited paid-time off, including sick leave. Also offers access to mental health support services through AbleTo and Sanvello, as well as a $40,000 lifetime allowance for family planning, menopause care and more through Carrot Fertility.

� Provides free lunch options for employees.

meaningful rm in the market and growing swiftly — and the people and the culture are incredible. The creativity in our strategic efforts and approach is unparalleled within the industry.”

� “Management cares about their employees and their clients. Actions speak for themselves, not just words. They get involved. Senior management listens and adapts to the constant changing needs of our clients, colleagues and environment.”

� “We have grown quickly and exist at the fulcrum of our industry. Young, talented people have had a clear path laid out for them and have the bene t of signi cant upward mobility.”

Caryl Anne Francia

Hamilton Lane Advisors

Headquarters: Conshohocken, Pa.

AUM: $129.9 billion as of June 30

AUS: $810.4 billion as of June 30

U.S. employees: 583

Years won: 2012-2024

IN THEIR OWN WORDS:

“Hamilton Lane is celebrating 33 years as one of the largest allocators of private markets capital in the world, and today has 22 global of ces and 690-plus diverse employees. We are guided by our mission

shared commitment to go above and beyond for clients. Employees value their community impact through the rm’s investment strategies, robust employee inclusion networks, and volunteer and mentorship opportunities. Energized by a culture of collaboration and commitment to a diverse, equitable and inclusive workplace, along with career development opportunities, employees embody the rm’s purpose: Always with you, building a more con dent future.”

THREE COOL THINGS:

� Plants a Douglas r in the Umpqua National Forest of Oregon to mark work milestones for full-time and part-time employees. Also honors achievements through recognition programs, including the annual Purpose Award for employees who have made a positive impact on stakeholder groups.

� Promotes camaraderie through fun, social events, including ice cream socials, volunteer-

statement: To enrich the lives and safeguard the futures of our clients, employees and communities, and our core values: doing the right thing; integrity, candor and collaboration; the pursuit of excellence; a spirit of competition that inspires innovation; and promoting equity and inclusion from within. As a rm, we endeavor to always remind ourselves why we do what we do and who we do it for: We are stewards of our clients’ and, by extension, their bene ciaries’ capital. In order to do this, we make it a priority to attract and retain an employee base for whom that reality is rst and foremost.”

ing events as well as multicultural and interfaith celebrations.

� Offers family planning services and fertility care through Maven Clinic. Also provides 8-week paid parental leave for primary caregivers, as well as two weeks for nonprimary caregivers.

EMPLOYEES SAY:

� “The people are kind, smart, creative, collaborative and supportive — all of which lead to a strong work culture.”

� “People like working for this organization because it has a good ladder of promotions. The work is interesting and meaningful, and the culture is different from everywhere else.”

� “There is a good culture of cooperation and support. Staff and management work hard, are always open to discuss any issue and want to succeed together.”

Caryl

Anne Francia

THREE COOL THINGS:

� Promotes camaraderie and creativity through fun activities, including a hackathon where teams create and present solutions to core business issues. Also dedicates Slack channels for celebrating milestones, as well as sharing photos of pets and family.

� Offers to help employees alleviate student loan debt by distributing $125 per month through a program run by SoFi Technologies.

� Allows employees seven days annually to work anywhere in the world as long as they are reachable during regular business hours at their usual of ce location.

Lord Abbett employees marched in New York City’s Veterans Day Parade to honor America’s veterans.

Hamilton Lane volunteers helped organize donated school supplies and packed backpacks for students in the Philadelphia area.

FIFTH PLACE

SIXTH PLACE

EMPLOYEES SAY:

� “This is a great place to make connections and meet folks from all walks of life with a common goal — seeking professional growth to better represent the rm. The rm, historically, has been great in investing in its people and promoting from within.”

� “The bene ts are amazing: unlimited paid time-off, fully subsidized health insurance — too many perks to mention. We’ve recently designed a new workspace that is inviting, modern and conducive to team building and collaboration.”

� “Everyone who works together in my department gets along very well. We encourage each other to do our best. We’ve had a lot of new products launch this year, and it’s exciting to see how some of our new offerings do.”

Caryl

Anne Francia

EMPLOYEES SAY:

The Best Places to Work

LARGE EMPLOYERS:

At StepStone’s New York summer party, staffers ate, drank and tried their hands at pickleball.

� “Despite being one of the largest rms in the world, Hamilton Lane ensures that every employee feels seen, both personally and professionally. There is a respectful dialogue and ample space for contributing ideas, knowledge and opinions on a wide range of topics.”

� “While the work in our industry is challenging, Hamilton Lane provides access to mentorship by senior leaders and provides dedicated training programs and workshops to help upskill our employee base. I always feel that I have the support needed to learn new skills and develop my understanding of the business.”

� “The people are friendly and understanding. The rm does a good job at bringing people together and hosting events, and has a lot of clubs and employee groups that people can join.”

Caryl Anne Francia

Staffers take a photo break during a MetLife Extraordinary Litter Pickup event in San Francisco. During the annual event, employees across all of the rm’s global of ces are encouraged to volunteer in local litter pick up events.

FIRST PLACE

Baird Asset Management

Headquarters: Milwaukee

AUM: $150 billion as of June 30

U.S. employees: 120

Years won: 2012-2024

IN THEIR OWN WORDS:

“Baird is a great place because of our unique corporate culture, our employee ownership model and our commitment to creating a great workplace for all. We always put clients rst while never asking our people to compromise what they believe. Our associates and clients often tell us Baird’s culture inspires dedication and trusting relationships. Baird offers tuition reimbursement, mentoring programs, associate resource groups and leadership development opportunities to ensure everyone can be their personal and professional best. We encourage associates to maintain a balance between work, home

SECOND PLACE

WisdomTree Asset Management

Headquarters: New York

AUM: $109.7 billion as of June 30

U.S. employees: 194

Years won: 2015-2017, 2020-2024

IN THEIR OWN WORDS:

“WisdomTree, headquartered in New York with global of ces, embodies a ‘Work Smart’ philosophy focused on optimizing productivity and effectiveness. We empower team leaders to determine optimal work arrangements while maintaining accountability. Our strong sense of mission and community allows us to compete successfully in asset management. We continually invest in employee development through initiatives like our Women's Initiative Network (WIN) and Diversity, Equity & Inclusion (DEI) Council. As a global nancial innovator, we offer diverse exchange-traded products, models and solutions, leveraging cutting-edge infrastructure to create products providing enhanced access and transparency. Our approach empowers investors and consumers to shape their future while supporting nancial professionals in serving clients and growing businesses.”

THREE COOL THINGS:

� Fosters togetherness through semiannual rmwide offsites with educational and team-building activities and a closing

and the community, and we support local communities through the rm, Baird Foundation and the community involvement of associates.”

THREE COOL THINGS:

� Baird has a Fun Committee that plans themed lunches, trivia contests, Oktoberfest events, tennis outings and Pi Day pies (for March 14). For the summer of 2023, the company celebrated an associate’s 25th work anniversary with kickball and tailgating at American Family Field, the Milwaukee Brewers’ ballpark.

� The company targets sharing 12%-14% of its operating income with employees in the form of a 401(k) match and pro t-sharing. Full-time and part-time associates are also eligible to become shareholders, which includes voting rights for the election of the company’s board of directors.

� Baird Gives Back Week encourages employees to get out of the of ce and volunteer; employees receive two paid days off each year to volunteer, and the Baird Foundation matches employee donations up to $1,500 annually.

EMPLOYEES SAY:

� “As a team, we are all fully aligned with a client- rst focus and work together knowing that if we do the absolute best jobs for our clients, we can be proud and will be well rewarded. In working very hard toward that goal, we are all together and have the opportunity to really get to know one another personally and develop strong relationships. Being able to have fun with our co-workers while working hard together makes coming to work enjoyable!”

� “We have autonomy to do our work while dealing with our personal lives as students, parents, caretakers, etc. The work culture allows all associates to socialize, network and create connections with associates within and outside their departments.”

� “We work with a great group of people and enjoy coming to work every day. Eighty- ve percent of employees are shareholders, which creates a unique owner-operator culture. We are positioned to think long term, prioritize clients and invest through downturns.”

Erin Chan Ding

celebration at the rm’s New York headquarters; team leaders have a budget for social events that include cooking classes, karaoke and museum visits; and the rm holds in-person and virtual events, including monthly happy hours.

� Offers eligible employees with 10 years of service an eight-week paid sabbatical to travel, recharge and spend time with loved ones. They also receive personalized plaques and recognition during a global town hall meeting.

� Gives employees a one-year digital Peloton membership and Apple Fitness Plus subscriptions, a $200 reimbursement for 50 gym visits in six months, and access to virtual tness, mindfulness and nancial classes and resources through Burnalong. Staffers also receive pet insurance coverage.

EMPLOYEES SAY:

� “We have a very entrepreneurial culture that takes pride in innovating — so the passion for our products is innate to what we do.”

� “We’re remote rst and are encouraged to create a work-life balance that works for us. The exibility in how we work is SO valuable, and we are trusted to do our work. The unlimited PTO is also a huge factor because it adds to the exibility to live your life while still getting your work done and contributing to company goals. Our entire team (and the company) is full of inspiring, smart and kind people.”

� “We can easily reach across departments and talk to anyone with any questions we have that inform our work. Leadership is supportive and sets employees up for success with the resources and knowledge needed to get the job done. There is a great amount of autonomy in projects with just enough oversight to ensure things are moving in the right direction. I personally wouldn't want to work anywhere else.”

Caryl Anne Francia

Baird associates helped out at Journey House, a nonpro t focused on moving families out of poverty, during Baird Gives Back Week.

WisdomTree staffers help assemble essential hygiene kits in conjunction with Clean the World.

The Best Places to Work

LARGE EMPLOYERS: 100 TO 499 EMPLOYEES

THIRD PLACE

Missouri Public School and Education Employee Retirement Systems

Headquarters: Jefferson City, Mo.

AUM: $58.7 billion as of June 30

U.S. employees: 167 Years won: 2023-2024

IN THEIR OWN WORDS:

“PSRS/PEERS has created & nurtured an employee-friendly culture for decades. The culture of truly living the systems’ mission of providing retirement security to Missouri educators in the most ef cient and cost-effective manner is passed on from one generation to the next. The systems' strategic plan focuses on a culture of excellence to provide the highest level of customer service for members while maintaining a quality work culture for staff. All employees believe in and live our mission and culture. This is evident

in the pride and dedication they exhibit for our members and each other daily. PSRS/PEERS appreciates each employee and is committed to providing professional growth and advancement opportunities to everyone. PSRS/PEERS encourages an environment of hard work, diversi ed thought, innovative thinking and collaboration, in addition to of ce-wide outings and engagement activities. We are a mission-driven culture to serve our members but also serve our employees and their families.”

THREE COOL THINGS:

� The company’s Missouri headquarters was in the path of totality during April’s solar eclipse so naturally, it threw a party! The staff-wide viewing event included

viewing glasses and eclipsethemed food and beverages. Other events in 2024 included a luau day and farmers market day.

� Employees receive three weeks of sick leave annually, and there’s no limit to accruals or loss of unused portions. When they leave the company, they’re paid a full day

Headquarters: Boca Raton, Fla.

AUM: $65 billion as of June 30 U.S. employees: 230 Years won: 2016-2024

IN THEIR OWN WORDS:

“Polen Capital excels as a top workplace through our commitment to an inclusive culture, employee empowerment and philanthropic opportunities. We do not waver from our values: Do the right thing. Do more than expected. Respect the individual. These values attract top talent, whose diverse skills and unique experiences lead to excellent outcomes for our clients and communities. We understand the importance of each person bringing their best self to work. That’s why our Results-Only Work Environment promotes continuous improvement and growth, and our employee resource Groups champion volunteerism, wellness and inclusion. We even stock each of ce with healthy snacks and daily lunches — a great opportunity to provide nourishment and promote camaraderie. Ongoing employee check-ins guide us to continually improve

Headquarters: La Jolla, Calif.

AUM: $27 billion as of June 30

U.S. employees: 129

Years Won: 2023-2024

IN THEIR OWN WORDS:

“2024 marks the golden jubilee of our founding. As we celebrate this milestone, we’re taking time to re ect on our journey and key events that shaped us. With a collective effort, every individual at our rm strives to ful ll our mission statement: Be an exceptional rm which provides superior investment advisory services in an atmosphere of accomplishment and enjoyment. At our core is an unwavering dedication to the fundamental value investment approach and prioritizing the

for each two days of accrued sick leave, up to 50 days paid. Payments of more than $1,000 are transferred to a Public Employees Health Program account that can be used to pay health insurance premiums for themselves or their dependents.

� Employees’ milestone birthdays — such as turning 30, 40, 50 and 60

the employee experience, leading to high retention and engagement.”

THREE COOL THINGS:

� All employees are invited to Boca Raton, Fla., each year for a week of group learning, employee panels, pickleball, bowling, cocktail hours and receptions. Each of ce also organizes a summer outing that includes Major League Baseball games, archery and lawn bowling.

Polen staffers enjoy a Polen PRIDE event. The rm’s Employee Resource Groups champion volunteerism, wellness and inclusion.

� Diversity, equity and inclusion events have included speakers such as Ryan O’Callaghan, LGBTQ+ activist and former NFL player; Patrick Hutchinson, civil rights activist who carried an anti-Black Lives Matter protester to safety; and Brandon Wolf, survivor of the 2016 Pulse nightclub shooting in Orlando. Formal training focuses on anti-bias interviewing and small group discussions.

� Employees who become new parents are

needs of our clients above all else. Integrity is at the heart of our operations. We treat each other with respect and create an inclusive space where individuals from diverse backgrounds are seen,

valued and given a voice in the conversation. Our culture encourages challenging conventional norms, embracing relentless innovation and supporting one another.”

— are recognized in ways that highlight their personalities. The person’s of ce is decorated, and that staffer is honored with a special theme, such as video games, a garden or luau.

EMPLOYEES SAY:

� “Our mission to serve Missouri’s public school teachers, school employees and their families creates a meaningful and rewarding work experience. Employees feel a deep sense of purpose knowing their efforts directly contribute to the nancial security and well-being of those who dedicate their lives to education.”

� “This organization gives employees a sense of purpose and pride, and offers a top-notch salary and bene ts package for the geographical area. It also does a great job of creating a fun and engaging atmosphere at work.”

� “The pay and bene ts get you in the door, but the teamwork and family atmosphere keep you here.”

Erin Chan Ding

given a Polen swag box that includes a Polen onesie, a baby book, diaper basket, paci er holder, Polen bib, reusable insulated water bottle and a Polen baby blanket.

EMPLOYEES SAY:

� “Polen is obsessed with achieving great results for our clients through people who are challenged, supported and eager. It’s awesome to work for a company where everyone is aligned to the mission and works really, really hard, without ego, to achieve that mission!”

� “The people at Polen care deeply — about work for clients (internally and externally) and about each other. The culture supports employees holistically. There’s challenging work, employee resource groups that discuss real, human challenges and celebrations and great bene ts.”

� “As employees, we are offered a lot of great bene ts, and the rm is committed to constantly improving DEI efforts. These are both things other companies advertise but don’t always follow through with. Upon joining Polen, it is clear these offerings are present daily. Everyone at Polen is committed to bringing the best versions of themselves to work daily. The commitment to success is contagious.” Erin Chan Ding

EMPLOYEES SAY:

THREE COOL THINGS:

� Contests at Brandes revolve around cooking, costumes, cornhole and other challenges (not all beginning with “c”). Employees receive trophies, gift cards and other prizes. Trash talking is optional. Brandes employees have begun collecting favorite contest recipes in a Brandes cookbook.

� In addition to a 50% match of an employee’s 6% retirement plan contributions, Brandes makes an annual discretionary pro t-sharing contribution of up to 15% of an associate’s calendar-year earnings.

� Lunch and learn topics give employees such practical advice as taking care of oneself after having a baby, nancial planning for retirement and understanding menopause. Employees also get paid time off to participate in a Green Day in which they’re encouraged to “plant-it forward” and participate in an environmentally conscious activity, such as tree planting in a community park.

� “It’s like a family business, but a big company. When someone needs help, we all assist that person with their workload so they can attend to their personal needs. Different products are offered to clients, which requires us to learn new skills, and I enjoy that aspect of learning complicated new things all the time.”

� “The Brandes culture is exceptional — I feel valued and love my co-workers. Management is top quality. I love the familial environment. Brandes is a special place.”

� “Our employees are the best. Everyone is friendly, diverse in knowledge, background, experiences and willing to help each other. I once had a new employee tell me she was amazed that the sales team was so willing to share ideas and help her with questions because the rm she came from was ‘everyone looking out for themselves.’”

Erin Chan Ding

Santa visited the PSRS/PEERS of ces in his Polar Express, and staffers celebrated with a pajama party.

Brandes employees celebrate the winner of the rm’s National Chili Day cook-off.

Adams Street

Partners

Headquarters: Chicago

AUM: $61 billion as of June 30

U.S. employees: 260 Years won: 2018-2024

THREE COOL THINGS:

� As an employee-owned rm, Adams Street has an equity purchase program so that staff can invest in the company and bene t from pro t-sharing.

� A reverse mentorship program pairs staffers from older generations with employees from younger generations so they can build relationships and exchange perspectives on various issues and topics.

� Summer Fridays stretch yearround at Adams Street Partners: Each Friday, Adams Street closes its of ces at 3 p.m.

EMPLOYEES SAY:

� “Adams Street has the best culture of any workplace I’ve ever been a part of. The organization is relatively at, so it is easy to communicate with senior leadership. We have lunch all together once a week, and it’s common for senior leaders to sit next to analysts and associates.”

� “The people: They are warm, engaging, driven, smart, intellectually curious and collaborative.”

The Best Places to Work

� “Our organization is family-centric, and it is felt at all levels. We feel supported each and every day in the environment created.” Erin Chan Ding

Aksia

Headquarters: New York

AUA: $308.6 billion as of June 30 U.S. employees: 172 Years won: 2015-2024

THREE COOL THINGS:

� This year’s annual summer party for the New York of ce included a scavenger hunt, a sail around New York City and a happy hour nale.

� Offers fully paid maternity and paternity leave, and one medical plan option is fully paid for by the company for employees and dependents.

� Recognizes birthdays on the company’s intranet, and employees celebrating a 10-year work anniversary receive a crystal trophy.

EMPLOYEES SAY:

� “Aksia has an incredibly intelligent group of people but without egos commonly found at peer organizations. Everyone is aligned to work together, and there’s no public company pressure to meet quarterly targets, which allows for

longer-term strategic thinking and planning.”

� “People get involved in the Aksia community. A lot of professionals, even senior ones, are very involved in our M.S. 582 chess program (at a New York City public school) or softball team.”

� “This is a company comprised of people who truly care, not just about their clients, but also their employees. It's an entrepreneurial organization — people can pursue topics that are interesting to them and can get involved in strategic rm initiatives early on in their career.”

Erin Chan Ding

THREE COOL THINGS:

� Hosts a Halloween Kids Day, arguably everyone’s favorite day. The rm decorates the of ce for Halloween, and employees’ children are invited to come into the of ce for the afternoon to trick or treat.

� Offers 100% paid medical, dental and vision coverage, as well as

Ugly Sweater Contest

Cheering on the Cincinnati Bengals Mentorship Group

Volunteering at Freestore Foodbank

Enjoying a Fundraiser

Cincinnati Reds Opening Day

Adams Street staffers work on cards for LGBTQ+ seniors.

Aksia employees wave to the camera during a summer party.

unique bene ts that include acupuncture.

� Provides a health and wellness allowance toward gym memberships and tness programs. When employees are promoted to managing director, they receive a $3,500 allowance for wellness activities.

EMPLOYEES SAY:

� “I nd my AQR co-workers to be smart and respectful. The work is both interesting and rewarding, and the stress level is reasonably low given the high importance of the work and high rate of innovation.”

� “AQR truly cares about its people. I have repeatedly seen leaders make decisions that respect and appreciate the employees' personal wellbeing. AQR’s people are also what make it special — they are intelligent, dedicated and overall just nice people to work with each day.”

� “This organization allows for and encourages a beautifully collaborative environment where individuals are comfortable raising new ideas and pushing toward better ef ciencies. Work-life balance is unbeatable, fostered by management that encourages time off and life outside the of ce.”

Erin Chan Ding

Ariel Investments

Headquarters: Chicago

AUM: $14.9 billion as of June 30 U.S. employees: 138 Years won: 2017, 2020-2024

THREE COOL THINGS:

� Ariel helped launch a collaboration of Chicago-based nancial rms seeking to increase Black and Latino talent, and last fall, the company began a partnership with Angeles Investors to focus even more on increasing Latino representation in investing.

� For Ariel’s summer event, employees attend a Major League Baseball game in either Chicago or New York together.

� For every ve-year increment work anniversary, Ariel gives employees a stipend and incentives that range from weekend getaways to international trips.

EMPLOYEES SAY:

� “Ariel is a legacy business so it’s fairly consistent on job security, it actually cares about people of color and doesn’t tokenize them, and it gives a lot of exibility to team managers instead of micromanaging them from the top.”

� “Ariel holds people accountable at all levels of the organization, which gives us condence that although things may not be perfect today, we are all pushing for the same goals and objectives. Success will be a natural byproduct of a high-functioning team in which all of us hold ourselves accountable.”

� “I think people like working for a rm that gives back to the community, has a vested interest in improving diversity, equity and inclusion in the asset management industry and beyond, and also has generous health insurance bene ts.”

Erin

Chan Ding

Beach Point Capital Management

Headquarters: Santa Monica, Calif.

AUM: $17.5 billion as of June 30

U.S. employees: 158

Years won: 2020-2024

THREE COOL THINGS:

� Offers exibility, with 96% of employees

The Best Places to Work

LARGE EMPLOYERS: 100 TO 499 EMPLOYEES

Other winners (in alphabetical order)

working hybrid schedules in which they work remotely one to three times per week; the other 4% are fully remote.

� Provides a mentorship program that pairs employees from underrepresented groups with experienced leaders to foster guidance, advocacy and visibility.

� Hosts fun company events include a bowling night, dinners and, true to a Santa Monica-based rm, an annual day at the beach.

EMPLOYEES SAY:

� “Our culture encourages teams to enjoy work throughout each week, from enjoying lunches together to being understanding with personal responsibilities. Many different teams across the rm take the time to teach others about their processes and reasoning behind those processes. Each person is enabled to be themselves at work.”

� “Beach Point provides an inclusive environment. The gratitude that is often expressed from its leaders reverberates in the collective energy of the rm. I also appreciate that connection, collaboration,

education and integrity are top values of the rm and its leaders.”

� “Beach Point has amazing work-life balance. In terms of quality of work and being a trustworthy employee, a lot is expected, but a lot is given in return. Work occurs within work hours and managers respect employee time off. When at work, the environment promotes learning, friendship and support. Outside of work, colleagues care about each other's personal lives in a caring and non-intrusive way. I am so grateful for this workplace!”

Erin Chan Ding

Brandywine Global Investment Management

Headquarters: Philadelphia

AUM: $64 billion as of June 30

U.S. employees: 108

Years won: 2013, 2016-2022, 2024

THREE COOL THINGS:

� Encourages a hybrid work schedule, and most employees work remotely three days per week. The rm also allows schedule exibility for employees to attend their kids’ school events and time off for family members’ medical appointments.

� Offers an employee assistance program providing counseling, as well as daycare and caregiving referrals, that’s available 24 hours a day.

� Holds a quarterly town hall with employees and has integrated staff feedback to expand these sessions to include such areas as investment themes, informational technology projects and operations updates. Company lunch and learns also cover such topics as exchange-traded funds, high-yield investing and macroeconomic policy.

EMPLOYEES SAY:

� “Since Brandywine’s founding, there has been a culture of curiosity, client delity and hard work among employees who invest globally across all asset classes. It's an intellectually great place to work.”

� “The work-life balance is truly valued by leadership. (People) work hard but are also willing to have fun together at happy hours and rm lunches.”

� “Relationships among co-workers are tight. Work presents suf cient challenges. We are invested in our own futures via the attractive retirement plans. The hybrid work schedule is excellent.”

Erin Chan Ding

Busey Wealth Management

Headquarters: Urbana, Ill.

AUM: $13 billion as of June 30

U.S. employees: 178 Years won: 2018-2024

THREE COOL THINGS:

� Busey celebrates a Random Acts of

AQR team members enjoy a summer ice cream break.

Ariel team members help out at Ariel Community Academy.

Beach Point Capital staffers wrap presents during their annual toy drive.

Brandywine staffers show their team colors at a Super Bowl lunch.

Busey volunteers hand out swag during the Rotary Criterium Bike Race.

The Best Places to Work

LARGE EMPLOYERS: 100 TO 499 EMPLOYEES

Other winners (in alphabetical order)

Kindness Week each February, encouraging kindness and paying it forward; during Associate Appreciation Month every September, staff members receive special prizes through the month. A Mission Moments program allows peer-to-peer recognition of staff.

� A program called Taking Flight supports all new associates during their rst year in the rm. The program’s rst four weeks include cultural awareness and diversity training.

� To encourage consistent time investment in their communities, employees receive two hours of paid time to volunteer each month.

EMPLOYEES SAY:

� “The people at Busey are what make it worth working here. If I was not surrounded by such great people who care about me as a person and my development, it would not be as easy to come in every day. It really feels like a family in the of ce I am in.”

� “Busey has a strong, team-centered approach that allows multiple experiences across many departments. This helps keep employees engaged with the work at hand.”

� “The organization cares about its associates, clients and community. There is an amazing team of credentialed and compassionate individuals who are dedicated to serving and helping people achieve their goals.”

Erin Chan Ding

California State Teachers’ Retirement System

Headquarters: West Sacramento, Calif.

AUM: $341.4 billion as of June 30

U.S. employees: 243 Years won: 2013, 2016-2024

THREE COOL THINGS:

� The company hosts a bike borrow program and has on-site bike lockers; there’s also a free on-site tness center that includes

weights, workout machines and showers.

� A yearlong program called Ignite invests in middle managers and above for leadership training. Participants engage with each other through cohorts and receive executive-level coaching and personalized feedback.

� Staff participates in a summer Olympics every year that consists of games such as an eating competition, balloon tosses, tug-ofwar and relay races.

EMPLOYEES SAY:

� “CalSTRS’ mission and vision is aligned with my personal drive to support California’s educators; in my view, one of the most important jobs is teaching and raising up the next generations of Californians. The work-life balance and culture of CalSTRS make this a desirable place to work longterm.”

� “This organization is widely known for the positive work culture, outstanding leadership teams, and not to mention the beautiful building and location near the Sacramento River.”

� “My area encourages a good work-life balance, which isn’t the case with other agencies. They do care for and support their employees, and I think that’s why our team has grown, and people have stayed as long as they have.”

Erin

Chan Ding

Churchill Asset Management

Headquarters: New York

AUM: $38.4 billion as of June 30

U.S. employees: 192 Years won: 2021-2024

THREE COOL THINGS:

� The rm hosts a live learning session during Pride Month and gathers in-person and remote staff together with trained diversity, equity and inclusion representatives as guides.

� Churchill matches 100% of retirement plans up to 3%. The rm also offers fully paid maternity and paternity leave.

� Holds an annual off-site event in Miami full of team-building experiences, and a summer picnic features a party bus driving staff to a camp that includes such activities as volleyball and rock climbing.

EMPLOYEES SAY:

� “Junior-most team members are always encouraged to share their views and given signi cant opportunities for professional development, including leading presentations for senior leadership.”

� “People enjoy working with each other and being together in the of ce. You can see people getting along nicely and forming strong relationships.”

� “The CEO and executive management are inspiring, ethical and rst-rate. The culture is terri c, and employees are proud to work here.”

Erin

Chan Ding

Clarion Partners

Headquarters: New York

AUM: $74.2 billion as of June 30

U.S. employees: 326 Years won: 2022-2024

THREE COOL THINGS:

� Clarion hosts a monthly Charitable Giving Social, in which it highlights a different employee-nominated charity every month and makes a donation to the organization. At the social, it also encourages employees to contribute individually and provides drinks and appetizers for staff as they learn about the organizations.

� A Career Management Committee emphasizes diverse representation while focusing on employee career paths and trajectories and promotion readiness.The rm has committed to a good-faith effort to have a diverse candidate pool for all positions, but particularly for senior roles.

� An Analyst and Associate Summit every other year gathers the rm’s junior talent for an in-person, two-day off-site focused on team bonding and professional development. The rm also encourages junior and senior staff to work together daily.

EMPLOYEES SAY:

� “Company culture is paramount in any environment, and Clarion Partners should take pride in the knowledge that they do, in fact, practice what they preach.”

� “Clarion is a well-respected rm in the industry, which is important to me. Senior management is top tier, creative and at the forefront of new and creative forms of investment, which should keep us at the forefront of meeting clients’ expectations.”

� “Collaboration is strong across all departments and levels of the organization. Employees are highly valued and treated with respect.”

Erin Chan Ding

ClearBridge Investments

Headquarters: New York

AUM: $184.9 billion as of June 30

U.S. employees: 226 Years won: 2012-2024

THREE COOL THINGS:

� A ClearBridge Brigade decorates lunch rooms and pantries for holidays and brings home-baked cookies for staff birthdays. Other celebrations include Cinco de Mayo, Oktoberfest, on-site wine tastings and a summer kickoff party at a rooftop bar.

� Employees can contribute 1% to 10% of their salary and commission to purchase up to $25,000 of shares per calendar year in company stock; they can purchase these shares at a 15% discount.

� Milestone work anniversaries of ve-year increments are celebrated with a CEOsigned plaque, plus a monetary gift of up to $2,500. Employees celebrating ve-year incremental anniversaries from year 10 and on receive an extra week of paid vacation.

EMPLOYEES SAY:

� “ClearBridge's people are low-drama, solution-oriented problem solvers.”

� “My manager’s support allows me to develop the skills I need to perform my work functions and encourages me to grow within the organization. The of ce environment is friendly, well set up and makes me feel optimistic about the days that I work there.”

� “A at organization allows people to see the entire scope of the business vs. a small silo of the business.”

Erin Chan Ding

Churchill staffers show support for the rm’s intramural basketball team.

Clarion’s Los Angeles-based staffers take a moment during a summer outing.

ClearBridge team members pose at the Catch A Lift bene t, for which the rm was a Platinum sponsor.

CalSTRS staffers don their green for the rm’s annual St. Patrick’s Day ride.

Cohen & Steers

Headquarters: New York

AUM: $80.7 billion as of June 30

U.S. employees: 359 Years won: 2020-2024

THREE COOL THINGS:

� An executive committee member sponsors each employee resource group, which focus on empowering women, volunteer opportunities, environmental awareness and building intraof ce community.

� Employees gather every year across departments for an annual beach cleanup at Rockaway Beach.

� Runs a summer associate program for rising seniors that immerses them in a 10-week internship that includes team-speci c project work, a capstone project, networking opportunities and professional development. Top-performing interns have a chance to become full-time employees.

EMPLOYEES SAY:

� “One of the things I love most about working here is the emphasis on maintaining a healthy work-life balance. As a dedicated professional and a mother, I value the exibility in working hours and the supportive environment that allows me to manage my career while being present for my family. I also value the organization’s ability to foster an environment where colleagues support one another, share knowledge and work together to achieve common goals.”

� “People believe in the vision and goals of the rm. We have the leadership in place to take us to the next level.”

� “There is a focus on excellence while also working collaboratively within and across teams. Priorities are always clear, so you feel as though you are working toward a common goal. Our executive committee members are accessible, engaged and sincere, which helps make the organization feel very at.”

Erin Chan Ding

Diamond Hill

Headquarters: Columbus, Ohio

AUM: $31.3 billion as of June 30

U.S. employees: 126

Years won: 2023-2024

THREE COOL THINGS:

� Diversity, equity and inclusion efforts include a mandatory annual training focusing on different topics, such as having an inclusive culture and unconscious bias; an employee-led DEI resource group; and a DEI lunch-and-learn series.

� Hosts an annual family event for its staff and their extended families; for the past three years, the rm has rented out Huntington Park, home of the Columbus Clippers, and had in atables, food and drinks.

� Donates to the charity of the employee’s choice for milestone work anniversaries: $1,000 for ve years, $2,500 for 10 years, $5,000 for 15 years and $10,000 for 20 years.

EMPLOYEES SAY:

The Best Places to Work

LARGE EMPLOYERS: 100 TO 499 EMPLOYEES

Other

winners (in alphabetical order)

earned, once it is achieved, that recognition motivates you to work hard to deliver positive results for the company.”

Erin Chan Ding

Fort Washington Investment Advisors

Headquarters: Cincinnati, Ohio

AUM: $82.1 billion as of June 30

U.S. employees: 152 Years won: 2013-2014, 2016-2020, 2022-2024

personally. I enjoy them inside and outside of work.”

� “The company is very philanthropic and makes the city of Cincinnati a better place to work and live.”

� “I’ve never experienced a company as good as this one. Its culture, ethics and community interest are far above what I’ve seen in my other organizations. If I weren’t working here, I would never believe it existed.”

Erin Chan Ding

� “It is a collaborative, team-oriented environment where everyone is working together in pursuit of a common goal. Management truly values the team members and treats them as such, not just in terms of compensation and bene ts, but also in terms of transparency and communication.”

� “The culture and investment philosophy really differentiate the company. There are not many rms left with a true boutique feel that put client interests rst, take care of employees, and focus on investment excellence.”

Erin Chan Ding

DRA Advisors

Headquarters: New York

AUM: $12.4 billion as of June 30

U.S. employees: 102 Years won: 2017-2018, 2021, 2024

THREE COOL THINGS:

� Matches 50% of employees’ 401(k) plan contributions, up to 6%

� “Diamond Hill is a company that truly cares about each individual who works for the rm. People are known by name. Co-workers show care and concern for one another, making the of ce a welcoming and enjoyable environment.”

of staffers’ salaries.

� Provides a parent transition month to give increased exibility for new moms and dads who are balancing new parenthood with the adjustments, logistics and emotional hurdles of returning to work.

� Pays 80% to 90% of health-insurance premiums and makes $2,800 to $5,600 contributions to health savings accounts. Also covers fertility treatments and gender-afrming health care.

EMPLOYEES SAY:

� “DRA is an amazing company. The work environment allows us to get our work done and have a good time. We are one big family.”

� “DRA promotes a strong sense of community through various social activities and collaborative opportunities. DRA offers reasonable work hours and the exibility to work remotely, supporting a healthy work-life balance. DRA prioritizes promoting from within and provides ample opportunities for professional growth and development.”

� “DRA gives you a lot of autonomy to do your job without micromanaging your day-to-day activity. While that trust level needs to be

THREE COOL THINGS:

� Fort Washington holds an Associate Appreciation Day each year to recognize all employees for their contributions to the company. Staffers receive personalized notes, gift bags, an outdoor lunch, and ice cream and snow cones. Charitable fundraising campaign kickoffs also include art exhibits, charcuterie and an on-site barista.

� The rm partners with the Urban League of Greater Southwestern Ohio’s African American Leadership Development Program and the Hispanic Chamber Cincinnati USA on initiatives to attract, retain and develop quali ed candidates and staff.

� An ethics hotline allows employees to anonymously report concerns to a third-party vendor that will not reveal associates’ identities without explicit consent. The concerns are recorded and routed to appropriate areas of the company, and if necessary, an investigation will be conducted.

EMPLOYEES SAY:

� “There are truly great people. I appreciate and respect my coworkers both professionally and

Headquarters: Boston

AUM: $51.2 billion as of June 30 U.S. employees: 174 Years won: 2021-2024

THREE COOL THINGS:

� In the past few years, GW&K has accomplished its goal of having a candidate pool of 50% or more people of diverse backgrounds for each open position.

� GW&K matches 100% of employee contributions to retirement plans for the rst 3% of the salaries and 50% on the next 3%.

� The rm has fully transitioned to a hybrid model that includes remote and in-of ce days, with full video and audio capability for employees while they’re working remotely.

EMPLOYEES SAY:

� “There’s always something new and exciting to do, keeping the work environment fresh and stimulating. The people here are fantastic — friendly, collaborative and always willing to help each other succeed.The hybrid work schedule provides exibility and

Cohen & Steers staffers dig in at a breakfast welcoming them to their new headquarters.

DRA participants in the J.P. Morgan Corporate Challenge from smile for the camera.

Diamond Hill volunteers helped out at a local elementary school.

Fort Washington staffers support the home team by wearing their Bengals gear to work.

GW&K employees volunteered at the Cathleen Stone Island Outward Bound School.

autonomy, allowing employees to work in a way that suits them best.”

� “Everyone works together, and the company attracts smart, enthusiastic and committed workers. The company makes efforts to add fun events to boost morale and to bring people together. It is easy to speak to any senior person in the rm, and they will treat you with respect.”

� “This company believes in what it is doing and the service it is providing, and it conveys those beliefs throughout its recruiting process, during its onboarding process, and consistently in its daily environment.”

Erin Chan Ding

Harbert Management

Headquarters: Birmingham, Ala.

AUM: $8.2 billion as of June 30

U.S. employees: 148

Years won: 2019-2024

THREE COOL THINGS:

� The rm’s Women’s Forum promotes professional development, networking among all the company’s female professionals, coaching, relationship building, conferences, job shadowing and mentorship.

� A focus on well-being includes standing desks for all employees

The Best Places to Work

LARGE EMPLOYERS: 100 TO 499 EMPLOYEES

Other winners (in alphabetical order)

and healthy snacks in all break rooms, such as fresh fruit, cheeses, juices and nuts. The rm’s employee assistance and wellness program includes three counseling sessions and ve well-being coaching sessions annually for staffers and their spouses and kids. A bene ts program also includes a nancial wellness checkup.

� Annual fall and/or spring outings have included a local soccer game with box seats and free food and drinks, as well as happy hour at a local brewery. The rm also holds monthly themed socials with snacks served as different departments and leaders give updates.

EMPLOYEES SAY:

� “HMC is very supportive of its employees and seeks to be a strong member of the community. Employees are able to work in an intellectually challenging industry that continues to evolve. While the investing environment has been very dif cult the last two years, HMC continues to focus on its tasks and serving its investors.”

� “The management team is dedicated to maintaining a work environment lled with high respect, encouragement and admiration for all of its employees. They sincerely value their employees while continuing their dedication and drive for the company to become an even more highly respected and

successful international investment management rm.”

� “Harbert is a name people know. It garners respect from those on the outside while also respecting its employees on the inside. Harbert still employs a exible work schedule, and everyone loves it and the balance it allows.”

Erin Chan

Ding

Harrison Street Real Estate Capital

Headquarters: Chicago AUM: $55 billion as of June 30

U.S. employees: 231 Years

THREE COOL THINGS:

� A new parent bene t that’s part of the company’s wellness and lifestyle savings account allows parents to use funds toward caring for their new babies.

� Fun perks include a company-funded barista on-site in a cafe atmosphere where employees can meet, work or socialize, as well as an annual summer staff outing at the Windy City Smokeout, a Chicago country music, barbecue and beer festival.

� Pays 90% of the premium for medical, dental and vision coverage

Harbert employees helped out at at a community garden on community service day.

Harrison Street staffers and families pose after the PanCAN PurpleStride walkathon.

and 100% of short-term disability, long-term disability and life insurance.

EMPLOYEES SAY:

� “People enjoy working for Harrison Street because of its inclusive and collaborative culture, which fosters innovation and personal growth. Additionally, the supportive work environment and opportunities for professional development make it an attractive place to build a career.”

� “The rm is open and honest, allows you to make a positive impact to the bottom line and environment, and offers topline bene ts.”

� “Employees appreciate the work hard/play hard culture. They are motivated to work hard toward the rm’s goals and value the bonding events that the rm provides to show appreciation for the hard work employees put in.”

Erin Chan Ding

Heitman

Headquarters: Chicago

AUM: $48 billion-plus as of June 30 U.S. employees: 282 Years won: 2013, 2021-2024

THREE COOL THINGS:

� Holds annual service events for staff that includes stuf ng backpacks, sorting food donations, participating in Cycle for Survival, a ride for cancer research, and preparing meals for Ronald McDonald House, which serves and supports families whose children must travel for medical care.

� Recognizes employees with its Sabbatical Service Award: At the ve-year mark, an employee receives one-week of leave; three weeks at the 10-year mark, and four weeks at the 15-year mark and beyond. This leave is in addition to regular PTO.

� Provides a rmwide “Recharge Week” to provide employees extra paid days off during the holidays to spend time with their families and decompress.

EMPLOYEES SAY:

� “Heitman allows me to take on a project without any type of micromanagement, trusting my judgments and talents.”

� “People are proud to work here. The rm is highly successful, with a broad existing investment base and innovative strategic plans for the future. The job is challenging but rewarding. Employees are recognized for their work and are valued team members. There are frequent opportunities for advancement, and the company is highly focused on equal opportunities for all.”

� “We are challenged every day, which helps us grow and develop. I enjoy the people and am making a difference in what we do.”

Erin Chan Ding

The Best Places to Work

LARGE EMPLOYERS: 100 TO 499 EMPLOYEES

Other winners (in alphabetical order)

Income Research & Management

Headquarters: Boston

AUM: $102.2 billion as of June 30

U.S. employees: 205 Years won: 2016-2024

THREE COOL THINGS:

� An annual Gives BACK (Bonding about Charity and Kindness) Week includes volunteer activities, fundraising, lunch and learns about nonpro ts and an employee-led granting contest; a Bonding Club hosts events such as ice cream socials, meetups, a “bonding through birthdays” series and an annual ski trip.

� Managers are able to expense a gift or reward to any of their direct reports who have shown exceptional achievement in order to recognize hard work; the rm rewards longevity with an extra week of vacation for staffers hitting their 10-year work anniversaries, two weeks extra after 20 years and three weeks after 30 years.

� All employees receive two volunteer days, two oating holidays, two study days and two wellness days as personal days to be used whenever they’d like, with manager permission.

EMPLOYEES SAY:

� “The people are what keep me coming back day after day. I’ve formed great relationships and have colleagues that I genuinely enjoy working with. I feel part of something larger and know that the work I do every day contributes to the rm’s and our clients’ success. There are great opportunities to switch roles internally if I’m interested in learning something new.”

� “Everyone is friendly and willing to help each other so the next

person can learn … At times it doesn’t feel like you’re going into work; it feels like you’re going to school to learn more material so you can do better in your career with the help of your co-workers and managers.”

� “We have a culture here that is more than just lip service. We have really strong colleagues and a great deal of engagement, events and activities to promote our culture and connect our people.”

Erin

Chan Ding

Intercontinental Real Estate

Headquarters: Boston

AUM: $12.2 billion as of June 30 U.S. employees: 123 Years won: 2016-2024

THREE COOL THINGS:

� Invites remote employees to all company events, such as Boston Red Sox games, summer outings and holiday parties — and their airfare and hotel are covered by the rm.

� Matches 75% of employees’ retirement plans up to 5% of their salaries. The company also offers fully paid maternity and paternity leave.

� Offers wellness bene ts, including include Intercontinental’s on-site gym, which offers free training classes. An employee assistance program offers online or phone assistance 24 hours a day, and the rm covers four in-person counseling sessions each year per person, per issue.

EMPLOYEES SAY:

� “We have a fun and uplifting community. We work hard and are rewarded with out-of-of ce events and incentives that make us more connected as a team.”

� “The leadership is passionate

and so committed to smart growth and to taking care of everyone. We work hard and have fun. We are constantly innovating.”

� “Employees are empowered to make decisions that impact the company. Our work is challenging yet rewarding. We are not afraid to challenge the status quo in search of a better solution.”

Erin Chan Ding

Jackson National Asset Management

Headquarters: Chicago

AUM: $255 billion as of June 30

U.S. employees: 162 Years won: 2024

THREE COOL THINGS:

� Af nity groups include the Empower Network, which promotes women’s strengths and helps build leadership skills; Pride, which provides LGBTQ associates and their allies with support and resources; and VIBE, which champions the development of Black associates. The company also hosts sports leagues for staff, including a fall curling league.

� Provides fully paid maternity leave and up to $20,000 of reimbursement for eligible adoption expenses.

� Matches retirement plan contributions dollar-for-dollar up to 6% of employees’ salaries, and provides pro t-sharing contributions of 4% to 6% each year.

EMPLOYEES SAY:

� “There is a good focus on work-life balance here, as well as a culture of making sure your career progresses in the way you want it to. There’s a lot of focus on making sure you are happy and satis ed with your job and your team and

your general career progression.”

� “I think people nd the company encourages employees to voice their thoughts and opinions. This leads to a better environment for collaboration and brainstorming creative solutions. Furthermore, coworkers are always willing to help and share what they know.”

� “I think people really enjoy the complexity of the work that we do and feel that what we are doing has a positive impact on our shareholders. I think the bene ts we have are great and rival any company.”

Erin Chan Ding

LaSalle Investment Management

Headquarters: Chicago

AUM: $84.8 billion as of June 30

U.S. employees: 338 Years won: 2013, 2016-2024

THREE COOL THINGS:

� The company’s Culture of Care program focuses on three pillars: diversity, equity and inclusion; health and well-being; and community connections. Its commitment to DEI has meant LaSalle Americas achieved 80% or more diversity (by gender and ethnicity) in its analyst class recruitment for the past four years.

� The rm’s commitment to holistic well-being has meant complimentary snacks and activities such as Scrabble and shuf eboard, and four free BetterHelp therapy sessions for employees and their families.

� Employees can recognize each other’s accomplishments through the company’s Beyond Portal. These recognitions result in points that staff can use to purchase various items.

Heitman staffers enjoyed a Pride Month happy hour with festive treats.

Intercontinental staffers donned protective eyewear during an eclipse watch party.

IRM staffers hang out with their furry friends during a “Yappy Hour” meet-up.

Jackson National staffers put on aprons to help out at Ronald McDonald House.

EMPLOYEES SAY:

� “The people within the organization are very high-caliber, intelligent and hardworking, while also maintaining a culture of care and being approachable.”

� “We work with very high-quality people, all of whom focus on producing excellent work products and work collaboratively to achieve our goals. Most of the managers and senior leaders are long-tenured employees who focus on developing their team members.”

� “The culture is very collegial and team-oriented. People care about each other, and it shows with the number of long-tenured personnel. This rm is also very ethical and transparent with its employees. Finally, the rm has a long track record of performance and continues to grow, providing opportunities for its employees.”

Erin Chan Ding

Legal & General Investment Management America

Headquarters: Chicago

AUM: $214.7 billion as of June 30

U.S. employees: 267 Years won: 2018-2024

THREE COOL THINGS:

� Provides each full-time employee $500 in wellness reimbursements annually; $1,000 per year in donation-matching; student loan repayments of $100 per month up to $5,000 and tuition reimbursement of up to $10,000 per year up to $30,000 (for employees with six months or more of experience); and an employee referral program of $2,500 following the successful onboarding of an employee.

� Partners with two other Chicago-based rms for a 24-month rotational development program designed for college graduates, especially young people from diverse backgrounds, who are interested in asset management. Participants spend eight months as junior research associates at each rm.

� Offers creative ways to celebrate holidays, with employees planting basil and marigold seeds in sustainable pots to take home during Earth Week; a March Madness watch party with Pop-aShot basketball arcade game and a hot dog cart; and a ower-making celebration for Women’s History Month.

EMPLOYEES SAY:

� “People like working here because of the collegial culture, the diversity of investment strategies to learn and be involved with, and the small rm feel despite being part of a massive global organization.”

� “Everyone here is treated with respect and trust. Micromanagement is limited, and there is a real sense of personal responsibility and accountability.”

� “The opportunity to grow and learn from others is quite prevalent. I feel that I can communicate

The Best Places to Work

LARGE EMPLOYERS: 100 TO 499 EMPLOYEES

Other winners (in alphabetical order)

with many teams in an open and genuine manner.”

Erin Chan Ding

Liberty Mutual Investments

Headquarters: Boston

AUM: $96.7 billion as of June 30

U.S. employees: 299

Years won: 2023-2024

THREE COOL THINGS:

� Holds celebrations including an annual rmwide summer outing with food and games and a Wednesday social hour; an onsite game room lets staff take a break while connecting with each other.

� Bene ts include a de ned bene t plan and an optional 401(k) program that provides a 50% match on up to 8% of eligible salary. The company also reimburses employees who are scheduled to work at least 20 hours a week with adoption and surrogacy assistance up to $40,000.

� Employees can recognize co-workers with special ecards and also award points toward each other that can be redeemed for

merchandise and gift cards. Every ve years, employees receive a digital anniversary yearbook lled with congratulatory notes from managers and peers.

EMPLOYEES SAY:

� “We work with smart, talented individuals who are committed to this organization’s success, and it shows. The work is challenging and ful lling. No day is the same.”

� “The organization does great work in understanding changing worker dynamics and stays in the forefront of employee satisfaction. We were one of the rst to employ the hybrid work schedule and have continued to maintain this consistency over time while listening to employee surveys for ongoing enhancements.”

� “This organization has a culture of excellence and attracts high-quality talent. People are motivated to do well and enjoy their fellow employees. LMI does this while also maintaining a healthy work-life balance, which is rare for high-performing nancial institutions.”

Erin Chan Ding

Modera Wealth Management

Headquarters: Westwood, N.J.

AUM: $13.6 billion as of June 30

U.S. employees: 203 Years won: 2012, 2016-2024

THREE COOL THINGS:

� The rm’s diversity, equity and inclusion committee initiates an annual training with an outside company on such topics as allyship and unconscious bias; the committee leads quarterly virtual trivia to educate employees on DEI; and employees lead training on such topics as strategies for inclusion and con ict resolution in the wealth management industry.

� Staffers receive 7.5 hours of time off each year to volunteer, and employees sitting for an exam get that day off. During the summer, the rm closes the of ce at 3 p.m. every Friday so employees can get a head start on the weekend.

� Modera Wealth pays 100% of premiums for employees’ medical, dental and vision coverage, as well as pays for short-term and long-term disability bene ts, plus life insurance. It covers 50% of medical, dental and vision for employees’ dependents.

EMPLOYEES SAY:

� “Modera putting their clients interests rst isn’t just a statement, it's a practice. As a Modera employee, I know that they care about their employees not only through their words, but also through their actions.”

� “There’s a happy-go-lucky attitude and culture.”

� “Modera is a rm that deeply cares about its clients and employees. Modera allows me to work with clients as a true duciary. As a duciary, I am able to help clients solve problems and always keep

their interest ahead of my own and our rm's.”

Erin

NexPoint

Headquarters: Dallas AUM: $17.3 billion as of June 30

U.S. employees: 110 Years won: 2022-2024

THREE COOL THINGS:

� Each employee is able to roll over up to 10 days of paid time off each year; employees receive two extra days when they become salaried.

� Bene ts include a daily stipend for lunch and a kitchen stocked with drinks, snacks and breakfast foods. In addition to fully paid maternity leave, the rm offers a stipend for such postpartum services as lactation consultants and night nurses.

� NexPoint hosts a two-day, rmwide company off-site with speakers, events and team-building activities. Other events throughout the year include a family friendly party for Halloween and Christmas, as well as rmwide happy hours. The company also hosts a monthly birthday breakfast for staff members celebrating birthdays each month.

EMPLOYEES SAY:

� “The culture among employees is fantastic, the bene ts are unbeatable, and they consistently pay above market value for salary and bonuses.”

� “The company is lean, which allows for increased collaboration and communication with senior leadership.”

� “The autonomy we are provided to seek success is very different (from) other organizations I’ve been part of. We have wide latitude to make decisions we feel are in the best interests of our clients and companies.” Erin

Chan Ding

Chan Ding

LaSalle staffers celebrated the holiday season under the sparkly lights.

Liberty Mutual staffers cut the ribbon opening their new New York City of ces.

LGIM America team members pose after participating in the J.P. Morgan Challenge.

Modera employees’ food sculptures were donated to a local food bank.

NexPoint staffers smile for the camera at the rm’s annual holiday party.

NISA Investment Advisors

Headquarters: St. Louis, Mo.

AUM: $438 billion as of June 30

U.S. employees: 392

Years won: 2019, 2021-2024

THREE COOL THINGS:

� Employees with two years of service become eligible for an employer discretionary contribution to their retirement plans equal to 8% of their salaries.

� To build a robust pipeline, the rm uses college recruitment software to contact underrepresented students across the country about employment opportunities at NISA, has emailed more than 4,000 diverse students about job openings and has a program that awards scholarships to students at seven St. Louis-area universities to promote education in areas such as economics and nance.

� Company-sponsored events for employees and their families have included St. Louis Cardinals baseball games, a day at Six Flags amusement park, 5Ks and marathons, a holiday gala and a farm outing.

EMPLOYEES SAY:

� “Employees are treated as real humans with needs and potential and not as disposable. And there is a conscious effort made toward employee physical and mental well-being and not just productivity. And the lunch is great.”

� “NISA values my contributions as an employee and continually pushes me to improve my skills either by direct recommendation by my manager or simply by needing (me) to complete a speci c task.”

� “NISA hires intelligent, hardworking and curious individuals, which not only creates a positive work environment that other employees want to be a part of, but helps retention in the long term … Management pushes you to challenge yourself and grow within your role, but not at the expense of sleep, your personal life, or spending time in the morning putting on dress clothes every day.”

Erin Chan Ding

PCCP

Headquarters: Los Angeles

AUM: $24.2 billion as of June 30

U.S. employees: 157

Years won: 2021-2024

THREE COOL THINGS:

� The company runs a mentorship program that’s available to all employees and supports a “Moms” af nity group for working mothers to connect with each other.

� PCCP throws wedding and baby showers for employees and their partners, as well as holds fun events such as summer parties with karaoke, beer tasting for St. Patrick’s Day, Halloween bowling in costumes and pickleball tournaments. The of ce also has shuf eboard, foosball and hosts NFL fantasy football and NCAA March Madness brackets.

The Best Places to Work

LARGE EMPLOYERS: 100 TO 499 EMPLOYEES

Other winners (in alphabetical order)

� Employees receive ve paid days off for donating bone marrow and up to 30 days for donating organs; staff also get up to two hours of paid time off to vote.

EMPLOYEES SAY:

� “The culture is hard to nd anywhere else. Amazing and intelligent people ll the team. The teamwork and reliability does not go unnoticed.”

� “They encourage a friendly, easygoing atmosphere. When something goes wrong, there is no yelling. No blaming. We simply pull together and nd the best solution.”

� “The people working here are kind, fun, smart and helpful. The leadership knows how to steer the ship while being thoughtful of their employees. The success speaks for itself.”

Erin Chan Ding

PineBridge Investments

COOL THINGS:

THREE

� Employees earn monetary awards for passing various levels of the Certi ed Financial Analyst exam: $500 for levels I and II and $1,000 for level III.

� Required annual diversity, equity and inclusion courses for employees include preventing discrimination and harassment, unconscious bias, DEI at work and modern slavery in supply chains. The company also embeds DEI concepts into interview training for hiring managers and interview panelists.

� PineBridge marked the beginning of spring by holding a oral arrangement class during which employees learned the techniques and design principles of making ower bouquets, which they then brought home with them.

EMPLOYEES SAY:

� “Collectively, we aim to avoid being bureaucratic and dishonest. Staff rallies around moving the ball forward and executing sound and business-critical ideas and initiatives. To get to that point, we have open and honest dialogue. This makes for a nimble organiza-

tion that can capture opportunities as they arise.”

� “There’s an open door culture with few barriers to management, where your voice can be heard and there’s an ability to take ownership of work.”

� “There is a high degree of collaboration, both within teams and across the entire organization. There is also an entrepreneurial spirit, with the organization functioning as an ‘established startup’ — established given the level of experience among the majority of employees but a startup in the ability to try new approaches in pursuit of the best outcome for our clients and the rm.”

Erin Chan Ding

PPM America

Headquarters: Chicago

AUM: $69.9 billion as of June 30

U.S. employees: 219

Years won: 2018-2019, 2022-2024

THREE COOL THINGS:

� Diversity, equity and inclusion courses at PPM cover leadership, which focuses on leaders’ roles in building an inclusive workplace and the bene ts of inclusion for associates, as well as how to maintain a respectful workplace by identifying and preventing workplace discrimination and harassment.

� Counselors and consultants available through the rm’s employee assistance program can help staff and their families with stress and burnout, work con icts, marital and family issues, time management, caregiving resources, and debt management and budgeting.

� PPM holds “Facts and Snacks” sessions so that staff can learn more about different departments

at the rm; it also holds chat sessions with the CEO and COO. EMPLOYEES SAY:

� “It’s a small but smart group of people. You know that the people you are working with are competent in what they do. There is a work hard, play hard attitude at the company. Hard/good work is rewarded by praise, and not with additional workload.”

� “There are open lines of communication with everyone. PPM has a very collaborative environment that respects input from different sources. PPM has demonstrated the ability to quickly adapt.”

� “PPM promotes a uni ed, positive culture. At the end of the day, its core strength is its people, who are some of the most sincere and kind co-workers I’ve ever had the chance to work alongside.”

Erin

Headquarters: New York

Chan Ding

AUM: $64.1 billion as of June 30

U.S. employees: 141 Years won: 2021-2024

THREE COOL THINGS:

� A mentorship program matches traditional and peer mentoring partners based on tenure, skill sets and desired goals.

� Regardless of tenure, all employees receive 13 weeks of paid sick leave. Staffers also receive a two-week sabbatical after working at Pzena for 25 years.

� Every year since Pzena was founded 29 years ago, it hosts an annual Pzena Challenge in which every employee is invited to a surprise event that’s fun and

NISA staffers take a break after participating in the annual BizDash 5K.

PineBridge’s GenBridge employee resource group enjoys an outing to a Yankees game.

PCCP celebrated its 25th anniversary at the historic Hotel del Coronado in San Diego.

PPM team members help out at Sweet Beginnings, making beelove skin-care products.

Members of Pzena’s research team gather during a rmwide summer rooftop event.

competitive and prize- lled. Other social activities include barista breaks, ice cream socials, happy hours and an annual Pzena Relay Race in Central Park.

EMPLOYEES SAY:

� “I enjoy working at Pzena in large part because of my colleagues here, who are not only intelligent and driven but also collaborative and team-oriented. I also appreciate being able to — and encouraged to — work on different projects and learn new skills. The rm's leadership promotes a culture of intellectual curiosity.”

� “Throughout my time working at Pzena, they have provided an experience that has been miles ahead of other asset managers from a cultural perspective. They ensure their employees have all the tools they need to succeed while forming life-changing relationships with those around them. It overall becomes a family environment with everyone working toward the same end goal.”

� “The compensation is above market and competitive — making us all feel like we are valued. The leadership also cares about the employees and fosters an inclusive and collaborative environment.”

Erin Chan Ding

The Best Places to Work

LARGE

EMPLOYERS: 100 TO 499 EMPLOYEES

Other winners (in alphabetical order)

RBC Global Asset Management (U.S.)

Headquarters: Minneapolis AUM: $468 billion as of June 30 U.S. employees: 210 Years won: 2023-2024

THREE COOL THINGS:

� Provides a 100% match on retirement plan contributions up to 6% of employee salary and a program that gives employees rewards for practicing nancial wellness, self care and healthy eating.

� Created RBC NextGen to build

engagement and attract early-career professionals by empowering them to have a voice and contribute to the organization's business priorities, fostering collaboration and supporting communities.

� Holds a hot dog eating contest, trivia events that promote diversity, equity and inclusion and summer socials such as lawn bowling and golf outings.

EMPLOYEES SAY:

� “The CEO knows your name and your hobbies/interests and engages with all levels. There is not a sense of hierarchy, and leadership leads with humility and empathy.”

� “RBC has a collaborative work environment where curiosity and

innovation are encouraged and rewarded. I work with a lot of smart people, and I'm always learning and growing, thanks to the diverse perspectives of those around me. My colleagues are not afraid to contribute daring or forward ideas and frankly, that makes work more interesting and fun.”

� “The (RBC) community is supportive of junior talent, and there is a strong veteran leadership presence, with mentorship and career progression opportunities. The company is rapidly growing and focused on investing in the long-term pursuit of excellence in our United States banking franchise.”

Erin Chan Ding

THREE COOL THINGS:

� A Fat Tuesday luncheon celebrates Mardi Gras with food and decorations; the rm hosts a companywide barbecue each summer, and employees compete against each other in a chili cook-off.

� Every employee receives a

RBC team members show off the presents collected for their annual toy drive.

Resolute’s holiday celebrations included an ugly sweater contest.

birthday card in the mail from the company — with an American Express gift card inside.

� Vacation days increase to 25 days at 15 years of service and 30 days at 25 years of service or more; after 10 years of service, employees can purchase an additional 40 hours of vacation time.

EMPLOYEES SAY:

� “There is no other rm I know of in this industry that says, ‘We are a team,’ and actually backs it up. Our rm compensates the whole team for success. There is no toxic culture of ghting for credit from trades here. Respect and recognition is the best of anywhere I have ever worked.”

� “The company empowers every employee to take ownership of their work product, which gives them the ability to impact real change to the organization.”

� “All of my co-workers are very smart, helpful and welcoming. All of the managers and company leaders are very quali ed and deserving of their positions so my co-workers and I are very happy to work for them.”

Erin Chan Ding

Schroder Investment Management North America

Headquarters: New York

AUM: $105.6 billion as of June 30

U.S. employees: 340 Years won: 2018-2024

THREE COOL THINGS:

� Schroders has multiple ways for employees to recognize each other: for integrity, passion, innovation, excellence or teamwork; those honored for the recognition receive a paid vacation day and money to donate to the charity of their choice. Managers who are recognized receive $750 to donate to a charity of their choosing and a paid vacation day, and staff recognized for their volunteer service receive $750.The rm builds a pipeline with an intern program that includes roundtable discussions with senior leaders, social gatherings and a summer-long intern project. A two-year trainee program for college graduates gives them experiences on Schroders’ various teams to build an understanding of the business.

� In-of ce wellness events include puppy parties, meditation, chair massages, healthy smoothies, u shots, yoga and card-making for a cause.

EMPLOYEES SAY:

� “I feel supported to work autonomously, I trust my manager and leadership team, and I am provided ample exibility to cope with personal circumstances as they come up.”

� “I believe the people you get to work with day in and day out are very inclusive, cooperative and collaborative. The services and products are interesting, and there

The Best Places to Work

LARGE EMPLOYERS: 100 TO 499 EMPLOYEES

Other winners (in alphabetical order)

is a high learning curve that never seems to atten.”

� “There are a wealth of opportunities to learn new skills and gain exposure to new subject matter. They provide for an excellent balance of work and life while providing top-tier bene ts.”

Erin Chan Ding

SLC Management

Headquarters: Wellesley Hills, Mass.

AUM: $276 billion as of June 30

U.S. employees: 222 Years won: 2020-2024

THREE COOL THINGS:

� SLC offers paid family and medical leave of 16 weeks for a new child and 24 weeks for the birth parent. It also offers reimbursement of up to $5,000 per child for adoption-related expenses.

� Flexible work hours include one to two days per week of working from home, meeting-free Fridays and half-day summer Fridays.

� The rm has an employee-led network called InvestHer, which

develops women’s careers in investment management through mentoring, professional development and networking. The group of women and men work together to gure out opportunities for women in the investment industry.

EMPLOYEES SAY:

� “They treat you with respect and like an adult. They encourage intellectual curiosity. They provide tremendous bene ts. People are smart, kind and professional.”

� “It’s a fast-paced environment where we make meaningful impact for our clients. The organization is notably collegial and collaborative.”

� “Workload and working hours are good, so you have time for your personal life after work. Lunches and birthday cakes make people feel happy and valued.”

Erin Chan Ding

Stockbridge Capital Group

Headquarters: San Francisco

THREE COOL THINGS:

� The company gives employees three wellness days off each year and hosts an annual Wellness Week that includes exercise classes, nutritious snacks and diagnostic testing.

� Firm events include philanthropic events in which staff volunteer together at food bank pop-ups or donate to families; department team-bonding events include cooking classes and ski outings; and family summer events with various of ces include mini gol ng and boating.

� Stockbridge matches retirement plan accounts for the rst 4% of base salaries plus bonuses up to $9,000 per year. The company also matches employees’ charitable donations.

EMPLOYEES SAY:

� “The leadership team is honest and motivated. They’ve created a growing organization that provides career growth opportunities for many people to learn and advance, and they've created a culture where people want to stay and improve themselves.”

� “People love the entrepreneurial

spirit and being able to take leadership opportunities across the rm. There’s supportive leadership.”

� “Stockbridge is an inclusive organization. The leadership team is open to hear feedback from all. Employees are encouraged to be part of the workplace task forces that impact the rm's culture and make their voices heard.”

Erin Chan Ding

Strategic Retirement Partners

Headquarters: Shorewood, Ill.

AUM: $21.5 billion as of June 30

U.S. employees: 117

Years won: 2019-2024

THREE COOL THINGS:

� There’s a rmwide conference every year at a desirable destination. In 2024, employees traveled to Miami for an all-expenses-covered gathering.

� The company intentionally reaches beyond the nancial

Schroders employees line up for froYo while celebrating the beginning of summer.

Stockbridge staffers enjoy a day in the sun during a San Francisco Fleet Week outing.

SLC staffers vie for pizza and gift cards at a trivia lunch.

SRP staffers gather during the rm’s annual conference, an all-hands off-site event.

Westwood staffers donned tool belts while building houses with Habitat for Humanity. Willliam Blair teamed with Chinese Mutual Aid Association for its holiday gift drive.

services industry to recruit and retain a diverse workforce; it provides them with training programs so that new hires without nancial services experience can integrate themselves into the rm with the skills they’ll need.

� An open door policy encourages employees to approach any manager or human resources representative with concerns; there’s also a formal written complaint and investigatory process for grievances and a commitment to ensure there’s follow-up with all involved parties.

EMPLOYEES SAY:

� “Flexibility is one of the biggest reasons people love working here. Everyone can have a good worklife balance, and I appreciate that. I also believe that this is the rst company I have ever worked for where I can tell that leadership cares a lot for their employees and makes dedicated efforts in their employees’ happiness and wellness.”

� “The No. 1 reason for me working at SRP is the ability to do my job independently. This allows me to continue to build the business successfully without red tape or check-the-box stoppages.”

� “It feels like home. I’ve worked in several different positions throughout my working career, and I’ve never felt as valued as I do at SRP. There is a common purpose and a shared goal. This allows for us all to strive individually and collectively. Teamwork makes the dream work!”

Erin Chan Ding

Westwood Holdings Group

Headquarters: Dallas

AUM: $16.8 billion as of June 30

U.S. employees: 148 Years won: 2014-2020, 2022-2024

THREE COOL THINGS:

� The company honors employees with Warriors of Westwood, which celebrates outstanding team achievements; You’ve Been Spotted, which allows any employee to publicly recognize a peer; and the Silver Whistle Award, which recognizes exceptional individual contributions.

� Westwood pays for each employee to have a subscription to the Calm app for meditation, stress relief and to promote sleep. It also reimburses staff $50 each month for gym membership costs.

� Medical coverage includes a quarterly contribution to employees’ health savings accounts, dental bene ts cover orthodontics for adults and children, and vision coverage includes a $300 allowance for eyeglass frames and no copay for lenses.

EMPLOYEES SAY:

� “People like being part of a winning team that has a culture built on hard work, integrity and teamwork.”

The Best Places to Work

MEDIUM EMPLOYERS: 50 TO 99 EMPLOYEES Other winners (in alphabetical order)

� “Employees enjoy working here because of the great people, strong culture and opportunities to take on large amounts of meaningful work.”

� “The people that work for the organization are all very kind, professional and look out for one another. This goes from top management all the way to the interns. This company has integrity, and we help our clients to have better situations. There is no one at this company that is looking to make quick money; we have integrity within our business practices.”

Erin Chan Ding

William Blair Investment Management

Headquarters: Chicago AUM: $74.2 billion as of June 30 U.S. employees: 325

Years won: 2012-2013, 2015-2024

THREE COOL THINGS:

� The company’s Talent Tours encourage colleagues to present on topics or hobbies that interest them to their peers and have included mixed martial arts, wine tasting, knitting, grilling, drawing and chess fundamentals.

� The rm’s Asset Management Diversity Accelerator provides opportunities for diverse candidates and those with degrees in areas other than nancial services to participate in a 24-month rotational program; the company’s Always Be Recruiting philosophy has led to an email campaign that showcases open investment management roles, as well as blogs and podcasts, and is distributed quarterly to candidates on William Blair’s roster.

� To encourage mental health, employees and their family members can receive up to ve free sessions with a licensed professional counselor for each issue per year. Employees can also access a team of luxury lifestyle experts to help with personal tasks such as party planning, contractor research, and restaurant and event bookings.

EMPLOYEES SAY:

� “People like working here because you work with really smart people that push you to be better. The teams in investment management are still small enough and collaborative enough for newer employees to have an impact. You get exposure to a range of different working styles and different ways of approaching problems.”

� “The commitment to a hybrid work environment with dedicated work-from-home days and work-from-anywhere weeks has been wonderful for a work-life balance. The parental leave policy is outstanding. I was able to spend time with my newborn (rather than sending him to daycare right away) during the rst stages of his life when development is so crucial.”

� “Our work is meaningful. I see how my role translates into client results. Some rms focus only on investment teams, but at William Blair, we celebrate all of our roles — including distribution, administration and infrastructure.”

Erin Chan Ding

Dana Investment Advisors

Headquarters: Waukesha, Wis.

AUM: $5.6 billion as of June 30 U.S. employees: 61

Years won: 2012-2024

IN THEIR OWN WORDS:

“Dana Investment Advisors was built on and has maintained a family culture since inception. Dana has always believed doing everything possible for our employees allows us to retain talented employees so they can consistently do everything possible for our clients. A family, an employee- rst-based culture helps everyone understand they are a valuable part of a team —

Campbell & Co.

Headquarters: Baltimore

AUM: $4.7 billion as of June 30

U.S. employees: 64

Years won: 2015-2018, 2022-2024

IN THEIR OWN WORDS:

“Our organization fosters a collaborative culture where teamwork and innovation thrive. We believe in rewarding our employees’ hard work with exceptional bene ts, including paying employees to go on vacation. With nearly no turnover, our employees stay with us because they enjoy working together to tackle challenging problems, nding ful llment in both their professional and personal lives. This commitment to our staff’s well-being and development makes us a great place to work.”

THREE COOL THINGS:

� Promotes camaraderie through activities such as annual picnics and holiday parties, quarterly happy hours and monthly “Bagels and Bets” competitions (S&P prediction). Also organizes biweekly lunches, and stocks of ce with free snacks and beverages.

� Offers a $2,000 annual vacation allowance and unlimited paid time off. Also gives four workfrom-anywhere weeks annually.

and that as a team, they need to support and help each other when others are dealing with challenges. Employees understand we all win when we’re working together to ensure company and client success.”

THREE COOL THINGS:

� Fosters social culture through annual holiday parties, summer sports game outings as well as celebratory lunches and happy hours. Offers “Blue Jean Fridays” for employees who donate time or money to select charitable causes.

� Covers the full costs of medical, dental and vision premiums for employees and their dependents. Maintains a health reimbursement plan that covers the rst 70% of out-of-pocket deductibles and co-payments; promotes health and wellness with in-of ce amenities such as chair massages, virtual golf as well as free healthy

snacks and beverages.

� Contributes 15% of each employee’s eligible wages to a 401(k)/ pro t-sharing plan, regardless if the employee makes discretionary contributions.

EMPLOYEES SAY:

� “There is no ‘cap’ or limit to what I can do or what I can make. They try to treat us all like family.”

� “The leadership team genuinely cares about the employees, and works to ensure we have the tools and resources to be successful. They also care about providing an environment that provides a healthy work-life balance.”

� “The management recognizes that no two people have the same demeanor, concerns, challenges or strengths. Leaders do their best to bring out the best in each one of us — one at a time.”

Caryl Anne Francia

� Provides a 100% match to up to the rst 9% of eligible compensation to employees’ contributions to their 401(k) plans, in addition to an annual 7.25% discretionary contribution for employees who worked at least 1,000 hours the previous year. Also pays up to $50,000 in tuition reimbursement.

EMPLOYEES SAY:

“I consider Campbell to be my second family. As such, I would do anything to help support my colleagues, their growth and their and this company’s success. And I

believe most everyone at the company feels the same way. It is a true blessing to work here.”

“Campbell does an incredible job of giving employees the opportunity to succeed in their chosen path. Proof of this is in the longevity of average employment at the organization.”

“Organizational goals are clear, and leadership is very communicative. Our bene ts package is excellent — including generous retirement account contributions with great investment choices.”

Caryl Anne Francia Dana employees got together for a happy hour to celebrate the rm’s 30th anniversary.

Campbell & Co. staffers take a breather during a holiday party at Top Golf.

FIRST PLACE

SECOND PLACE

The Best Places to Work

THIRD PLACE

Global Endowment Management

Headquarters: Charlotte, N.C.

AUM: $12 billion as of June 30

U.S. employees: 71

Years won: 2023-2024

IN THEIR OWN WORDS:

THREE COOL THINGS:

� Offers paid parental leave, including 16 weeks for the primary caregiver and six weeks for the secondary caregiver. Wellness

� “GEM’s employees describe the rm’s culture as one that values collaboration, encourages continuous learning and fosters authentic relationship-building at every level of the organization. As a testament to the strength of the rm’s culture, several employees have been with the rm since its inception in 2007 or have spent their entire careers at GEM since graduating from college. GEM demands excellence from every team member but rewards that dedication with regular social, team-building and volunteer opportunities throughout the year.”

FOURTH PLACE

Members of GEM’s Women’s Initiative meet at a local bakery for a bake-off challenge. The group hosts events throughout the year, aimed at empowering and bringing female employees together.

off-sites and social activities including bowling tournaments, miniature golf, boat days and sports outings. Hosts an annual picnic and annual holiday celebration, both at which employees may bring family.

EMPLOYEES SAY:

� “We are an incredibly collaborative, kind and uplifting team, and we all really want each other to succeed. I believe that everyone here is passionate about their missions — I know that I am — and is grateful to help these nonpro ts continue to succeed.”

bene ts provided include a reimbursement program that gives up to $175 monthly, on-site opt-in vaccinations, and access to the personal health bene t platform Insperity.

� Promotes nancial wellness through the My Secure Advantage,

which provides money coaching and education resources. Topics covered by the platform’s services include retirement and estate planning, homeownership, tax preparation as well as legal advice and mediation.

� Fosters camaraderie through

� “I can con dently say that our commitment to personal growth is outstanding. We have access to continuous learning opportunities and mentorship programs that really help us advance in our careers.”

� “GEM provides a lot of exibility to people to do their best work however it works for them. I think people appreciate the lack of bureaucracy and exibility.”

Caryl Anne Francia

Headquarters: Florham Park, N.J.

AUM: $23.7 billion as of June 30

U.S. employees: 66 Years won: 2024

IN THEIR OWN WORDS:

� “Jacobs Levy Equity Management provides a ‘best place to work’ through its collegial culture, emphasis on innovative work, strong rewards programs and work-life balance. Our newly built of ce space offers a modern environment where leadership, managers, and employees sit among each other, which provides the ability to collaborate and share ideas. The rm operates as one cohesive team focused on achieving the best for our clients and our staff. We believe that our rm culture and the professional opportunities the rm offers accounts for the long tenure of our employees. In fact, many of our employees spend their career at Jacobs Levy, retiring after 20 to 30 years of service.”

FIFTH PLACE

Jacobs Levy Equity Management Bailard

Headquarters: Foster City, Calif.

AUM: $6.1 billion as of June 30

U.S. employees: 77 Years won: 2018-2024

IN THEIR OWN WORDS:

� “The pursuit of excellence — as a manager, partner and employer — drives everything we do. We believe in accountability, respect, courage, diversity, and balancing innovation and stability. And those values manifest in our compassionate, high-touch service; our rmwide intellectual curiosity and deep industry expertise; and in our transparency with both clients and colleagues. Empathy is not a hindrance, nor is it incompatible with risk and investing. In fact, we think it provides an edge.”

THREE COOL THINGS:

� Recognizes service milestones through weekly company meetings, year-round events and annual in-person Oasis celebration. Held every November, the festive night honors employees with a placard and

THREE COOL THINGS:

� Encourages healthy well-being by providing electric standing desks, educational sessions, onsite massages as well as space for tness workouts, basketball games, walking and pickleball matches. Also offers two paid personal days.

� Makes an annual $300 donation to each

employees’ charity of their choosing, in addition to organizing one rmwide volunteer day for a food-related nonpro t and offering one paid volunteer day. Donates to several diversity-focused organizations, including Sponsors for Educational Opportunity and Braven, as well as international relief groups.

personal message from the CEO.

� Offers paid sabbatical year after seven years of employment for personal wellness, in addition to unlimited vacation and sick days. For nancial wellness, provides a 50%

match up to $50,000 for employees’ contributions to their 401(k) plans.

� Promotes camaraderie through activities such as Tuesday trivia contests, happy hours and sports game outings. Organizes volunteer

� Recognizes milestone anniversaries with a cash bonus that corresponds to the anniversary, for example, $10,000 for 10 years, $15,000 for $15 years, $20,000 for 20 years. Awards recognition bonuses for major projects and achievements, for example, CFA certi cations, and recognizes other contributions during the year with a $300 gift card for dinner at a local restaurant.

EMPLOYEES SAY:

� “Each and every day that I come to work, I feel supported from all levels in the company. Whether I have a question or suggestion, I am comfortable with voicing my opinion. If you express interest in working on a particular project or with a certain group, management takes it seriously and does what they can to support and guide you for success.”

� “Everyone is like family and knows one another. We have various events throughout the year where staff can come together and socialize, whether it’s a holiday party or having pizza in the kitchen.”

� “The work is intellectually stimulating and changes enough to make the day-to-day tasks invigorating. Driven by the founders, the culture of the rm is one where employees are clearly valued for what they do.”

Caryl Anne Francia

events, in addition to running the nonpro t Bailard Foundation. Also has a club centered around watches and the craftsmanship of them.

EMPLOYEES SAY:

�

“The individuals at our company consistently demonstrate fairness, profound compassion and a commendable level of trustworthiness, which is re ected in their interactions with our clients, co-workers and vendors. What truly stands out is that every team member — whether they hold a high-ranking position like the CEO or play a supporting role like the receptionist — consistently upholds and embodies our company’s core values.”

� “Comfortable environment to share your thoughts and contribute to the company mission no matter your level in the organization. Senior leaders truly care about employees’ well-being.”

� “We have the opportunity to work on a diverse set of responsibilities. No one’s job is strictly siloed. Our jobs are intellectually stimulating and allow us to continuously learn and grow, even if our core roles do not change.”

Caryl Anne Francia

For Jacobs Levy’s summer event this year, the rm took staffers and their families on a cruise in New York harbor and provided lunch and activities for guests of all ages.

Bailard Watch Club members and their families pose during a gathering at the Wind-Up Watch Fair.

Abbott Capital Management

Headquarters: New York

AUM: $15.8 billion as of June 30

U.S. employees: 63

Years won: 2013, 2021, 2023-2024

THREE COOL THINGS:

� Provides a 100% match for the rst 6% of employees’ contributions to their 401(k) plans, followed by a 50% match for the next 6%. Also offers a exible spending plan, as well as a pretax bene t for commuting and parking.

� Offers 15 employer-paid holidays annually. Starting with 17 days of paid time off in their rst year at the rm, employees have 22 days after two years and 27 days after ve years, while managing directors all earn 32 days. An additional 10 days are allotted after 15 years of service.

� Encourages team building through activities such as monthly staff lunches and happy hours. While facilitating a hybrid work environment, allows employees to work fully remote during August, Thanksgiving week and the time between Dec. 25 and Jan. 1.

EMPLOYEES SAY:

� “Abbott makes an effort to bring everyone together to discuss current events at the rm, and to get to know one another better. The rm really wants the best for its employees professionally, including moving people to other teams to gain more experience or because it’s a better t for that person’s skill set. I have personally had this opportunity and am grateful.”

� “The work-life balance is the best I have had in my career. I am able to have access to speak to upper-level management as they make themselves accessible to the rm overall.”

� “You can work at your own pace. There is never any pressure to get your tasks done — provided that you do. With the friendly atmosphere at work, everyone gets along well.”

Caryl Anne Francia

Alaska Permanent Fund Corp.

Headquarters: Juneau, Alaska

AUM: $80.5 billion as of June 30

U.S. employees: 60 Years won: 2021-2024

THREE COOL THINGS:

� Provides a 5% match to employees’ mandatory contributions of 8% to their 401(k) plans. Since the state of Alaska opted out of Social Security in the 1970s, it matches employees’ approximately 7% deduction, and employees may also enroll in a deferred compensation plan.

� Offers 11 company-paid holidays, including locally observed holidays such as Seward’s Day and Alaska Day.

� Promotes fun through activities such as an annual summer picnic on a beach with employees’ families, participation in a tug-of-

The Best Places to Work

MEDIUM EMPLOYERS: 50 TO 99 EMPLOYEES

Other winners (in alphabetical order)

war at annual local Maritime Festival, and annual March Madness competition with winners’ names engraved on a trophy in the of ce. Also organizes hikes to take in the beauty of the state’s natural splendor.

EMPLOYEES SAY:

� “The highly educated, professional, yet down-to-earth people who work at APFC are some of the brightest in the world at their craft, while also being very open and happy to help or talk with others about what they do and how they do it.”

� “A mission-driven organization that values input from all levels. Small teams are given suf cient autonomy to perform. Employees have opportunities to take on additional responsibility, grow and improve the organization.”

� “The work-life balance is outstanding, and the ability to work remotely provides exibility that I appreciate. I am honored to work here, I truly believe the best of the best are employed here and my co-workers hold themselves to high standards.”

Caryl Anne Francia

Artemis Real Estate Partners

Headquarters: Chevy Chase, Md.

AUM: $10.4 billion as of June 30

U.S. employees: 93

Years won: 2018-2019, 2024

THREE COOL THINGS:

� Offers support with family planning, fertility and menopause through Maven Clinic. Provides fully paid parental leave up to 16

weeks for the primary caregiver and two weeks for the secondary caregiver, who has the option of adding four unpaid weeks off. Employees may bring children to the of ce if encountering care-service constraints.

� Fosters social environment through annual offsite with dinner and games, as well as multiple activity-rich holiday events where employees may invite family. Also facilitates tness challenges, sports games outings and volunteer opportunities with organizations such as Horton’s Kids, which aims to ensure high school students are prepared for college, careers and life.

� Facilitates a summer enrichment program to provide rising college sophomores and juniors exposure to real estate investment, mentors as well as learning and volunteer opportunities. To bolster the talent pipeline for the industry, partners with peers offering internships and full-time opportunities, and connects them with the program’s participants.

EMPLOYEES SAY:

� “I enjoy the commitment to diversity and inclusion that is not only re ected in the corporate culture but also in the investment strategy.”

� “Our organization offers ongoing training programs, workshops and educational incentives to help employees stay current in their eld and enhance their skills. Artemis provides mentorship programs where experienced employees guide and support the junior team which has been highly bene cial for professional growth.”

� “The priority this rm places on different backgrounds and perspectives not only creates a

great working environment, but leads to better business decisions.”

Caryl Anne Francia

Balentine

Headquarters: Atlanta

AUA: $7.5 billion as of June 30

U.S. employees: 61

Years won: 2012, 2015-2024

THREE COOL THINGS:

� Recruits from a diverse candidate pool through connections with historically Black colleges and universities in Atlanta and Raleigh, and a mentorship program with the student-managed investment funds at Georgia Tech University and the University of Georgia. Also hosts six to eight informal employee-led cultural conversations, offers women-focused leadership development and a formalized mentorship program.

� Promotes nancial wellness by providing up to $400 monthly to licensed dependent care facilities within Georgia for employees, in addition to free access to nancial planning and wealth advisory services. Promotes healthy well-being through annual Wellness Week, which includes topical lunch-and-learn sessions and informational workshops, on-site chair massages and conversations with a meditation specialist.

� Fosters fun through offsites and activities such as an annual holiday party, Halloween costume contest and volunteer opportunities. Also provides a rmwide volunteer day and another day for an employee to work with a nonpro t of their choosing.

EMPLOYEES SAY:

� “The organization values its employees’ well-being and personal and professional growth. There is a strong, organic culture that is demonstrated from the top down.”

� “Everyone at Balentine is ready to work together to nd solutions, and ready to take personal responsibility to see things through. We're all ready and willing to help each other.”

� “I feel like many organizations are not upfront about things that are potentially dif cult to discuss. But we value and practice direct, professional communication, which bene ts us in giving and receiving feedback, as well as relaying hard news. I appreciate a culture where we can address hard things.”

Caryl Anne Francia

Canterbury Consulting

Headquarters: Newport Beach, Calif.

AUM: $44.4 billion as of June 30

U.S. employees: 67

Years won: 2020-2024

THREE COOL THINGS:

� Offers a pro t-sharing contribution of 5% of an employee’s annual salary, in addition to a 50% match for up to 2% of their contributions to their 401(k) plans. Also reimburses employees for expenses related to the Chartered Financial Analyst and Chartered Alternative Investment Analyst programs after one year of service.

� Promotes fun through annual events such as Canterbury Day, a chili cook-off, a hot wing contest and an off-site

holiday party, in

Abbott staffers work the soil during a volunteer day at a New York park.

Artemis team members pose during the rm’s annual company retreat.

Alaska Permanent staffers gather under the Whale Bone Arch in in Utqiagvik, Alaska.

Balentine staffers pause their hike for a photo break during a team retreat.

addition to weekly Tuesday bagel breakfasts and happy hours. Gives two half-days off during the summer to be used as beach days.

� Bolsters health and wellness through annual summer step challenge where employees participate in competitions over the course of four weeks. The top two winners of each week receive a $100 gift card, and the top two winners of the whole period receive an additional day of paid time off.

EMPLOYEES SAY:

� “The culture of growth and acceptance rings true through the halls. The team is always open to communicating how they work on themselves so we can all learn from each other. Upper management is always open to chat and help open opportunities for employees to work on different projects or speci c items of interest.”

� “The individuals I work with are an enthusiastic group of hardworking talented people who are also a lot of fun. I enjoy that we have a hybrid work schedule and aren’t pressured to come into the of ce on work-from-home days.”

� “The company culture includes the events throughout the year, whether that’s something as small as the potlucks or ‘Of ce Olympics’ or something bigger like Canterbury Day.”

Caryl Anne Francia

Corbin Capital Partners

Headquarters: New York

AUM: $9 billion as of June 30

U.S. employees: 55

Years won: 2020-2024

THREE COOL THINGS:

� Covers the full cost of medical, dental and vision premiums for employees and their dependents. In addition to monthly reimbursements for wellness- and tness-related apps, it provides executive coaching, professional development and tuition reimbursement up to $5,000 annually for classes, books and registration fees.

� Offers rmwide remote weeks during the weeks of July 4, Thanksgiving and the end of December. Also allows up to two weeks of remote work during July or August, and paid parental leave — up to 16 weeks for primary caregivers, and up to four weeks for secondary caregivers.

� Organizes outings during winter and summer, as well as a softball team known as the “Corb-In elders.” Awards a custom bobblehead to employees celebrating 10 years of service, and gives shoutouts for other anniversaries and achievements during weekly rmwide meetings.

EMPLOYEES SAY:

� “The rm is not afraid to push boundaries, try new investments and launch new products that showcase employees’ capabilities. Working at Corbin feels like walking into work at a rm that is hitting stride and poised for

The Best Places to Work

MEDIUM EMPLOYERS: 50 TO 99 EMPLOYEES

Other winners (in alphabetical order)

signi cant growth in the years to come.”

� “Employees are encouraged to have fun and be their authentic selves. They tend to be in good spirits in the of ce, and really do walk around with a positive, approachable attitude.”

� “I genuinely enjoy my co-workers when we are in and out of the of ce. And because the company is small, I have been able to collaborate with people on things that I would not expect to if I were working at a larger organization.”

Caryl Anne Francia

Crossmark Global Investments

Headquarters: Houston

AUM: $7.3 billion as of June 30

U.S. employees: 55 Years won: 2018-2024

THREE COOL THINGS:

� Sponsors an annual mission trip and allows two days off for volunteering at nonpro t organiza-

tions annually and community service during business hours. Matches employees’ donations.

� Welcomes family members to participate in annual summer event with activities including bounce house, face painting and sports such as kickball and golf. Also hosts annual holiday parties, which have followed movie themes such as “Night at the Museum” and “Back to the Future,” and encouraged employees to dress up in themed attire.

� Provides 7% company match to individual 401(k) accounts regardless of the employee’s participation in the 401(k) program. Contributes $50 a month to individual health savings accounts and $100 a month to individuals with family accounts.

EMPLOYEES SAY:

� “The employees are great, and the organization truly gives back to the community. The exibility is great, and being able to work from home occasionally is appreciated.”

� “Leadership cares about employees, and there’s a team mentality across every group.”

for a photo during the rm’s annual three-day off-site retreat.

� “I happen to work under a great manager who treats me well. The organization also aligns with my values, and the work I do makes me feel like it’s for a purpose and not just pro ts.”

Abigail Parrott

Duff & Phelps Investment Management

Headquarters: Chicago

AUM: $11.9 billion as of June 30

U.S. employees: 55 Years won: 2024

THREE COOL THINGS:

� Recognizes diversity through heritage events such as a Lunar New Year celebration, International Women’s Day breakfast and trivia contests for Black History Month and Pride History Month. Also offers two oating holidays and one day for celebrating diversity.

� Provides a 100% match for the rst 5% of eligible compensation to employees’ contributions to their

401(k) plans. Employees are automatically enrolled regardless if they work full time or part time.

� Participates in university career events to attract and retain employees of the Generation Z cohort. For the past two years, hosted students from the University of Iowa and University of Chicago to give them industry exposure and introduce rm’s internship program.

EMPLOYEES SAY:

� “Since we are a at rm, people love being able to shine. I always feel like each person’s work matters, and people are encouraged to step up and take on new tasks. It makes a difference knowing you won’t be doing the same job every day, month, week or year.”

� “We have a lot of employees with long tenures at Duff & Phelps, and a great mix with new employees. That helps provide great perspective. Management is also focused on creating upward mobility for deserving employees.”

� “We are a small, focused organization, but with the resources and support of a larger organization. We have a strong company culture and collegial environment that rewards successful employees.”

Caryl Anne Francia

Eventide Asset Management

THREE COOL THINGS:

� Promotes social interactions through events such as an annual company retreat, quarterly team

Canterbury Consulting team members smile after participating in the OC Marathon.

Crossmark staffers smile for the camera during the rm’s annual Christmas party.

Corbin Capital team members take a break while volunteering with City Harvest.

Duff & Phelps staffers take a break after the J.P. Morgan Corporate Challenge. Eventide staffers gather

outings and an annual basketball tournament.

� Offers unlimited paid time off, two mandatory rmwide weeks off and 15 company-paid holidays. Provides fully paid parental leave and bonding time, as well as $10,000 in adoption assistance per child.

� Covers the full cost of medical, dental, vision and long-term care for employees and their dependents. Also provides a 100% company match up to $9,000 annually for employees’ contributions to their 401(k) plan.

EMPLOYEES SAY:

� “This organization values its employees as people rst, and allows the exibility and work-life balance we need to succeed. The bene ts and time-off policies are incredibly rich in order to promote a healthy and engaged workforce.”

� “Core values are essential to the company — not just lip-service. And the work is mission-driven. Every day the rm is striving to meaningfully impact lives.”

� “The community among colleagues, and the feeling that management truly desires to create value for its employees.”

Caryl Anne Francia

Frontier Asset Management

Headquarters: Sheridan, Wyo.

AUM: $5.5 billion as of June 30 U.S. employees: 55 Years won: 2021-2024

THREE COOL THINGS:

� Provides a 4% 401(k) company match and a 4% discretionary contribution. In addition to bonuses, gives an equity stake to employees after three years of service, with the option to purchase additional shares.

� Promotes fun through events such as volunteer opportunities, an annual winter holiday party and an annual family weekend with a barbecue. Organizes team-building games on Fridays, including table tennis and pickleball.

� Observes half workdays for July 3 and Dec. 24. Included in the 11 company-paid holidays is the annual Sheridan WYO Rodeo Parade, a local celebration held during the summer.

EMPLOYEES SAY:

� “Great people who are down to Earth and very nice. It’s rare to nd a company where you want to hang out with them after work! It’s a group with integrity.”

� “The culture is strong. Employees tend to feel valued for their individual contributions, and for who they are as people.”

� “The salary is very generous. We do outstanding teamwork in a peaceful environment — and people really have a genuine care for each other.”

Caryl Anne Francia

The Best Places to Work

MEDIUM EMPLOYERS: 50 TO 99 EMPLOYEES

Other winners (in alphabetical order)

Innovest Portfolio Solutions

Headquarters: Denver AUA: $47 billion as of June 30

U.S. employees: 60 Years won: 2014, 2016-2024

THREE COOL THINGS:

� Fosters team building and personal interactions through volunteer opportunities and biweekly company-paid lunches, or “lunch bunches.” In addition to monthly birthday celebrations with treats, throws an annual holiday party where employees and their family members enjoy food, door prizes and tenure recognition.

� Offers in-person paid summer internships for college students, providing networking opportunities, skill development and practical hands-on experience. When employees welcome a new child, makes a contribution to babies’ college funds.

� Matches contributions to employees’ automatically enrolled 401(k) plans, in addition to contributing to pro t-sharing plans. Provides learning opportunities and access to certi ed nancial planners for personalized retirement goal discussions.

EMPLOYEES SAY:

� “When life throws curveballs at you or exciting things come your way, co-workers at all levels offer to pitch in and help, or celebrate your successes. They value personal lives and are very respectful of your calendar.”

� “People enjoy the various community-service projects that take place each month. Everyone is

encouraged to participate in as many opportunities as they are able. I also believe people enjoy being with one another, collaborating on work projects and being with each other at various of ce events.”

� “Innovest is great at taking care of their employees — whether it be the ability to work from home on occasion, or the exibility to work around personal appointments. Snacks or lunches are provided in the kitchen, too.”

Abigail Parrott

Kennedy Capital Management

Headquarters: St. Louis, Mo.

AUM: $4.9 billion as of June 30

U.S. employees: 50 Years won: 2020, 2022, 2024

THREE COOL THINGS:

� Makes a 50% employer match to employees’ contributions to their 401(k) plans, and gives a discretionary year-end contribution that often results with an annual dollar-for-dollar match for retirement accounts. Also provides fully funded health reimbursement accounts — $5,000 for single accounts and $10,000 for family accounts.

� Recognizes service achievements through handwritten cards, posts on the company intranet, shoutouts in quarterly all-hands meetings, as well as lunches and gifts. Free catered lunches from a variety of local restaurants are provided for four weeks during each earnings season.

� Promotes fun through activities

such as cornhole tournaments, company picnics, happy hours and trivia nights. In addition to fostering a relaxed environment where employees may wear jeans twice per week, organizes annual events including a fun run, a beach volleyball game, a holiday party and a family breakfast with Santa Claus.

EMPLOYEES SAY:

� “Everything we do is oriented around client success, and that uni es the purpose and culture of the rm. We are exible in how we promote healthy growth of the organization, allowing for individual growth opportunities that contribute to the health of the rm.”

� “My co-workers are pleasant to work with, they are always ready to help and answer any questions. Learning and getting to do new tasks is also a reason I enjoy working at KCM.”

� “The bene ts package allows many to feel like they are working at a large company while working at a boutique rm. Additionally, having a lower workforce count allows analysts to feel like they can create a larger impact than if they are working at a large rm.”

Caryl Anne Francia

Longfellow Investment Management

Headquarters: Boston

AUM: $18.3 billion as of June 30

U.S. employees: 57

Years won: 2024

THREE COOL THINGS:

� Recruits from a diverse pool of

candidates from platforms such as 100 Women in Finance and the Employer Assistance and Resource Network on Disability Inclusion. Also facilitates lunch-and-learn sessions and educational workshops on inclusion, diversity, equity and accessibility.

� Bolsters nancial wellness by contributing 15% of the total compensation for all full-time employees’ 401(k) plans, for which vesting begins on rst day of employment. Also promotes good health through 15-minute “deskercise” sessions every Thursday at 2 p.m., in addition to paid sabbatical leave.

� Organizes team bonding events during the spring and fall, in addition to an annual holiday event. Provides lunch to all staff on Fridays, in addition to maintaining a supply of assorted snacks and beverages.

EMPLOYEES SAY:

� “This organization promotes learning, not just on investment topics but on a variety of topics that are interesting. Also, because of the size of the organization, employees have access to senior leadership and have the ability to expand their skill sets and pursue interests outside of their de ned roles.”

� “Your voice is valued, and the rm is very open-door oriented. There is not one individual at any level who is not welcoming, helpful or available to fellow colleagues.”

� “Everyone works together and gets along well, no matter what department you are in. Additionally, I think the work-life balance is very fair. The ability to work remotely twice a week — and the exibility it entails — is a perk that people really enjoy.

Caryl Anne Francia

Frontier employees and families enjoy a nice walk during The Link-Partners in Pink.

Kennedy Capital team members celebrated the holidays with an ugly sweater contest.

Innovest team members put on their tool belts to help Habitat for Humanity.

Longfellow employees take a break from their annual summer outing to strike a pose.

Los Angeles Capital Management

Headquarters: Los Angeles

AUM: $36.7 billion as of June 30

U.S. employees: 98

Years won: 2014-2024

THREE COOL THINGS:

� Runs internship and fellowship programs, and maintains relationships with schools such as the University of California, Los Angeles, to source candidates. Hosted students from the junior investment program of the organization 100 Black Men of Los Angeles to gain exposure to industry.

� Promotes social environment through activities such as happy hours, bowling tournaments, dinner celebrations and sports game outings.

� Recognizes service milestones by having managers share words about the celebrants during the annual company meeting — and for those marking tenures in increments of ve years, by increasing paid time-off allowances by ve days. Offers 15 vacation days for employees in their rst year of service, and 20 for those coming in with more than 10 years of experience.

EMPLOYEES SAY:

� “All employees show a genuine interest in supporting their fellow team members and show up with a positive attitude. There is a high level of respect stemming down from the leadership team. Leadership has a genuine interest in the well-being of all employees, too.”

� “The treatment is fair, the pay is solid and things are the right amount of calm. We’re never really in a state of scrambling or stress.”

� “People are paired to work in teams, and it creates camaraderie. People are also given the freedom to complete their work independently. They are allowed to own their projects.”

Caryl Anne Francia

Madison Investments

Headquarters: Madison, Wis.

AUM: $25.9 billion as of June 30

U.S. employees: 92

Years won: 2022-2024

THREE COOL THINGS:

� Closes of ce one hour early all-year long every Friday, when employees may also dress casually. Also closes the of ce one to two hours early the day before a holiday weekend, and welcomes employees to invite a guest to the annual holiday party.

� Provides a 3% match for employees’ contributions to their 401(k) plans after one year of service. Employees are also eligible for a pro t-sharing contribution at this time.

� Facilitates strong team culture through catered lunches, quarterly social events and an annual summer celebration. Has recreational space for table tennis and

The Best Places to Work

MEDIUM EMPLOYERS: 50 TO 99 EMPLOYEES Other winners (in alphabetical order)

basketball games.

EMPLOYEES SAY:

� “The entrepreneurial culture allows employees to personally and nancially bene t from rm successes. There is also great work-life balance, and many employees have long tenure due to satisfaction with their job. I hope and plan to work here until I retire.”

� “The culture is set up in a way that you have the tools and support to thrive at work. And despite doing very important work, we still manage to have fun doing it.”

� “Madison empowers their employees to think and work independently, while still maintaining a culture of collaboration and teamwork that gives everyone a seat at the table.”

Caryl Anne Francia

Missouri State Employees’ Retirement System

Headquarters: Jefferson City, Mo.

AUM: $12 billion as of June 30

U.S. employees: 93

Years won: 2024

THREE COOL THINGS:

� Offers up to three personal days annually, which are included among the 13 employer-paid holidays. Employees may choose to take off on three of the holidays the pension fund is open for business, including Abraham Lincoln’s birthday, Harry Truman’s birthday and Columbus Day.

� Sponsors activities such as annual picnics and holiday celebrations, themed employee appreciation month events, as well as two weeks of celebrating March Madness, which entails tailgate

snacks, bracket challenges and prizes for participants. In addition to celebrating goals being met through events with fondu stations and a coffee truck, organizes team days where staff wear MOSERS-branded shirts, jeans and athletic shoes.

� Promotes health and wellness through activities including facilitating a workout challenge, writing Heart Healthy thank you notes, and sponsoring a vegetable and herb-planting event as well as rst-aid training. Allows one hour of accrued sick leave per month for personal wellness leave, and welcomes a massage therapist to the of ce on a routine basis.

EMPLOYEES SAY:

� “We have a very family friendly culture where family comes rst. If someone has a family member that needs their attention or a child’s event they want to attend, leadership and co-workers encourage them to go and take care of work that needs to be addressed. We have fun at work including organized events and just everyday camaraderie.”

� “We have a supportive and inclusive atmosphere that makes you feel valued and respected. The job also provides opportunities to solve interesting problems and tackle new challenges.”

� “Leaders regularly ask for feedback and encourage healthy communication. They make sure you have adequate training, and that you are comfortable in your position. They also make sure that you continue ongoing training and help you reach any educational goals that you are striving for.”

Caryl Anne Francia

National Real Estate Advisors

Headquarters: Washington

AUM: Net $4 billion as of June 30

U.S. employees: 59 Years won: 2014, 2016-2024

THREE COOL THINGS:

� Observes 15 company-paid holidays. For Fridays between Memorial Day to Labor Day, allows up to eight sick leave days to be used as personal days.

� Covers the full cost of medical, dental and vision premiums for employees and their dependents. Runs an annual monthlong challenge where employees are given $150 if they walk an average of 8,000 steps per day, or certify they’ve spent at least 30 minutes exercising at a tness center at least 12 times during the period.

� Promotes fun and social culture through events such as an annual Halloween costume contest with gift card prizes, and the annual National Development Funfest, an off-site day where employees golf, hike or play pickleball together. Hosts an annual Crabfest for employees and families enjoy eating seafood, listening to music and shing on Gibson Island, Md.

EMPLOYEES SAY:

� “National has a very collegial and friendly environment, and there is not one person who is a jerk or difcult to deal with. The organization has a exible work-from-home policy and gives individuals autonomy to work more ef ciently. No one is bound to a 9 a.m.-to-6 p.m. schedule as long as they do their work.”

� “There are ample opportunities for career development and advancement. We invest heavily in our employees’ growth through con-

tinuous learning programs, mentorship and clear career progression paths. This helps our team members achieve their career goals and feel ful lled in their roles.”

� “Everyone has the right to speak up, and senior management seems to sincerely listen to the feedback as they often act on it. The bene ts package is unmatched, and the company communicates important information regarding deals, goals and plans to all employees on a regular basis.”

Caryl Anne Francia

Parnassus Investments

Headquarters: San Francisco

AUM: $49.8 billion as of June 30 U.S. employees: 77 Years won: 2017-2024

THREE COOL THINGS:

� Encourages giving back to the community by organizing volunteer opportunities. Provides four days of paid volunteer time off, as well as a double match to all charitable donations made by employees.

� Covers the full cost of medical, dental, vision and long-term care premiums for dependents and their families. Also offers a exible spending account bene t through Level, which covers health-related bene ts such as tness classes, family planning and fertility services, as well as educational reimbursement.

� Fosters social environment through weekly catered lunches, monthly happy hours and outings to sports games and bowling alleys. In addition to throwing birthday celebrations, offers two oating holidays.

EMPLOYEES SAY:

� “To invest responsibly is a good

Los Angeles Capital employees share a cold beverage at a rm happy hour.

MOSERS staffers enjoy a beautiful day during the rm’s annual summer barbecue.

Madison Investments employees volunteered at the Goodman Community Center.

National employees visit the Washington School for Girls as part of a mentorship.

mission. I feel like we’re one of the good guys, and there are good people here. People get along well. Kindness and respect are typically observed in day-to-day work — and that’s probably under-recognized as a positive.”

� “Every day is different, and that makes the job exciting. You never know what may come up. The company is growing, and the efforts by senior leadership to make the work inclusive and bring the teams together whenever possible is refreshing.”

� “Employees truly collaborate with each other for the bene t of clients. There’s a strong commitment to producing high-quality work. The rm goes the extra mile to make sure our bene ts package is strong and of ce space is comfortable.”

Caryl Anne Francia

Penserra

Headquarters: Orinda, Calif.

AUM: $10.4 billion as of June 30

U.S. employees: 61

Years won: 2017-2018, 2020-2024

THREE COOL THINGS:

� Celebrates accomplishments in business and personal lives by ringing a bell in of ce. Also recognizes achievements in posts shared to internal employee messaging system.

� Promotes social environment with activities such as bistro outings, dart throwing competitions and panic room challenges. Allows family members to attend workplace holiday events.

� Offers unlimited vacation days, with employees taking an average of 15 per year. Also offers 12 company-paid holidays annually, as well as time off from participating in community service without losing pay or using vacation time.

EMPLOYEES SAY:

� “People like working for this organization because of the reasonable hours, unlimited paid time off, exible remote schedule — and being rewarded with one month of telecommuting as an incentive to volunteer. We are also thrilled that the company is truly diverse and is a re ection of how the real world looks.”

� “We offer extensive opportunities for career development and advancement. Through training programs, mentorship and clear career progression paths, employees have the resources and support needed to achieve their career goals.”

� “The organization fosters a collaborative atmosphere where team members are encouraged to share ideas and support each other. This environment not only enhances individual growth but also drives success.”

Caryl Anne Francia

RCP Advisors

Headquarters: Chicago

AUM: $14 billion as of June 30

U.S. employees: 55

Years won: 2024

THREE COOL THINGS:

� Promotes wellness by distribut-

The Best Places to Work

MEDIUM EMPLOYERS: 50 TO 99 EMPLOYEES

Other winners (in alphabetical order)

ing gift cards worth up to $200 for completing activities such as health screenings and vaccinations — in addition to covering costs for telehealth appointments. In addition to offering a hybrid work schedule and unlimited paid-time off, observes half workdays prior to company holidays and adds an extra day off when one falls on or near the weekend.

� Bolsters fun in the of ce through activities such as sports game-watching parties, team meals, as well as holiday and birthday celebrations with treats. Grants each team a budget to do fun activities together outside of work, for example going to a sports game or going out to dinner.

� Runs a work-study program to students at a local high school, and sources interns through a nonpro t that supports rst-generation college students coming from a low-income background. Facilitates a mentorship program between junior- and senior-level employees who engage in “off-the-record” discussions on broad topics such as project advice and career development.

EMPLOYEES SAY:

� “Everyone in the organization is aligned in rowing together toward

the goal of maximizing returns for our investors. Additionally, senior management promotes, and is supportive of, meeting personal obligations and taking paid time off.”

� “Cohesive and friendly in-of ce culture (across the board from entry-level employees to senior leadership team), exibility of a hybrid schedule, and a exible vacation policy.’’

� “Work-life balance, not being micromanaged, and trust within teams."

Caryl Anne Francia

The London Company of Virginia

Headquarters: Richmond, Va.

AUA: $33.6 billion as of June 30

U.S. employees: 52 Years won: 2022-2024

THREE COOL THINGS:

� Encourages giving back to the community by offering paid time off to volunteer. Also offers one week of paid study time for employees in the Chartered Financial Analyst program, and a

reward of up to $2,000 through an employee referral program.

� Focuses on attracting and retaining diverse employees through initiatives such as an internship program with a local high school, engagements with historically Black colleges and universities, as well as partnerships with organizations such as the Robert Toigo Foundation and Navy Special Operations Foundation.

� Promotes fun in the workplace through activities such as an annual family picnic, an annual cornhole tournament and an of ce olympics. In addition to a oating holiday, gives employees a day off for their birthday, and celebrates new births with a personalized gift and DoorDash gift card to alleviate stress of meal preparation.

EMPLOYEES SAY:

� “Over the years, TLC has built a great culture where people can voice their opinions and be themselves. We also have great work-life balance and exibility. We are also able to work remotely when needed.”

� “The employees and staff are absolutely kind, and there is room for growth.”

� “We have autonomy to get the job done, and terri c bene ts. I have great teammates with can-do attitudes.”

Caryl Anne Francia

Trillium Asset Management

Headquarters: Boston

AUM: $5.1 billion as of June 30

U.S. employees: 56 Years won: 2023-2024

THREE COOL THINGS:

� Reimburses up to $25,000 annually for tuition annually and up to $320 monthly for com-

mute-related expenses. Also provides $1,000 annually for each employee to use for a charitable cause.

� Fosters social environment through volunteer opportunities, group lunches and monthly happy hours. Promotes fun by hosting activities such as bowling tournaments and trolley rides — and for a meeting on Groundhog Day, video call attendees donned groundhog avatars against a variety of virtual backgrounds.

� Offers 22 days of paid time off — including personal days — within rst year of employment, and increases allotment to 27 days after ve years, then 32 days after 10 years. Recognizes service milestones, including retirements, through celebrations, gifts and shoutouts in CEO’s weekly newsletter.

EMPLOYEES SAY:

� “Trillium’s philosophy to invest in companies that make the world a better place motivates me while working since I know the efforts I put in have the potential to impact change in the world. Trillium’s culture is amazing, and the environment is welcoming.”

� “Trillium is very open in allowing exibility with where you work and the hours you work. It also allows time for and cares about work-life balance. And not only do I feel paid well. The bene ts — including unlimited sick time, 401(k) contribution, paid time off and tuition reimbursement — are top-notch.”

� “Working toward shared goals, my colleagues are motivated, kind and respectful.”

Caryl Anne Francia

Parnassus employees smile during the rm’s 40th anniversary celebration.

RCP staffers made new friends volunteering for The Anti-Cruelty Society.

Penserra staffers gather after the J.P. Morgan Corporate Challenge.

TLC staffers decorated and lled snack bags for Connor’s Heroes.

Trillium staffers helped feed the needy at St. Anthony’s.

The Best Places to Work

SMALL EMPLOYERS: 20 TO

FIRST PLACE

Cornerstone Advisors Asset Management

Headquarters: Bethlehem, Pa.

AUM: $7.8 billion as of June 30

U.S. employees: 36 Years won: 2016-2020, 2022-2024

IN THEIR OWN WORDS:

“Cornerstone is an employee-owned investment consulting rm. When every employee has an equity stake, you are going to have three dozen highly engaged, motivated and committed teammates. They do. The organization strives for excellence in everything it does, and understands that to achieve such a lofty goal, you must treat your employees well. Cornerstone is deliberate in engaging every member of the rm to help them grow and also to understand what motivates them. This is a group that works hard but also knows how to have some fun.”

THREE COOL THINGS:

� Offers equity stake in the rm through employee stock ownership plan, and has contributed an

SECOND PLACE

Newfront Retirement Services

Headquarters: San Francisco

AUM: $22 billion-plus as of June 30

U.S. employees: 28

Years won: 2022-2024

IN THEIR OWN WORDS:

average of 13% of annual salary to participants in the plan’s most recent year. Being 100% owned by employees, is designing a “Wall of Owners” to celebrate each staffer becoming an employee-owner, fully vested owner and — upon leaving the rm — a foundation member.

� Provides unlimited paid time off, requiring at least two weeks be taken per year.

� Promotes camaraderie through team-building activities such as ax-throwing contests, indoor golf matches and bowling tournaments. To recognize life milestones, the employee experience committee organizes events such as lunches and cocktail hours.

EMPLOYEES SAY:

� “The rm’s leaders do all of the expected things — checking in on employees’ mental health, sponsoring team building events and mentoring rising leaders — but they also show incredible

“At Newfront, our expert team prioritizes retirement readiness and nancial wellness. Partnered with our parent company, we provide nancial services, comprehensive insurance solutions and employee bene t programs to protect our clients. We enhance business health, pro tability, employee satisfaction and brand strength. Leveraging advanced technology, we ensure optimized investment outcomes. Vision: Derisking human progress. Ethos: Work, love, play.”

THREE COOL THINGS:

� Promotes a fun work environment by hosting happy hours, cooking classes and themed company meetings, which include music and occasional guests such as football

THIRD PLACE

Ninety One

Headquarters: New York

AUM: $162 billion as of June 30

U.S. employees: 48 Years won: 2020-2024

IN THEIR OWN WORDS:

“Investing for a better tomorrow re ects our purpose. Over three decades ago, our founders embarked on a mission to create a company where employees deliver impact and returns for our clients and our planet. Starting in South Africa, we now operate from over 21 of ces across 15 countries, exemplifying diversity and organic growth in all forms. Our culture is a cornerstone, promoting direct, honest, and open dialogues to ensure a range of perspectives and ideas are shared.

compassion when a team member faces a personal hardship and needs to step away for a while. Of our 36 employees, we just celebrated our 8th 20-year anniversary, which we see as a real tribute to building a place people like working.”

� “There is not one person at Cornerstone that has their own

agenda that they prioritize over that of their team or the company — nor is there one person shouldering the entire weight of a team’s responsibilities. Everyone together, and that grows our bond that much stronger. It also makes us all accountable to one another, making us that much better at our work.”

Joe Montana. Dedicates Slack channels to pets, cooking and books.

� In addition to fully paid parental leave, offers support for family planning, adoption and menopause care through Carrot Fertility.

Our motto, ‘freedom to create,’ guides each team member to innovate, ask questions, and constantly improve.”

THREE COOL THINGS:

� Shows appreciation for employees through gifts, notably bestowing Krugerrands — gold coins from South Africa, where the rm was founded — in different denominations for service milestones. Also organizes quarterly team offsites for strategic planning and team building, in addition to having fun.

� Sponsors a safe harbor 401(k) pro t-sharing plan. Provides a 3% safe harbor plan non-contributory contribution. Employees also receive a 2% pro t share of eligible annual earnings.

� Promotes career mobility by allowing employees to work in any

for

� Continues the legacy of former Chief Information Of cer Brent Rineck following

of the 21 of ces across the 15 countries it does business.

EMPLOYEES SAY:

� “Employees feel compelled — and are able — to make a positive difference within the workplace and the surrounding community. There is an emphasis on volunteering and social engagement within the rm that I have not seen replicated to the same degree elsewhere.”

� “I have the freedom to create within our entrepreneurial, results-driven culture. As a global asset manager, we also have an international culture.”

� “The executive leadership is very present and available if you need for external meetings. The job can be tough, but our colleagues support us in an excellent way.”

� “We have built a culture of caring and achievement at the company. People are challenged and rewarded to use their leadership skills to take on greater levels of responsibility over time. They show up for each other in their time of need, and go out of their way to serve our clients.”

his 2021 death by presenting a culture award, which honors employees who show the virtues of generosity, patience and optimism, in addition to bolstering diversity and making peers feel better after each encounter.

EMPLOYEES SAY:

� “Newfront provides signi cant opportunities for team members, and enables us to continue to advance as long as we’re willing to put in the work. You’ll never hear management or any team members trying to limit or stop team members from trying new things, changing processes or attempting to do more.”

� “We are a small but mighty team who maintain strong personal and professional relationships with one another. No one is hesitant to apply their skills to a new problem or work across organizational lines to improve processes and output.”

� “We are very focused on work-life balance, and understand that people have personal lives outside of work. Our organization does a great job of celebrating people’s lives, allowing them to take the time they need to feel like they can show up as their best selves both professionally and personally.”

Caryl Anne Francia

Caryl Anne Francia

Cornerstone staffers and their families enjoy a day in the park during the rm’s annual family picnic.

player

CARES employee resource group gives a place

working parents to share experiences.

Abigail Parrott

Newfront staffers smile for the camera during the rm’s annual all-hands get-together.

Satori Capital

Headquarters: Dallas/Fort Worth

AUM: $1.3 billion as of June 30

U.S. employees: 33

Years won: 2015-2024

IN THEIR OWN WORDS:

“Satori Capital embraces the principles of conscious capitalism, and our purpose is to create, fund and inspire businesses that elevate humanity. We do this by creating and nurturing a culture that supports the overall quality of life of our high-performing team. We consider it our responsibility to be stewards of our team members’ careers and their well-being. After all, our team members devote their time, energy, and talent to the work we do together. In return, we strive to ensure they work in a caring, supportive and positive environment, and that they feel as special and valued as they are.”

THREE COOL THINGS:

� Hosts a variety of social activities, including an end-of-summer bash and a pickleball tournament between staff and interns. Aside from annual of ce contests for Halloween and March Madness, surprises staff with multiple “Surprise and Delight” moments per

The Best Places to Work

SMALL EMPLOYERS: 20 TO 49 EMPLOYEES

month for holidays such as National Donut Day and National Compliment Day. Provides a day off the Monday after the Super Bowl.

includes bene ts such as daily chef-prepared healthy lunches, weekly onsite chiropractor and masseuse, and an annual $1,000 health and well-being stipend to be used at the employee’s discretion.

� Facilitates annual special dinner where awards and personal letters of gratitude are given to employees and their guests. In addition to recognizing achievements and celebrations in monthly team meetings, encourages employees to take a day off on their birthday, for which they may choose a charity of choice for a $100 donation.

EMPLOYEES SAY:

� “Success is clearly de ned and communicated. We are empowered to achieve success with the tools and resources to achieve it. Also, we are surrounded by values-aligned team members who are a joy to work with.”

� “The company takes hiring incredibly seriously. We bring on amazing, fun and talented people who make the atmosphere incredibly enjoyable.”

� Covers the full cost of medical, dental and vision premiums for employees and their dependents. Its Optimal Living program

FIFTH PLACE

Regions Investment Management

Headquarters: Birmingham, Ala.

AUM: $17.8 billion as of June 30

U.S. employees: 24

Years won: 2018-2024

IN THEIR OWN WORDS:

“Regions Investment Management focuses on achieving long-term investment goals for our clients through actively managed, diversi ed portfolios — and promotes a culture set by the core values of Regions Bank. Thousands of associates doing the right thing on a daily basis ensures the long-term viability of Regions as an organization that works to serve its customers while generating acceptable returns for our shareholders. The right thing may not always be the easy or expedient thing, or even the thing that generates the most immediate return, but it is always the thing that offers the greatest long-term value.”

THREE COOL THINGS:

� Celebrates employees’ service and

How the 2024 Best Places to Work program was conducted

Pensions & Investments worked with an independent research rm to determine the list of top employers for the 2024 Best Places to Work in Money Management.

Headquartered in Humble, Texas, Workforce Research Group conducted a two-step process to develop the list, designed to collect information about each employer and measure employee engagement.

To participate, an organization needed at least 20 employees in the U.S., and at least $100 million of discretionary, institutional assets under management or advisement. Each employer also had to be in business for at least one year.

In part one, the employer detailed its policies, practices, bene ts and demographics in a questionnaire. Next, Workforce Research Group con rmed the U.S. employment numbers for each rm.

In part two, employees received an email with an engagement and satisfaction survey that consisted of about 80 statements. They were asked to respond on a 1-to-5 scale of “Disagree Strongly” to “Agree Strongly.” Respondents were allowed to answer “N/A.”

In addition, two questions were asked: “What are the top two or three reasons people like working for this organization?” Employees also responded to: “What two or

� “I very much appreciate the exibility to manage my own workload, to work remotely and to balance the ow of my day. Team members are evaluated based on output, productivity, creativity and other important values — not on meaningless metrics.”

Caryl Anne Francia

company’s values during annual Evergreen Week, during which each day follows a unique theme and involves different team-building activities. Also fosters camaraderie through employee appreciation lunches and Team Tuesdays.

� Provides 5% match to employees’ contributions to 401(k) plans. Also offers 2% annual contribution regardless of employees’ elected bene ts, as well as a nancial literacy program through EVERFI.

� Offers up to eight hours of paid time off to participate in community service. Also allows employees to contribute to a relief fund that raises money to be used to help colleagues during natural disaster events, including hurricanes and tornadoes.

EMPLOYEES SAY:

� “The culture and rm philosophy helps create purpose. The people at the rm work well together, which creates continuity and low turnover.”

� “Caring leadership, exible work hours, great team members who work hard to accomplish goals.”

� “We have a collaborative environment where I am comfortable to express my opinions.”

Caryl

three things can this organization add or change to improve employee engagement and success?”

The compiled data allowed Workforce Research Group to determine the strengths and weaknesses of participating rms. Employee responses accounted for 80% of the total company score, and the employer responses made up the remaining 20%.

For the last step, the research rm examined the data to verify and nalize the rankings. At P&I’s request, participating employers were ranked against others of similar size.

Assets under management and assets under advisement gures are as of June 30, unless otherwise noted. Survey comments from employers and their staff have been edited for space, style and clarity.

Satori staffers take advantage of a photo op at the rm’s annual Gratitude Dinner, during which team members are acknowledged with personal letters of gratitude, and awards are handed out.

Anne Francia

Regions team members pause while packing boxes of food at the Community Food Bank of Central Alabama as part of the rm’s Evergreen Week, an annual celebration of employees and their teams.

Ninety One team members show off their costumes during a Halloween party.

AAM Insurance Investment Management

Headquarters: Chicago

AUM: $22.7 billion as of June 30

U.S. employees: 47 Years won: 2017-2024

THREE COOL THINGS:

� Celebrates new business accounts in fashion with Jeans Days in the of ce. Also recognizes employee achievements with catered lunches.

� Promotes a fun, social culture through activities such an annual employee golf tournament and periodic happy hours. Allows family and friends to attend the annual holiday party, where the CEO honors employees’ service milestones with gifts.

� Encourages community involvement through volunteering opportunities with organizations such as food bank program Nourishing Hope and literacy-focused nonpro t Open Books.

EMPLOYEES SAY:

� “The company does a good job of hiring people of high character. Couple that with the at nature of the organization, and you really appreciate the bene ts of working for a smaller organization.”

� “Everyone is valued and recognized for their contributions. Management asks employees for feedback and suggestions for improvement and takes action on items where appropriate.”

� “Excellent co-workers across the rm who respect each other and the work. Consistent communication about progress toward rm goals.”

Caryl Anne Francia

Agilis Partners

Headquarters: Waltham, Mass.

AUM: $7.6 billion as of June 30 U.S. employees: 41 Years won: 2022-2024

THREE COOL THINGS:

� Sponsors a safe harbor 401(k) plan. Employees receive a 100% match up to the rst 3% of deferred compensation, and 50% of the next 2%.

� Promotes social environment through virtual happy hours and holiday parties with activities including miniature golf competitions, bowling tournaments and escape rooms challenges.

� Coordinates on-site volunteer opportunities such as donating to charitable drives and preparing meals for a soup kitchen.

EMPLOYEES SAY:

� “We are small, agile and growing. We have unique projects where employees can get involved. It’s easy to see how the work I do can impact the overall success and growth of the rm.”

� “Management is very understanding about employees working from home or working hours to t their life schedules, as long as work is high in quality and clients are

The Best Places to Work

SMALL EMPLOYERS: 20 TO 49 EMPLOYEES

Other winners (in alphabetical order)

satis ed. The company has been growing at a rapid pace, which allows for personal growth for employees with ambitions to advance their careers.”

� “All voices are respectfully listened to. At Agilis, our individual opinions matter. It’s refreshing to be a part of an organization where I know for certain that I am not ‘just a number’ — and part of one that fosters healthy discussions and debates.”

Caryl Anne Francia

Belle Haven Investments

Headquarters: Rye Brook, N.Y.

AUM: $18.9 billion as of June 30

U.S. employees: 48 Years won: 2018-2024

THREE COOL THINGS:

� Offers executive coaching for employees who wish to work with an external coach to help hone their skills, navigate challenges and improve performance. Other development activities include job shadowing and/or cross training; leadership workshops; and mentoring.

� Emphasizes taking care of mental health by offering semiweekly in-of ce chair massages, catered daily lunches and an annual subscription to the Calm meditation app. Provides access to professional counseling services through LifeCare program to employees and their dependents.

� Promotes social environment through activities such as happy hours, family fun days and in-of ce ice cream socials during Fridays in the summer. In addition to work

milestones and new family members, celebrates every employee’s birthday with their favorite dessert and lunch.

EMPLOYEES SAY:

� “I am excited to come to work each day as it is a very positive and fun work environment. Everyone works together to help the rm succeed as a team. There are good growth opportunities, and employees are appreciated and recognized for their hard work.”

� “The culture and people here make going to work more fun. It’s a pleasure to work in such a collaborative, cooperative environment with a really great group of people. The rm also puts effort into doing fun team events.”

� “The rm bends over backwards

to make sure the employees are happy, respected and well fed!”

Abigail Parrott

Cardinal Investment Advisors

Headquarters: Chicago

AUA: $292 billion as of June 30

U.S. employees: 46 Years won: 2015-2024

THREE COOL THINGS:

� Reimburses employees’ rail passes and parking expenses for commuting to the of ce, which they are encouraged to work from three days per week. Promotes fun

through activities such as scavenger hunts, boat rides and picnics, and events that have featured a masseuse, coffee bar and an omelet breakfast buffet.

� Provides a 3% safe harbor contribution to employees’ 401(k) accounts, and matches 150% of the rst 7% of employee contributions, for a total potential company contribution 13.5%.

� Observes 17 employer-paid holidays, including time between Dec. 24 and Jan. 1. In addition to inviting children to a Halloween costume party, employees’ spouses are welcome to attend end-of-year holiday celebration, where monetary bonuses are awarded for service based on ve-year increments.

EMPLOYEES SAY:

� “One of the reasons I like working for the organizations is the work-life balance. I am able to get my work completed in a timely manner and also spend valuable time with my family, which is important to me. I also feel valuable in the organization and my opinion matters. No matter what position you hold in the company your voice does matter.”

� “Flexibility of work schedule and various projects for different clients that are available for everyone within the organization to work on. There are a lot of smart, talented people who work here without agendas or egos. Everyone gets along, and it really is like a family setting as everyone looks out for one another.”

� “The higher ups are always available to share their knowledge and hear suggestions. The atmosphere is welcoming and team-oriented.”

Caryl Anne Francia

Domain Capital Group

Headquarters: Atlanta

AUM: $7.9 billion as of June 30 U.S. employees: 48 Years won: 2021, 2023-2024

THREE COOL THINGS:

� Offers pro t sharing, and matches employees’ contributions up to $5,000 annually in the 401(k) plan.

� Promotes social environment through activities such as happy

AAM employees volunteer at Chicago nonpro t Open Books.

Belle Haven employees show their colors during Pride Week.

Agilis staffers enjoying a holiday party at Puttshack.

Cardinal staffers enjoy an outing on the Chicago River.

hours, duckpin bowling tournaments and escape room challenges.

In addition to hosting monthly birthday celebrations with desserts, welcomes new staff with a group lunch.

� Gives unlimited paid time off. In addition to 13 employer-paid holidays, employees may take up to two weeks of paid time off at a time unless their manager approves an extension.

EMPLOYEES SAY:

� “This is a company with excellent staff and employees who are committed to improving themselves and the organization. We have great leaders who are very personable and dedicated to their teams. There are also a lot of opportunities to learn new skills and pick up different tasks.”

� “The work environment makes you feel at home vs. feeling like you are in a standard corporate of ce.”

� “The on-site management is generally friendly and approachable, and they work with you on paid time off needs and for family obligations. Compensation is adequate.”

Caryl

Anne Francia

Elion Partners

Headquarters: Miami

AUM: $3.6 billion as of June 30

U.S. employees: 49 Years won: 2020-2024

THREE COOL THINGS:

� Recognizes an employee through annual The Elion Way Award program, in which colleagues vote on an honoree based on how one adheres to the rm’s values in interactions with colleagues and investment partners.

� Gathers all staff to sing “Happy Birthday” to each celebrating employee during town halls, in addition to ordering cake. Also organizes annual corporate retreat and sponsors annual charity soccer tournament.

� Distributes at least 20% of earnings before interest, taxes, depreciation and amortization to team members as bonuses.

EMPLOYEES SAY:

� “The team is friendly but professional at the same time. Everyone helps each other to succeed at what they do, and each week, people recognize each other for their accomplishments.”

� “Leadership is always looking to see if anyone needs help or encouragement.”

� “The organization allows for freedom of thought, and for everyone to be a contributor to the rm’s broader objectives.”

The Best Places to Work

SMALL EMPLOYERS: 20 TO 49 EMPLOYEES

Other winners (in alphabetical order)

THREE COOL THINGS:

� Runs six-week paid summer internship over two sessions where participants shadow all departments of the rm and have a chance to meet local civic leaders, national regulators, U.S. senators and and top investment professionals.

� Hosts fun annual seasonal contests, including ones for pumpkin carving and ugly sweaters. Annual holiday party also celebrates employees celebrating tenures in ve-year increments with gift cards, a crystal award and various personalized gifts.

� Keeps employees engaged with sweet treats to celebrate milestones and companywide soccer game outings. Also holds raf es giving away six premium seat tickets for Major League Soccer games, which includes refreshments, private club access and a free parking pass.

EMPLOYEES SAY:

kin-carving contests, Christmas stocking contests, market contests, etc.”

Caryl Anne Francia

Goelzer Investment Management

Headquarters: Indianapolis

AUM: $3.6 billion as of June 30

U.S. employees: 34 Years won: 2023-2024

THREE COOL THINGS:

� Distributes Goelzer Bucks, which can be redeemed for branded swag items. Recipients include volunteers who attend client events, as well as honorees of the “Above and Beyond the Call of Duty Everyday For Goelzer,” or the ABCDEFG Award, who have provided excellent service and shown a positive attitude.

strives to equip each team member to reach their full potential.”

� “The organization cares about its employees. We are encouraged to ll out surveys about important decisions being made in the rm, and this gives us the feeling that our opinions really matter. They continue to give us a hybrid schedule, which allows us to have a work-life balance.”

� “This is one of the healthiest work environments I’ve experienced. Expectations, while high, are not outside of the real possibilities that can be achieved.”

Caryl Anne Francia

Granahan Investment Management

Headquarters: Waltham, Mass.

AUM: $2.6 billion as of June 30

workplace celebrations.

� Covers 100% of medical, dental and vision insurance premiums for employees and their dependents. Allows employees to take paid sabbatical leave.

EMPLOYEES SAY:

� “We operate like a family with a common goal. The leadership fosters excellent results and accountability. There is no red tape here, and everyone can have an impact. The bene ts package and work-life balance here are top notch.”

� “Granahan’s culture is fantastic. There’s a reason why its retention and tenure numbers are as high as they are. My colleagues are smart, fair, kind, fun, and work together very hard to deliver the best outcomes for our clients. I’m proud to work here.”

U.S. employees: 20 Years won: 2021-2024

Caryl Anne Francia and Abigail

Garcia Hamilton & Associates

Headquarters: Houston

AUM: $21 billion as of June 30

Parrott

U.S. employees: 40 Years won: 2016-2020, 2022-2024

� “The small rm culture allows you to work with anyone and everyone — no project is too big or too small. Everyone is accessible. There are no hoops to jump through if you have something you want to discuss with management.”

� “I believe the main reason people like working at GH&A is that they feel like they are a part of something bigger. They are part of an organization that believes in diversity, inclusion and community service.”

� “I love this rm — and obviously, everybody loves it too because nobody ever leaves. I enjoy that we want to be the best, but I also enjoy all the fun we have like pump-

� Promotes fun through activities such as fantasy football competitions through the NFL season and March Madness tournaments, as well as a holiday party where employees may bring family. Plays themed “hold” music when starting rmwide video calls.

� Offers pro t-sharing, an employee-stock ownership plan and up to a 2% of base salary match to 401(k) accounts.

EMPLOYEES SAY:

� “The organization lives its core values in pursuit of its mission — enriching the lives of clients, colleagues and the community in a fun and engaging environment. Leadership cares, shares and truly

THREE COOL THINGS:

� CEO Jane White works to improve diversity in industry by working with women and minorities on a one-on-one basis for career development. Firm offers paid summer internships to rising college sophomores and juniors who come from diverse backgrounds as a founding member of the Wall Street Accelerator program.

� Holds quarterly companywide collaboration weeks with lunches, workshops and friendly activities, such as a stock-picking contest and an annual Halloween party. Invites employees’ family members to

� “Employees are encouraged to create value for the rm and its clients by leveraging their unique areas of strengths while striving for continuous improvement. Employees are respected and trusted and leadership provides a good balance of autonomy and guidance.”

Caryl Anne Francia

Mayflower Advisors

Headquarters: Boston

AUM: $4.7 billion as of June 30

U.S. employees: 25 Years won: 2021-2024

THREE COOL THINGS:

� Recently implemented an equity ownership program that is being

Elion staffers and friends enjoy the Elion Cup, a corporate soccer tournament.

Goelzer staffers smile during New Hope of Indiana’s Silver Cup Celebration Luncheon.

Garcia Hamilton staffers celebrate the birthday of a building security of cer.

Granahan’s Lori Azar and Jane White get ready to serve lunch to the summer interns.

expanded from the leadership to most long-term employees, an effort designed to help build employees’ wealth.

� Fosters social environment through activities such as cornhole games, March Madness tournaments as well as team fun runs. Encourages relaxation through Wednesday “wine down” sessions, and supports intellectual curiosity through book clubs and eld trips to celebrate Juneteenth.

� Promotes good health and wellness through free healthy snacks and free memberships at the of ce building’s tness center. Also bolsters nancial wellness through the technology platforms Enrich and iGrad, which both offer educational content and nancial tools to assist in areas such as paying off student loans and saving for retirement.

EMPLOYEES SAY:

� “We have a very energetic and innovative team-oriented culture where our team fun run and outings are a big hit. The work can be challenging, but peers are supportive and willing to help each other.”

� “Empathetic managers hire quality people. The management trusts and listens to us, and they have an open-door policy.”

� “The team treats older workers with dignity and respect, and mentors younger employees in a way that is not common today. It is a wonderful place to launch a career and also to end one.”

Abigail Parrott

Montgomery County Employee Retirement Plans

Headquarters: Rockville, Md.

AUM: $8.2 billion as of June 30

U.S. employees: 20

Years won: 2024

THREE COOL THINGS:

� Contributes 8% of employees’ pre-tax salary to their 401(a) deferred compensation plan on top of employees' required 4% contribution. Also provides a voluntary 457 deferred compensation plan, and offers meetings with an onsite nancial planner to enhance nancial wellness.

� Promotes social environment with quarterly team-building activities including disc golf tournaments, laser tag competitions and ax-throwing contests.

� Recognizes achievements at quarterly meetings, and distributes an annual bonus to the top-performing individual of each team.

EMPLOYEES SAY:

� “We have a strong collaborative culture where each team member has a voice and is respected by others. Senior leadership is open to suggestions and feedback, and is quick to respond to concerns.”

� “Being a small and closely knit

The Best Places to Work

SMALL EMPLOYERS: 20 TO 49 EMPLOYEES

Other winners (in alphabetical order)

organization, we get to know each other very well.”

� “Good work is well recognized. Employees who come up with new and more ef cient ways to do work are highly appreciated and recognized for their contributions.”

Caryl

Anne Francia

Noble Investment Group

Headquarters: Atlanta

AUM: $3.4 billion as of June 30

U.S. employees: 42

Years won: 2023-2024

THREE COOL THINGS:

� Fosters camaraderie through annual team outings and a women’s retreat. Hosts an outing for family members, who are also invited to workplace celebrations and holiday events.

� Celebrates birthdays and work anniversaries at bimonthly companywide breakfast. Also provides free lunch from Monday through Wednesday, in addition to stocking snack supply.

� Offers complimentary stays at company-owned hotel brands, including Hilton Hotels & Resorts and Hyatt Hotels. Also provides discounts for tness programs.

EMPLOYEES SAY:

� “Everyone is ambitious, collaborative and encouraging to help one another — and to reach our collective goals and objectives. The overall work culture is very welcoming, and it allows individuals to feel comfortable when

voicing personal opinions or asking questions.”

� “We have a diverse and entrepreneurial culture, and frequent company gatherings to foster collaboration. The communication across functions ensures that all areas of the organization are updated on the latest company efforts.”

� “The leadership is a big reason why people work here — and stay here. There’s also the perks — like free hotel rooms and company-provided lunch and snacks.”

Caryl Anne

Francia

North Square Investments

Headquarters: Chicago

AUM: $12.5 billion as of June 30

U.S. employees: 24

Years won: 2021-2022, 2024

THREE COOL THINGS: � Fosters social environment

through team-building activities such as attending sporting events and riding on river cruises, as well as monthly doughnut breakfasts and pizza lunches. Distributed glasses for employees to watch the April 8 solar eclipse from the of ce building’s rooftop.

� Promotes health and wellness through building amenities such as chair massages, sound baths and mocktail parties. In addition to subsidizing memberships for the center, offers unlimited paid time off and encourages taking time off or leaving work early for mental health.

� Recognizes employee milestones at annual sales meeting, which has been held on a rooftop viewing party during a Chicago Cubs game. Honored staff are acknowledged in a rmwide email and receive a personalized pat on the back from the CEO.

EMPLOYEES SAY:

� “North Square is a place where you look forward to coming to

work, and where employee contributions are recognized and celebrated. We also have an outstanding and always approachable ‘model’ CEO who makes time for every employee and provides real leadership.”

� “We have a culture based on trust and ability, and employees truly appreciate that. The people are great, and we’re all here because we want to see the company move forward. We work hard, and we play hard.”

� “There’s exibility for career progression, and work-life balance. The environment makes you feel like you are really contributing, vs. working at a large company where you can get lost at times.”

Caryl Anne Francia

Headquarters: Seattle

AUM: $10.7 billion as of June 30

U.S. employees: 24

Years won: 2018-2024

THREE COOL THINGS:

� Fosters social environment through activities such as bowling tournaments, boat rides, bocce ball matches and cornhole contests. Also promotes wellness through building amenities such as weekly yoga classes and massages.

� Recognizes members of the investment team through CIO award, which is given up to two times per year. Offers three-week paid sabbaticals that employees may add up to three weeks using paid-time off awarded from milestone anniversaries.

May ower associates welcome a new team member with a dinner outing.

Noble staffers celebrated Earth Day by planting trees in partnership with Trees Atlanta.

Montgomery County ERS team members showed off their axe-throwing prowess.

North Square employees take a break from volunteering with Cradles to Crayons.

Pugh Capital employees gather before heading out on a boat cruise.

� Hosts a pitching event where employees share their charitable area of interest and receive money for their nonpro t of choice. In addition to organizing rmwide volunteer opportunities, matches employees’ donations and supports organizations in which they actively participate.

EMPLOYEES SAY:

� “Our rm is focused on continuous development and consistent execution to help deliver excellent service and results to our clients. That focus is part of everyone’s role, mission and passion no matter where they are in the organization. I appreciate how it and our values create a common perspective, a common goal and a common experience.”

� “It is inspiring to work at a rm that not only values diversity but also actively contributes to the community through hands-on volunteering and aims to increase representation in the nancial industry.”

� “We have a collegial atmosphere where colleagues tend to respect each other. No one is penalized for their ideas.”

Caryl Anne Francia

Ramirez Asset Management

Headquarters: New York

AUM: $11.4 billion as of June 30

U.S. employees: 41 Years won: 2023-2024

THREE COOL THINGS:

� Orders a “Fudgie the Whale” ice cream cake from Carvel each month to recognize all employees celebrating their birthdays. Senior leaders often purchase lunch for the team in honor of employees’ milestones.

� Facilitates an eight-week summer internship program in partnership with the Hispanic Scholarship Fund, selecting women and/or minorities for the past three years. Also supports diversity-focused trade organizations including the National Association of Securities Professionals and New America Alliance.

� Hosts fun activities such as trivia nights and table tennis tournaments, as well as employee outings to bowling alleys and concerts.

EMPLOYEES SAY:

� “I feel supported, respected and appreciated through daily teamwork, open communication and opportunities for personal growth and development. Also, the mission and impact that RAM has is felt not only across the organization but by all of our partners.”

� “People like working at Ramirez because of the culture. Everyone is intelligent. They also work hard and hold a personal interest in the success of the company.”

� “The organization allows team members to work directly with senior leadership on a daily basis, and the visibility is awarded. A smaller rm size makes for a more collaborative and integrated work environment.”

Caryl Anne Francia

The Best Places to Work

SMALL EMPLOYERS: 20 TO 49 EMPLOYEES

Other winners (in alphabetical order)

Richard Bernstein Advisors

Headquarters: New York

AUM: $14.8 billion as of June 30

U.S. employees: 34 Years won: 2021-2024

THREE COOL THINGS:

� Allows employees to work from anywhere for two weeks during the summer, in addition to granting them exible work-from-home hours.

� Promotes camaraderie in the of ce through team-bonding activities such as cornhole competitions, bowling tournaments, karaoke sessions and volunteer days. Also provides lunch on Thursdays, and organizes happy hours.

� Matches up to 10% of employee contributions to their 401(k) account.

EMPLOYEES SAY:

� “The culture is collegial, and it emphasizes collaboration to achieve success. The environment is one where each individual is respected for who they are and what they contribute to the rm. People seem to enjoy a workplace that promotes open communication at all levels, and also know how to have fun.”

� “I love the people I work with at this organization. It is truly a joy to get to interact with everyone.”

� “Our leadership team gives all employees a lot of freedom to take on new projects, and encourages everyone to make an impact at the

company. We also have a great working environment where everyone gets along and collaborates for the overall success of the company.”

Caryl Anne Francia

Riverbridge Partners

Headquarters: Minneapolis

AUM: $11.3 billion as of June 30 U.S. employees: 46 Years won: 2023-2024

THREE COOL THINGS:

� Organizes an annual all-expenses-paid weekend vacation at a northern Minnesota resort for employees and their family.

� In addition to 10 paid holidays, offers unlimited paid time off. Also reimburses expenses for internet and phone.

� Promotes social environment through activities such as volunteer events, charity 5Ks and in-of ce cooking competitions. Also encourages participation at an annual leadership conference in Chicago.

EMPLOYEES SAY:

� “This is a small rm where you get to know people on a professional and personal level. We’re not boxed into doing just one thing. We have the chance to learn how our talents can bene t the rm as a whole.”

� “Riverbridge is an organization that stresses teamwork in everything it does, and the bonds among colleagues are tight. The fact that Riverbridge sponsors a weekend

getaway trip to a resort in northern Minnesota to celebrate accomplishments, further bond and get to know one another’s families is a testament to this.”

� “Riverbridge allows employees to learn about who they are, what their strengths are and how to apply those strengths. We take our work seriously and believe in what we do, but we also have a very collegial culture.”

Caryl Anne Francia

Shelton Capital Management

Headquarters: Denver

AUM: $5.3 billion as of June 30

U.S. employees: 45 Years won: 2020-2024

THREE COOL THINGS:

� Pays medical, visual and dental premiums for employees and their dependents. Also offers branded swag — such as vests, speakers and pickleball rackets — after 90 days, and after a year of employment.

� Promotes team building through sports days, escape room challenges and hibachi dinners. Fosters comfortable environment through Casual Fridays and Flip-Flop Fridays during the summer.

� Recruits local graduates to join the Shelton Academy program, where they rotate through three internal departments and take FINRA-sponsored exams. Also encourages personal growth through mentorship and leadership training.

EMPLOYEES SAY:

� “The executive committee goes above and beyond for each employee, and truly values all of them as more than just a number. I am always encouraged to reach my full potential, and everyone in the of ce is more than supportive.”

� “You can make a difference here. The communication and employee culture are great.”

� “All of my coworkers are really nice, and I enjoy working with them. Being in a small company I have opportunities I wouldn’t otherwise have, which is nice.”

Abigail Parrott

Stadion Money Management

Headquarters: Watkinsville, Ga.

AUM: $2.4 billion as of June 30 U.S. employees: 42 Years won: 2019-2021, 2023-2024

THREE COOL THINGS:

� Hosts social events, including biannual Family Fun Days where employees and their families enjoy in atable attractions and a food truck. Rewards hard work through celebrations, including an annual holiday party and Thanksgiving lunch, where employees who have served the rm for 10 years are recognized.

� Rewards employees who complete their annual physical exam with a $50 Amazon.com gift card for themselves and co-dependents. Also provides a $625 allowance to be used for professional development and reimburs-

RBA staffers smile for the camera at the Women in ETFs 10 Year Anniversary event.

Shelton staffers helped pack supplies for Project C.U.R.E., the world’s largest distributor of donated medical supplies.

Riverbridge staffers welcomed The JP4 Foundation, which serves underprivileged youth.

Ramirez employees take part in the in the annual Bloomberg Square Mile Relay.

The Best Places to Work

SMALL EMPLOYERS: 20 TO 49 EMPLOYEES

Other winners (in alphabetical order)

es for one athletic event registration fee, both annually.

� Offers paid sabbatical to employees after ve years of service, as well as two oating holidays annually to be used at the employee’s discretion. Provides three months of paid parental leave, with an additional three months for the primary

WEDGE Capital Management

Headquarters: Charlotte, N.C.

AUM: $7.7 billion as of June 30

U.S. employees: 35 Years wWon: 2020-2024

THREE COOL THINGS:

� Promotes fun at the of ce through activities a biannual cooking contest that’s followed by a group lunch, a monthly sandwich donation drive, and an annual “Family Feud”-style compliance training course where departments compete for a trophy. Also builds camaraderie through monthly volunteer work, and provides rm-branded athletic apparel for annual charity race.

� Practices a lenient work-from-home policy. Encourages employees to work a half day in person on Tuesdays, during which they attend meetings or participate in team-building activities.

� Covers the full cost of medical, dental and vision premiums for employees and their dependents. For health savings accounts, annually provides $2,500 for individuals and $5,000 for families, in addition to matching 100% of employee

Xponance

Headquarters: Philadelphia

AUM: $18.7 billion as of June 30

U.S. employees: 43 Years won: 2020-2024

THREE COOL THINGS:

� Hosts fun activities such as monthly lunches and monthly virtual game days that includes trivia and karaoke. Also promotes friendly competition through annual activities such as a 5K race and an ugly sweater contest.

caretaker, plus a DoorDash gift card to alleviate meal preparation stress.

EMPLOYEES SAY:

� “Stadion has the best culture of any company I’ve seen. It is family-oriented, fun and professional with the highest levels of integrity.”

� “There is not a single co-worker I do not enjoy working with. Everybody is friendly and works hard both individually and

collaboratively. There is also a wide variety of ever-evolving products and partnerships, so there’s always something to learn and keep your brain sharp.”

� “I like the management’s support and building of the atmosphere above. Leadership also treats everyone as an important piece in accomplishing company goals.”

Caryl Anne Francia

contributions to 401(k) up to 7.5%.

EMPLOYEES SAY:

� “The staff at WEDGE rarely experiences turnover, and my team has been in place for over 10 years. That longevity has built up some great relationships that extend outside of work now, with a willingness to help each other on personal matters and bring back small souvenirs from vacations.”

WEDGE staffers sample the goods during the rm’s chili cook-off.

Mughal

CONTINUED FROM PAGE 3

ment group, Mughal said. “It was not going to be knee-deep in investing.”

But the manager thought Mughal sounded more suited to work in Bailard’s research group, and there was an opening for a junior analyst for equity and real estate, a role she started on Feb. 22, 1994.

Bailard “took a huge chance on me,” said Mughal, who’s now closing her 30th year at the $6.4 billion manager. She’s served as the CEO since 2021 — the third person and rst woman to lead the 55-yearold company.

As they grow their nancial assets, employers named to Pensions & Investments’ Best Places to Work in Money Management program have shared their methods for attracting the talent who can help navigate through market turbulence and steer teams toward success. But to retain an employee is an ongoing effort.

The average number of years that workers have served their current employer is 3.9 years, according to January data from the U.S. Bureau of Labor Statistics. That’s down from 4.1 years the same time in 2022, and the lowest since 2002.

In a Forbes article, Mughal wrote she’s an outlier to the statistic — but she’s not alone at Bailard. The rm offers paid sabbaticals after seven years of service, and at least 20 people have used the perk since she assumed her current role. And Investment Counselor Andrea Mohr Gandolfo, who hired Mughal, is celebrating her 43rd anniversary at the rm, the CEO added.

In the 2024 Best Places to Work program, the Foster City, Calif.-headquartered rm is ranked No. 5 among winners with 50 to 99 employees. The average tenure among Bailard’s 77 employees is 15 years.

“Why have I stayed at Bailard for so long? It’s because I’ve never been asked to compromise on my values,” Mughal said.

To Mughal’s point, in a survey that was part of the Best Places program application, one staffer said what “truly stands out is that every team member — whether they hold a high-ranking position like the CEO or play a supporting role like the receptionist — consistently upholds and embodies our company’s core values.”

Displayed on the of ce wall are those six values:

Winners

� “WEDGE creates an inclusive, family atmosphere. Employees are well taken care of and are encouraged to take on new responsibilities.”

� “The small, cohesive team breeds a culture of collaboration and cooperation. The exibility offered by the hybrid work structure enables us to be productive and attentive on our schedule.”

� Recognizes others’ acts of kindness through “Unmatched Experiences,” an employee-created channel on Microsoft Teams, in addition to shoutouts during quarterly staff meetings. Also organizes volunteer opportunities with nonpro t partners through the rm’s A Good Measure Foundation, which supports marginalized people.

Caryl Anne Francia

� Grants an equity stake to full-time staffers after one year of service through an employee stock ownership plan.

EMPLOYEES SAY:

� “Working for Xponance is like a rite of passage: if you can survive Xponance, you can survive anywhere. And you learn more working here than you will anywhere else. Working at Xponance will prepare you to work anywhere and to be able to hold yourself appropriately in any room.”

� “The quality of the people is No. 1. Our team is collegial.  Kindness is considered a virtue, and we are dedicated to doing our jobs well and with commitment.”

� “We have a diverse group of people and skills, along with the

strong leadership shown by the CEO.”

Caryl Anne

“We’re producing high-quality work, and we have to work really hard to do that,” said Lisa Verslues, human resources of cer at MOSERS, which managed $12 billion in assets as of June 30. To create a casual and supportive atmosphere, “we try to balance things a bit by also having some fun at work,” she added.

Those are just some of the moments captured this year in money management. BPTW winners noted memories shared with colleagues, interns and even family members over the year through work, volunteer programs and fun activities.

Many employers have won multiple times since the program debuted in 2012, but only ve have made the list every year:

■ Baird Asset Management, Milwaukee

■ ClearBridge Investments, New York

■ Dana Investment Advisors, Waukesha, Wis.

■ Hamilton Lane Advisors, Conshohocken, Pa.

■ Principal Asset Management, Des Moines, Iowa

A full list of employer pro les across all size categories, as well as features on winners’ practices for talent attraction and retention, can be found throughout this special report.

WEDGE celebrates 40

Among several winners celebrating milestones, WEDGE Capital Management threw a catered champagne toast event over the summer for its 40th anniversary.

“Forty years is a long time, particularly in this business that can seem like you live quarter to quarter sometimes,” said Christopher Lewis, general partner at the Charlotte, N.C.-based manager. The event “was a nice celebration and a way to step

Francia

Xponance staffers frequently gather to socialize and enjoy team-building opportunities.

Stadion golfers pose on the putting green during the rm’s annual golf tournament.

The Best Places to Work

accountability, compassion, courage, excellence, fairness and independence. While Bailard looks at skill and talent when hiring people, it also looks for shared values in its prospects.

The rm can send staffers to a class to learn how to use a spreadsheet and pay for certi cations, but values can’t be taught.

“Those are baked,” Mughal added. “We really encourage diversity of thought. But we want a common foundation of values so that in tough times, we know we can count on each other and we know we can drive the company forward.”

For anyone running a business, her advice is to operate it with guiding principles — rather than relying on a handbook — because “what helps us is our values.”

“I’ve often said to my colleagues, if you’re ever in doubt, read the six words on the wall and try to walk through,” Mughal said. “It’ll give you an answer, so being principled, you know what is the right thing to do. You inherently know how to make the right call.”

Curiosity and comfort

Starting in both equity and real estate, Mughal joined during the early days of the Bailard Real Estate Fund, which had around $40 million in AUM. With $968 million as of Sept. 30, the strategy “is a jewel in our crown today,” but as much as she loved real estate, her interests shifted early on.

As a requirement, Mughal obtained the Certied Financial Analyst designation during the mid-1990s. At the same time, the dot-com bubble gained steam, and Mughal’s curiosity around it led her interests to gravitate toward the equity side.

Mughal focused on equity full time after being asked by Peter Hill, who was the chief investment of cer. As Bailard carved out sectors and launched mutual funds, she’d become the sole manager of the core equity portfolio by 2002.

Developing more curiosity around business operations, she would get involved in things outside her role — including the “geeky fun stuff” when the rm shifted its customer relationship management system and portfolio accounting system.

Gaining trust and proving her responsibility led Mughal to becoming the next CIO after Hill, who succeeded Founder Thomas Bailard as CEO in 2008. Assuming the role was daunting as she

back from the day-to-day work ow,” he added. Joined by retired partners who shared their experience, staff dug up scrapbooks with old pictures as well as cutouts from newspapers, including articles from the rm’s 1984 founding.

“Many of the other employees have been at WEDGE for several years, if not decades, because of the partnership program that we have in place” for promoting ownership at the rm, said Vice President Chelsea Kelly. “You could see some of these employees 20-30 years ago, when they had just started in the industry and they have long since changed. It was fun to see who they were … and where they are now,” she added.

One of a few rms celebrating 50 years, GW&K Investment Management held a summer party where employees mingled and played

‘We really encourage diversity of thought. But we want a common foundation of values so that in tough times, we know we can count on each other and we know we can drive the company forward.’

BAILARD’S SONYA MUGHAL

thought of the weight of the job.

“It’s the responsibility of balancing the needs of our clients, our employees and our shareholders. That starts to take precedence,” Mughal added. “The comfort I had was having a strong management team who were fully on board, and having very deep relationships across our employee base.”

But becoming CIO at the start of the Great Financial Crisis was like “real baptism by re” as Mughal met with over 80% of the rm’s clients.

“You really learn at that point in time you’re servicing individuals and families who cannot fathom what’s going on … particularly if you’re a retired individual and you’re freaking out,” Mughal said. “The whole psychology and the compassion that you have to bring to money management and wealth management was highlighted to me.”

Bailard named her the chief risk of cer in 2011, then chief operating of cer in 2013. By taking different roles while staying at one company, Mughal said that “it had given me a really good sense of how we ran the business, and that’s truly what I’m the most passionate about.”

Change in the environment

Since 1994, Mughal has observed changes in the macro and work environments.

For one, technology has evolved and enhanced data proliferation. To make use of the mass amounts of data, Bailard has hired data engineers to strengthen quantitative processes.

With the COVID-19 pandemic, employers realized they can operate remotely using technol-

lawn games at a sailing center. Staff also received a pair of Maui Jim sunglasses, noted Kristina Burkey, principal and marketing manager.

For Artemis Real Estate Partners’ 15th anniversary, senior leadership recorded a video with re ections on the rm’s founding and present. In addition to a commemorative gift, the Chevy Chase, Md.-based investment rm gave employees a $15 coffee gift card to be used with a co-worker whom they’re grateful for or wanted to get to know better, noted Liz Manevski, senior vice president and head of people and culture.

Uncommon

events

There was no shortage of uncommon events in 2024 — from an earthquake in the Northeastern U.S., to a solar eclipse across the nation days later on April 8.

At North Square Investments, staffers had “a chance to experience a once-in-a-life event with colleagues,” said Mark Goodwin, CEO of the Chicago-based rm. “We thought a watch party for our employees during the total solar eclipse would be a lot of fun, and a great break in our workday,” he added.

In the spirit of the Paris Olympic Games, “ofce Olympics” were held at several employers such as the West Sacramento-headquartered, California State Teachers’ Retirement System, the Richmond-based London Co. of Virginia and Schwab Asset Management, Westlake, Texas. Some games included Microsoft “Excel-athons,” trivia competitions and typing challenges.

“We are always promoting teamwork and promoting that we’re one team here at MOSERS,” Verslues said, so for the pension fund’s annual employee appreciation month in June, it followed an Olympics theme — complete with branded T-shirts and matching wristbands for team members — to bolster that message.

“We want to show our appreciation to our em-

ogy, and being able to adopt and adapt to it “allows for a better employee experience (and) more exibility — still being accountable for everything we have to deliver,” Mughal said.

Most Bailard employees work in person three-to-four days per week, and Mughal said she refuses to mandate working three days in the of ce. She encourages in-person work to build camaraderie and foster mentorship — two things she does through chats with newer and younger people, which she said is important to her.

“We’ve evolved to the point of really trying to be more solutions-based,” Mughal added. “What do the end clients need? What are they looking for? And what is the best way we can gure how to deliver — whether that be in talent acquisition or in other ways.”

Prospective hires now can do more research on employers online. But Mughal said “the best way to do it is by trying to talk to folks that have been at the rm — and to the extent possible — try and nd a place that is truly a ‘Best Place to Work.’”

Bailard is 52% owned by women and and minorities — inclusive of Mughal, who at 18 years old moved from India.

While India’s stock market was “nowhere near as advanced as it is today,” she developed her passion for investing through her parents, who valued her and her older sister in a society that valued sons. Mughal would watch transactions during trips to her parents’ stockbroker, and dinner table conversations would focus on investing.

Mughal’s No. 1 piece of career advice: “The world is your oyster, and you should pursue your dreams.”

“There’s no role or career that a woman cannot thrive in,” Mughal said. “What people do need to understand is that you can thrive only in the correct environment. It’s true for anything.”

For plants, if they’re placed in darkness and not given water, they will die — and it’s the same with people, she added.

“Find an environment that speaks to you,” Mughal said. “Something that speaks to one person might not speak to another person, so there’s no one-size- ts-all. But you have to be authentically true to yourself and try your best in the interview process to nd a place that ts you.” 

ployees,” she added. “We want them to feel valued because they are valued.”

Holiday parties

As the year ends, many employers will be hosting holiday parties after re ecting on what they’re thankful for.

Based in the Dallas-Forth Worth metroplex, Satori Capital held its an annual gratitude dinner in November. Upon arrival to their tables, each employee — as well as signi cant others who accompany them — receives a handwritten letter of gratitude. Before dining, employees also write letters of gratitude for colleagues, who then read what was written in that moment.

“Everyone is able to read a letter of gratitude before they have this dinner and celebration, so it’s just a moment lled with a lot of love and good energy,” said Cami Miller, vice president of stakeholder experience at Satori.

At most BPTW winners, staff are encouraged to bring family to their holiday parties — and in addition to its rmwide celebration, First Eagle Investments hosts another gathering speci cally for employees’ kids.

The New York-headquartered rm also hosts Take Your Child to Work Day, in which this year it held a “Shark Tank”-style competition judged by business leaders. Head of Bene ts Marisa Bernstein said her 8-year-old daughter was among this year’s participating children, and “given the experience, she said to me, ‘Mommy, I want to work at a place like this.’”

“In her mind, she was like, ‘This is cool,’ and so I really think that speaks so much to the culture here and kind of sharing something really special,” Bernstein said. “We all spend so much time working and being focused on that. To have those worlds be introduced and to share the excitement, it had a really big impact on my daughter.” 

six to 12 months waiting period to access them, Bernstein noted.

Menopause bene ts are handled separately through a plan with support resources, including medication, she added. Additionally, “if an employee is not feeling well or needs to take a day, our robust paid time-off policy can be used,” Bernstein said. “We have unlimited sick leave for when an employee is not feeling well, and a very generous vacation leave.”

Similarly, T. Rowe Price offers two separate platforms for family planning and menopause care to “meet our associates at every stage of their health and wellness journey,” noted Michelle Swanenburg, head of human resources.

Since 2020, the rm has offered support for preconception, fertility and family building — inclusive of concierge support, education and guidance — through Progyny. Since 2023, the Baltimore-headquartered rm has offered personalized menopause care through Gennev. Ranked No. 6 among BPTW winners with more than 1,000 employees, T. Rowe Price managed $1.6 trillion in assets as of June 30.

Menopause issues

At the time when Trock’s son was born in 2011, “you certainly would have never heard people talking about menopause in the workplace. But we have a good number of women, employees’ signi cant others or dependents who are using Maven for menopause support,” she said.

During perimenopause, women experience a shift in their internal system where they have more hormonal imbalance, which can cause side effects including brain fog, hot ashes and mood swings, Newfront’s Maisonet noted.

“And these things can come across to an employer as this person isn’t showing up the way they used to,” she added. “They seem so tired. They seem disinterested. They can’t remember things — and really, a lot of times, if you’re going through that, then it’s a symptom of what you’ve been dealing with through your hormonal imbalance.”

In an August survey of 2,000 working women conducted by Carrot, 42% of Generation X women said they feel comfortable asking their employer to address menopause challenges, while 47% of millennial women said the same. Additionally, 55% of Gen Xers said they would change at least one aspect of their work arrangements to manage menopause symptoms, while 70% of millennials said the same.

“I think it’s important to just acknowledge that this is something that women go through and men don’t,” Maisonet said. “It’s different and impacts them in a way that can affect their day to day, and so much like we would treat mental health in the workplace. As we think about how to support employees through that — and not discriminate so forth — we should consider the same for women who are going through menopause.”

Through Maven, Diamond Hill provides access to educational material on menopause, said Jill Williams, director of human resources. At the Columbus, Ohio-headquartered manager, everyone is encouraged to review these resources “so you know what to expect if you’re a woman and what’s coming in the future, and how you can support your spouse,” she said.

It’s “just providing general awareness that menopause happens and it’s real,” Williams added. Named a Best Places winner two times, Diamond Hill managed $31.3 billion in AUM as of June 30. 

The free Maui Jim sunglasses were a crowd-pleaser at GW&K Investment Management’s 50th anniversary party.

Parental

because you’re never going to get that time back. You’re going to blink, and then your kid’s going to be 13 — like mine is.”

Ranked No. 4 among rms with 100 to 499 employees, Polen managed $65 billion in assets as of June 30.

All parents eligible

“First and foremost, we refer to it as parental leave — not as maternity leave or paternity leave,” Polen’s Trock said. “We call it parental leave because it doesn’t matter what gender you are if you are a new parent. We have structured our policy so that all parents are eligible for the same amount of leave.”

Along with the policies themselves, many employers named to the 2024 Best Places to Work program use inclusive language when describing parental leave. Parents may be referred to as the birthing parent or nonbirthing parents.

“There is a difference between a birthing parent, who goes through physical change in their body and adjustment there, but then there’s also just a new parent through whatever avenue of parenthood they get to it,” noted Paige Maisonet, head of people at Newfront Retirement Services.

Nonbirthing parents “have an adjustment that’s different but similar in the sense of you’re not healing yourself, but your family is adjusting and you’re bringing a new individual,” she added. Ranked No. 2 among winners with 20 to 49 employees, Newfront managed more than $22 billion in assets as of June 30.

Some rms may also call employees welcoming dependents the primary caregiver or secondary caregiver.

But “it doesn’t matter if you’re a biological parent, an adoptive parent or a foster parent,” Trock added. “It doesn’t matter if you’re male, female or nonbinary.”

At Polen, all parents are given a minimum of 12 weeks for fully paid leave. But the birthing parent receives an additional six-to-eight weeks — or a maximum 20 weeks in total.

“A man taking 12 weeks of parental leave in 2011 — when I had my son — was unheard of,” Trock said. “You would have been frowned upon certainly, but times are changing. Polen is doing our part to make sure that we are treating all parents the same.”

Baby showers

Throwing a baby shower for expectant employees is a standard practice for many employers named to the BPTW program. Among the best gifts winning employers said they can give new parents are resources to be prepared for the role.

For instance, Stadion Money Management gives employees who welcome a new child a DoorDash gift card — a perk that came to light as food-delivery services rose in popularity during the COVID-19 pandemic.

“When you have a baby, you are tired, and the last thing you want to do is cook or go out and get food,” said Duane Bernt, president and CEO of the Watkinsville, Ga.-headquartered rm. “There’s something just so easy about ordering Door-

The Best Places to Work

Dash … The last thing you want is more work, and babies are enough work. That is a nice gesture.”

In addition to the gift card, employees receive a quarterly $25 allowance for goods from CVS Pharmacy through healthcare insurer Aetna. This way, they can save on ibuprofen, bandages and baby goods from the retailer, Bernt added. Named to the Best Places to Work program ve times, Stadion managed $2.4 billion in assets as of June 30.

Several winners partner with platforms such as Maven Clinic and Carrot Fertility for their family planning bene t. They can offer stipends and services for areas including fertility treatments, family counseling and breast milk shipping — which is particularly helpful for those on business travel.

Some rms like StepStone Group offer executive coaching to support expectant parents who “are stressed out or putting their career on pause” to welcome a child, said Linnet Coppa, director and global head of human resource service delivery. On top of offering 16 weeks of paid leave for the primary caregiver — not designating the leave as maternity, paternity or parental — the La Jolla, Calif.-headquartered rm provides the access so employees have someone to talk through their anxiety and ease into parenthood.

Ranked No. 5 among winners with 500 to 999 employees, StepStone managed $169 billion in AUM as of June 30.

Similarly, Polen offers new parent advisement for employees as well as their partners or spouses. This coaching starts three months before the baby’s due date to prepare for logistical aspects, such as obtaining a Social Security number to be added to bene ts.

“There are all these ne print items that have to happen … and insurance coverage is everybody’s primary concern for their new babies,” Trock said.

Location, parent matters

How much time an employer gives for paid time off varies by employer, and it can depend on where they’re located or who runs them. For instance, since the Alaska Permanent Fund Corp. is run by the state, it abides by the DOL’s FMLA for unpaid leave, said Chief Human Resources Of cer Shannon McCain.

The $80.5 billion Juneau-based sovereign wealth fund also abides by the Alaska Family Leave Act, which provides up to 18 weeks of leave, and also allows staff to use their standard paid leave during this period. For employees hired after 2013, they start with 21 days of paid time off. After two years, ve years and 10 years, three more days of paid time off are added. After 15 years, employees receive an additional six days, giving a total of 36 days of paid time off.

Those based in Newfront’s San Francisco headquarters may take up to 12 weeks of paid parental leave, falling in line with the California Family Rights Act. But not all of the company’s employees necessarily receive the same bene ts if they’re based outside the state, said Maisonet.

In addition to their respective state’s bene t, a birthing parent employed at Newfront may also take short-term disability leave and “topping off” leave — or accrued paid time off to supplement weekly paid

family and medical leave — to receive up to 17 weeks off, she noted. Compared with most other international markets, the U.S. as a country provides the least amount of support for family leave, Maisonet said. “So these bene ts for states and supplemental bene ts that employers are offering are the best bet to be able to give people more than the standard six to eight weeks they would get.”

Elsewhere in California, Los Angeles-headquartered PCCP offers primary caregivers 16 weeks of paid leave, and secondary caregivers up to 4 weeks of paid leave, noted Shikha Seth, senior vice president of human resources at the investment manager. Named to the BPTW program four times, PCCP managed $24.2 billion in assets under man-

givers, but gives an additional eight weeks of paid leave — or a total of 20 weeks — to birthing parents. Employees have the option of taking their leave all at once, a few weeks at a time or in one-day increments — and last-minute plan changes can be accommodated easily, said Marisa Bernstein, head of bene ts.

“We know our employees are busy, and typically, there may be someone else at home and they’re trying to coordinate a schedule,” Bernstein added. “We really enjoy giving our employees room to do what’s best for them and their family — so whether that means taking the leave all at once, or whether that means they come back to work a little bit and then go out.”

Ranked No. 1 among companies with 500 to 999 employees, First Ea-

agement as of June 30.

Stadion offers six months of paid maternity leave and three months of paid paternity leave. Aside from paid sabbatical leave after ve years of service, Bernt noted that’s the other change in bene ts the rm experienced after it was acquired by U.K.based Smart Pension in 2022. Previously, the birthing parent would receive three months. Paternity leave was less formalized, so the men welcoming children would take about 10 days off through exible paid time off.

As a father of ve kids, Bernt noted “not every pregnancy is the same or every child’s birth is the same,” and they can come with complications. The new policy offers a lot of exibility as needed to take care of their respective situation.

But given how much time they’d be away from the of ce and from projects they’re working on, he noted some people feel comfortable with checking in. For those who do decide to completely check out on leave, employees can rely on their workplace family to cover, Bernt said. That kind of respect is rooted in the rm’s culture.

“For me, that type of having-yourback mentality is how you build a culture … it’s an authentic way that we work together,” he added.

First Eagle Investments offers 12 weeks of parental leave for all care-

depending on their individual needs, so Newfront’s Maisonet works with managers to understand what the transition back will look like for employees re-entering the workplace. When she returned from her parental leave, Maisonet said she found it “was very overwhelming to go through a full week after having been gone for four months.” She took every Wednesday off for the rst month, adding that it “gave her an opportunity to reset.”

For Lucy Bannon, receiving a stipend for about a month’s worth of newborn care from NexPoint “has been a game changer,” the chief communications of cer said. It enabled her family to have a night nurse for several weeks after welcoming her child.

“It expedited the time and transition back to returning to the of ce and returning to our full-time jobs,” Bannon added. Across the Dallas-headquartered alternative investment rm, the stipend “eliminated a lot of stress on parents, and the bene t of sleep is one that cannot be overstated.”

Named to the BPTW program three times, NexPoint managed $17.3 billion in assets as of June 30.

Several employers — including Newfront, PCCP and StepStone — also have parents-focused employee resource groups. These initiatives are driven by the caregivers themselves to support one another and provide perspectives.

StepStone’s parental employee resource group works like a support group for caregiving employees who want to share their challenges and tips, said Coppa. For PCCP’s group, working parents nd “a sense of belonging” among each other, noted Seth. In an October meeting for Newfront’s CARES employee resource group, the focus was on educating children around LGBTQ+ awareness, and addressed questions on how to respectfully navigate through different conversations, noted Maisonet.

gle managed $138 billion in assets as of June 30.

Back to work

In the six-and-a-half years she’s worked at Polen, Trock has not had a female employee who had a baby not come back to work. “I’m so thrilled that our women feel supported by Polen so that they come back and don’t feel they have to choose between support for their families and work — that you can really have both,” she said.

Over 55% of women return to work within the rst three months after childbirth despite experiencing lingering related health issues, according to the National Institutes of Health. When it comes to settling back into the workplace, some employers including Diamond Hill provide a parent transition month.

The bene t is like a “grace period,” said Jill Williams, director of human resources at the Columbus, Ohio-headquartered investment rm. Named to the Best Places to Work program twice, the rm managed $31.3 billion in assets as of June 30.

“It’s like a no-guilt month where you can adjust to your new routine,” Williams added. “There’s sometimes emotional hurdles. You might want to go to appointments with your spouse, just guring out your new daycare drop-off routines.”

And the return to work can vary

Some rms offer subsidized backup child care such as First Eagle, where Head of Talent Development Sakkara Pama has used its caregiver bene t through child care services provider Bright Horizons Family Solutions for last-minute situations.

At the daycare she uses, the platform’s bene t is also accepted, and can be used to provide occasional relief from the high costs of care. “To have a break a bit and to use those days has been a welcomed surprise,” Pama added.

At Artemis Real Estate Partners, the close-knit culture of the rm enables employees to bring in their children to the of ce when strapped for care services, including when the school day ends for older children, noted Liz Manevski, senior vice president and head of people and culture. She added that this is largely because of the core values of CoCEO Deborah Harmon, who realized “when she was raising her family in the early days, one thing she did was to incorporate her kids into work and vice versa to ensure her kids not have this negative connotation around work — which left a very big imprint on her.”

“Everybody has different family circumstances, and there is a focus on going out of your way to support each other inside and outside of work,” Manevski noted.

Named a BPTW winner three times, the Chevy Chase, Md.-headquartered real estate manager had $10.4 billion in AUM as of June 30.

ALL PARENTS BENEFIT: Polen’s Rachel Trock

Kayla Mendez

marketing rm, said Bessent’s background as a hedge fund executive will likely boost the industry as a whole.

“Bessent’s appointment marks a signi cant win for hedge fund representation at the highest levels of government,” Steinbrugge said. Citing that some other major gures from the alternative investment industry also donated heavily to the Republican Party during this election, including Ken Grif n, CEO of Citadel and Stephen Schwarzman, CEO of Blackstone Group, Steinbrugge added that “these developments point to a hedge fund industry that is poised to wield unprecedented in uence during Trump’s tenure.”

Citadel has about $65 billion in AUM, while Blackstone has more than $1 trillion.

Senate Banking Committee, commended his fellow South Carolinian, in a news release, saying Bessent will “usher in a tax code that enhances growth, investment and economic opportunity for all Americans.”

On Nov. 18 (prior to Bessent’s ofcial nomination), Josh Wolfe, co-founder and managing director of venture capital rm Lux Capital, said on X: “America needs an experienced wise and smarter-than-other global nance heads so he can outsmart them, a Treasury Secretary who puts us rst. A leader who gets tariffs, trade, and turning-the-tide

imports, in line with Trump’s views.

In a Nov. 15 op-ed for Fox News, Bessent wrote that “tariffs have a long and storied history as both a revenue-raising tool and a way of protecting strategically important industries in the U.S.”

Trump has proposed a universal baseline tariff on all U.S. imports of 10% to 20% and a 60% tariff on all U.S. imports from China. If implemented, economists worry the tariffs will raise prices for American consumers and increase in ation.

Kenneth J. Heinz, president of HFR, the research rm that tracks the global hedge fund industry, called Bessent a “solid candidate” for Treasury secretary.

“Clearly the electorate has ushered in a mandate for change, and the incoming administration has implemented this by bringing in industry experts for the Cabinet roles, rather than bureaucratic career politicians,” Heinz said. “Bessent has strong experience and deep background innancial markets from the perspective of someone working in investing and trading, rather than ‘ivory tower’ economists lacking practical nancial markets experience.”

Not surprisingly, U.S. Sen. Tim Scott, R-S.C., a member of the Senate Finance Committee as well as the

Themes

in the real economy.

Capital markets will play a vital role as these mega forces drive a broad infrastructure buildout, BII noted, adding that investors should “focus more on themes and less on broad asset classes” as mega forces reshape whole economies.

Private markets, BII expects, will play a pivotal role for investors, allowing portfolios to gain unique exposure to the AI transformation as public markets can only fund some of it. “For example, private markets can offer exposure to early-stage growth companies driving AI adoption and to vital infrastructure projects,” BII said. “We think the future of nance – a mega force on its own – will be shaped by non-bank lenders increasingly funding such largescale projects. This highlights why private market assets under management are expected to roughly double by 2029 from 2023 levels.”

The AI buildout, BII added, is creating a “huge and immediate” need for data centers. “Demand for newbuild green infrastructure is skyrocketing as countries and tech companies race to reduce emissions.”

However, BII is concerned by certain other trends, including aging demographics in advanced nations in the west and East Asia as this phenomenon may constrain the labor supply.

back in our favor. Scott Bessent is de nitely that guy.”

Wolfe added: “Scott understands tariffs aren’t just a policy, they’re a power move. While others talk, Scott will make sure unfair trade practices pay up. Scott’s built relationships across the globe, not to placate but to dominate. He knows our adversaries and allies; they respect him. He knows how to leverage deals to bring foreign (money) into the U.S. and keep it owing into our economy.”

Lux has more than $5 billion in AUM.

High on tariffs

Indeed, Bessent is a strong advocate of slapping tariffs on various

“Barring any AI-driven productivity gains, that could limit how much economies can produce and grow,” BII stated. “A rise in immigration has blunted this impact in some countries, but likely only temporarily, notably in the U.S.”

BII also addressed geopolitical fragmentation as something for investors to consider.

“As we head into 2025, some countries have new leaders with a mandate for political and economic change,” BII stated. “That could see policymakers pursuing measures that add to volatility rather than stability. Financial markets may work to rein in any policy extremes, such as with scal policy.”

At the center of the political fragmentation is Donald Trump’s re-election as U.S. president. BII noted this could reinforce geopolitical fragmentation and economic competition. Republican control of both Congress and the White House will allow Trump greater ability to implement much of his agenda.

“Markets view some of his proposed policy as a positive near-term, like tax cuts, deregulation and support for traditional energy,” BII said. However, Trump’s proposed curbs on immigration and a wide range of tariffs that, if implemented, could reinforce geopolitical fragmentation and add to in ation.”

Risk on

With respect to investments, BII remains in a “pro-risk” stance.

“We see the U.S. still standing out

Bessent also added in the op-ed that “other countries have taken advantage of the U.S.’s openness for far too long, because we allowed them to.”

Bessent is also committed to extending Trump’s tax cuts from 2017, which were set to expire at the end of 2025.

However, Bahnsen pointed out some of the challenges Bessent may face as treasury chief.

“While Bessent has said that he wants to reduce the budget de cit to 3% of GDP (gross domestic product) by 2028 and push real GDP growth to 3%, the de cit reduction is highly unlikely to occur without that stronger GDP growth,” Bahnsen said. “If GDP can grow at a steeper clip with deregulation and other pro-growth initiatives, then there's a higher likelihood of achieving Bessent's de cit goals.”

In addition, Bahnsen noted that Bessent also said he wants the U.S. to produce 3 million extra barrels of oil each day, “which is a dif cult goal because I believe there is more at play with oil production than just government regulation, as oil companies are being very disciplined in their capital spending. Producing more oil requires oil companies to spend more on production infrastructure.”

versus other developed markets thanks to stronger growth and its ability to better capitalize on mega forces,” BII said in the outlook report, noting the rm is overweight in U.S. equities. “We don’t think pricey U.S. equity valuations alone will trigger a near-term reassessment,” BII said. “But we are ready to adjust if markets become overexuberant.”

With respect to the Federal Reserve and interest rates, BII cautioned that the central bank is not embarking on a “typical cutting cycle.”

“We think (the Fed) will cut further in 2025, and growth will cool a little, but with in ation still above target the Fed won’t have room to cut much past 4%, leaving rates well above pre-pandemic levels,” BII said. “Even with persistent budget de -

Stavros

CONTINUED FROM PAGE 11

cohesive cultures and better returns.

In my personal time, I have been working with more than 50 organizations to launch a new coalition called Expanding ESOPs that is intent on modernizing ESOPs so more workers can be owners of their companies.

Our mission at Expanding ESOPs is to educate legislators and the public about the potential of ESOPs, and what needs to change in the

Industry-led effort to stem 401(k) cashouts paying off

y B MARGARIDA CORREIA

An industry effort led by six record keepers to make workplace retirement savings plans more portable and reduce the problem of 401(k) cashouts is paying off.

Since the six record keepers — Alight, Vanguard Group, Fidelity Investments, Empower Retirement, TIAA-CREF and Principal Financial — launched an automatic-portability service known as Portability Services Network last year, more than 15,000 dened contribution plans have signed up.

Savers in workplace retirement plans with PSN auto-portability service would have inactive retirement savings accounts from previous employers automatically transferred to their current plans, even if the inactive accounts have less than $7,000.

It is estimated that auto portability would preserve $1.6 trillion in savings in the U.S. retirement system over a 40-year period if it were to be adopted by plan sponsors and record keepers nationwide, according to Retirement Clearinghouse, a provider of portability and consolidation services for de ned contribution plans and the technology provider behind PSN.

The issue is especially problematic for accounts involving small balances with less than $7,000 because employers are permitted by law to kick out those accounts when workers leave by either cashing out their balances or transferring the funds to an in-

cits, sticky in ation and greater bond market volatility, investors are not demanding much compensation yet for the risk of holding long-term government bonds. We think that will change and see long-term U.S. Treasury yields rising.”

BII also said it expects to see U.S. corporations deliver strong earnings growth over the next six to 12 months, even if the economy slows slightly, thus highlighting the resilience of corporate earnings even if interest rates stay higher.

BII also said it is bearish on U.S. Treasuries, citing that a potentially growing U.S. budget de cit could add to ongoing scal pressures, “so we favor government bonds in other developed markets.” BII also prefers corporate bonds over long-term

law to re-accelerate new ESOP formations, including among larger companies. We’ve commissioned polling that shows the idea is popular across the political spectrum. Regardless of ideology or party, policymakers and their constituents see a need for more employee ownership, and they want policy intervention to make it a reality. The concept is met with overwhelming support. Our data shows that voters across the political spectrum support policy action to modernize the existing ESOP model and encourage the broad adoption of ESOPs across sectors.  With more than $5 trillion of

dividual retirement account or the worker’s new employer plan.

Portability issues disproportionately impact minority and female savers who have found it easier to prematurely cash out their savings than to keep the money invested in the retirement system, according to Retirement Clearinghouse. The portability services provider estimates that if auto portability were adopted nationally, some 98 million minority job-changers would preserve $744 billion in extra retirement income.

“I heartily applaud the six record keepers that launched Portability Services Network for their unwavering commitment to improving the retirement welfare of America’s undersaved and underserved workers,” said Robert Johnson, chairman of PSN and Retirement Clearinghouse, in a news release Dec. 3.

Since it went live last year, PSN has completed 549 auto-portability transactions and has 7,841 auto-portability transactions in progress.

“The number of de ned contribution plans that have enrolled in auto portability in just one year represents an incredible response,” said Spencer Williams, CEO of PSN and Retirement Clearinghouse. “In fact, recent survey results indicate that the response from plan sponsors has been more overwhelmingly positive than anything we’ve seen in the past regarding a new initiative from the retirement services industry.”   n

Treasuries “as they offer quality income given relatively healthy corporate balance sheets.”

In foreign markets, Japan stands out for its corporate reforms and the return of mild in ation, driving corporate pricing power and earnings growth. “Structural challenges keep us underweight European equities,” BII said. “Yet we nd opportunities at the sector or company level. Longer term, we see some emerging markets like India well positioned to capitalize on mega forces and navigate U.S.-China competition.”

In China, scal policy is turning supportive, yet the threat of U.S. tariffs keeps BII “cautious” on the Asian powerhouse.

BlackRock has $11.5 trillion in AUM.

assets, U.S. pension funds have a unique and important voice to lend to this issue. They control trillions of dollars of workers’ retirement assets and serve the tens of millions of workers who would be most directly impacted by a reinvigorated ESOP program. Together, we have an opportunity to broaden ownership of corporate America, and simultaneously lift your investment returns while giving workers a boost too.   n   This content represents the views of the

MANDATE FOR CHANGE: HFR’s Kenneth J. Heinz

Michael A. Marcotte

Washington

Trump’s Labor secretary pick presents ‘mixed bag’

Lori Chavez-DeRemer’s record in Congress makes impact dif cult to predict

y B BRIAN CROCE

Rep. Lori Chavez-DeRemer, R-Ore., President-elect Donald Trump’s pick to run the Department of Labor, has supported some positions in Congress outside the Republican mainstream, making it difcult to predict what her tenure as labor secretary could mean for retirement plan regulation and oversight, sources said.

Chavez-DeRemer, a one-term congresswoman who lost her bid for reelection this year, was one of three Republicans to co-sponsor the Protecting the Right to Organize Act, or Pro Act, a bill aimed at making labor organizing easier. Despite her support, the bill didn’t advance in the Republican-controlled House.

Also of note, Chavez-DeRemer in July split with most Republicans on the House Education and the Workforce Committee when she voted against a resolution to overturn the Labor Department’s duciary investment advice rule.

“She was a surprising pick,” said Kevin Walsh, a principal at Groom Law Group, noting these positions.

“To some extent, she seems like a substantially more pro-union pick than one would expect from a Re-

Overhaul

CONTINUED FROM PAGE 4

whereas trust-based plans are ruled by the Pensions Regulator.

“Perhaps most signi cantly, the government wants a single set of reforms which cover both master trusts and contract-based schemes, rather than as separate parts of the market,” McClymont said.

Total DC assets are set to hit about £800 billion by 2030, but the government said there’s a “wide variation in member outcomes and limited diversity in how pension providers can and do invest.”

That’s why the government looked at evidence from Australian and Canadian plans, which it said “suggests that scale can give schemes access to a wider set of investment opportunities,” such as infrastructure and private assets.

There’s also a nod to the Dutch retirement system of industrywide arrangements. Both the Dutch pension funds and Australia’s industrywide supers have large allocations to unlisted assets, McClymont said.

“They have the scale and the long-term approach, which encourages major allocations to unlisted assets. That’s where government wants to get to in the U.K.,” he added.

The U.K. government estimates a total of 4% of workplace DC plans is currently invested in private equity (1%) and infrastructure (3%). That compares with Australia’s supers having an estimated unlisted domestic infrastructure exposure of 54%, and Canadian plans’ 22% allocation to domestic infrastructure, according to a government document.

The Dutch market’s large pension

publican administration, but the Trump administration has signaled some willingness to buck what would have been expected from Republican administrations more historically,” Walsh added.

Fiduciary rule

But what her con rmation as labor secretary would mean for duciary investment advice regulation remains to be seen, according to Andrew Oringer, who heads the Wagner Law Group's New York of ce and serves as its general counsel.

Under the Biden administration, the Labor Department in April nalized the Retirement Security Rule, which, among other things, changed the ve-part test so that one-time advice, such as rollovers to IRAs or annuity purchases, must be in an investor’s best interest.

Insurance and annuity groups have challenged the rule in two separate lawsuits. Two District Court judges in July each favored the plaintiffs’ arguments and stopped implementation of the rule, which was slated to take effect in September.

The cases are now before the 5th U.S. Circuit Court of Appeals in New Orleans. That’s the same court that in 2018 struck down an Obama-era rule that broadened the de nition of a person or entity taking on duciary responsibilities and replaced the ve-part test that determines when someone is an investment advice -

fund providers, like the big Canadian plans, also have large and high-pro le infrastructure investments.

APG Asset Management, the €550 billion ($596 billion) manager running the assets of the Netherlands’ largest pension fund, recently teamed up with Japan’s GPIF to jointly make investments focused on infrastructure in overseas developed markets. Alongside the ¥248.2 trillion ($1.6 trillion) Government Pension Investment Fund, Tokyo — the world’s largest pension fund — APG will be investing multibillion-euros into global infrastructure projects.

And Dutch pension provider PGGM, with more than €240 billion in assets, has an infrastructure investment team, PGGM Infrastructure, with a €13.9 billion infrastructure fund with 37 investments as of Dec. 31.

Al Drago/Bloomberg

duciary under ERISA.

After the 5th Circuit’s 2018 ruling, the Trump administration elected not to appeal the decision and the duciary rule died.

But late in the Trump administration, the department in 2020 issued PTE 2020-02, an exemption that permits investment advice duciaries to receive compensation for more types of guidance that are otherwise prohibited under ERISA, such as rollover recommendations, so long as they comply with the exemption's conditions, which include care and loyalty obligations and conict-of-interest mitigation.

“With this particular secretary, predicting what’s going to happen is hard,” Oringer said. “The last time that the amended duciary rule was rejected by the courts, the Trump administration did not appeal to the (U.S.) Supreme Court, but then they went and reinterpreted the rule in a way that was averse to nancial institutions,” he said, noting PTE 202002.

“This particular pick as secretary makes any effort to handicap even more dif cult,” Oringer added. “For anybody who thinks that they know how this Department of Labor is going to view the Retirement Security

There’s also an underlying focus on value for money — something carried through from the previous Conservative government.

That focus “does look to the Australian system,” McClymont said, where superannuation offerings are subject to an annual performance test. Those funds that record two consecutive fails can no longer accept new participants.

“But a really important (point) that’s oft missed is that it’s only been in operation for two or three years — the long-term success of the Australian system ows from other factors, namely sizable employer contributions and a series of funds with

scale which take long-term decisions in the interests of members in line with their duciary duties,” McClymont added.

Size is everything

Another key message on the DC side was that the government is looking to set a minimum size of a DC default funds.

“That’s really interesting to me,” McClymont said. “In Australia that wasn’t done per se but… (supers) have consolidated rapidly. How can (the U.K.) achieve that given we don’t start from the same place? A size of scheme test would be a major market intervention if set at £25 billion or above.”

McClymont’s reference to £25 billion comes from a point made in the

Rule, boy, good luck with that. It’s just a real mixed bag.”

ESG

But on a separate vote against a different Biden administration DOL rule, Chavez-DeRemer voted with Republicans. In February 2023, she supported a resolution to overturn a rule that permits retirement plan duciaries to consider climate change and other environmental, social and governance factors when selecting investments and exercising shareholder rights.

President Biden vetoed the resolution in March.

The Biden-era rule was in response to two rules promulgated late in the Trump administration that said retirement plan duciaries could not invest in "non-pecuniary" vehicles that sacri ce investment returns or take on additional risk and outlined a process a duciary must undertake when making decisions on casting a proxy vote.

Walsh said he expects the DOL under a second Trump administration to move quickly on promulgating a new ESG rule.

“In light of her vote on the ESG resolution, and in the light of the idea that I think every change of control of the White House has led to changes in the ESG rule or sub-regulatory guidance, the next Trump administration is very likely to redo the ESG rule,” Walsh said. “To me, that’s the low-hanging fruit.”

government’s interim review, which stated that evidence from international arrangements show that it’s only when pools of assets reach between £25 billion and £50 billion that they achieve scale and can diversify into productive assets. Part of that is because they’re able to hire skilled staff and perhaps bring investment inhouse, and more than £50 billion affords greater direct investment and an increasing ability to negotiate lower investment fees.

One source said it’s “signi cant market intervention if the government gets to a place … where you can’t be in the DC market unless you’re over £25 billion in assets.” The source cited previous Pensions Minister Guy Opperman, who had pushed in 2022 for consolidation in the DC market. As part of that, Opperman wanted plans with under £100 million in assets to justify their continued existence via a value for participant assessment.

“But £100 million to £25 billion is a big shift,” the source said.

Technology focus needed

The push in DC means “only the best master trusts will survive this wave of consolidation,” said Benoit Hudon, president and CEO for Mercer U.K. “It should be better — raising the bar in terms of quality. We’ll see how it plays out,” he said.

Investment options and having the best technology are what drive better participant outcomes, he said

— something that has been realized in Australia, for example.

“So consolidation in the DC space makes absolute sense — that’s the direction Australia went, with about a dozen super trusts. There’s the option for members to go from one to the other,” he said, referencing competition that exists in the Australian market where participants are free to choose their super fund.

Those scaled plans have of ces in London, Hong Kong, and othernancial hubs, and scale “gives those schemes an opportunity to be direct investors in infrastructure and utilities around the world. They have the possibility to go anywhere and pick what they believe will be the best risk/return in investing,” Hudon said.

These plans also have the opportunity to pay lower fees for those third-party services — although there’s a caveat to lower fees, Hudon said.

“It’s not the lowest fees that will deliver the best proposition. To deliver good (outcomes) you need technology — one of the biggest issues is how complex it is for people to understand how to invest,” he said. To support those participants and help them to make the best decisions, the right communication tools are needed — and that involves technology, which requires investment, Hudon said.

The average U.K. DC plan fee hovers around 20 basis points, between 18 and 22 basis points, he said.   “In Australia, the average is 75 basis points — four times higher,” Hudon said. “The reason is that the industry has agreed, and even the unions (in Australia) are on side with this, that to deliver good outcomes you need a good platform. This requires technology.”

‘SURPRISING PICK’: Labor secretary nominee Lori Chavez-DeRemer

LEANING ON SCALE: IFM Investors’ Gregg McClymont

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CONTINUED FROM PAGE 1

representation of Western’s investment skills — garnered management fees of more than 60 basis points, roughly double the 30 basis points the rm’s core and core-plus portfolios charged clients, the indictment noted.

At all times, however, assets in the Macro Opps strategy remained a fraction of Western’s core and coreplus AUM, with respective highs over that period of $13 billion, $44 billion and $122 billion, the indictment said.

News on Aug. 21 that Leech had become the target of an SEC investigation and would step down to focus on addressing any charges, followed late last month by an indictment alleging a “fraudulent cherry-picking scheme,” saw billions of dollars of client money, both institutional and retail, ee all three strategies.

As of June 30, 2024, those asset totals plunged to $2.1 billion for Macro Opportunities, $66.8 billion for core-plus and $31.1 billion for core. Western ultimately opted to close Macro Opportunities at the end of October.

Western parent company Franklin Templeton, on a Nov. 4 earnings call, reported more than $50 billion in long-term net outows from Western between August and October.

Still, Franklin President and CEO Jenny Johnson, told analysts on the call that Western remained a force in the xed-income universe, managing roughly $330 billion in client money across 88 different strategies.

And as of Sept. 30, big business segments at the rm showing signs of stability included Western’s U.S. investment-grade credit strategies, with $31.2 billion in AUM, up from $24.9 billion the year before; U.S. long credit, at $27.9 billion, up from $24.4 billion; and U.S. liquidity, at $60 billion, up from $54.7 billion the year before.

from Western strategies in recent months “con ned to those two strategies,” aggravated in turn by their poor performance in the years leading up to the Leech news, Curtin said.

Still, brand and reputation undoubtedly matter, and if Leech’s legal woes spawn additional uncertainties for Western’s brand, out ows may yet “bleed into other strategies,” he said.

Western’s role

Meanwhile, the role Western played in identifying potential issues in the rm’s trade allocations could likewise help the rm sustain a modicum of investor con dence in the organization.

The current episode, however painful for Western, can still be considered a success story for the rm’s compliance program, noted Igor Rozenblit, a partner with New Yorkbased Iron Road Partners, which advises investment managers on how to make those programs effective.

While overseeing investment allocations from a compliance standpoint is both challenging and a drain on limited resources, Western iden-

than one in one trillion,” the indictment contended.

In response, Leech’s counsel, Jonathan S. Sack of Morvillo Abramowitz, issued the following statement: “Ken Leech has an unblemished record over nearly 50 years as a trader and portfolio manager. These unfounded allegations ignore key facts, including the fundamental differences between distinct xed-income strategies and the irrelevance of rst-day performance to managing these strategies.”

The SEC, by contrast, argued that rst-day performance is indeed relevant, even if the gains in question aren’t realized by selling — or closing the position — at day’s end.

Allocating winning trades to “favored portfolios” such as Macro Opportunity, permits those portfolios to end the day at a gain, and starting a trading position with a gain rather than a loss ultimately increases the likelihood of successful performance, the indictment said.

The statement by Leech’s lawyer concludes by saying: “Mr. Leech received no bene t from the alleged misconduct. We are con dent that he acted properly at all times,” and he

ti ed the end-of-day allocations as a potential risk area and communicated multiple times with their portfolio managers about the way they should be allocating, Rozenblit said.

Western’s odds of extricating itself from what has proved a treacherous news cycle — ultimately dependent on the ability of newly appointed president Thomas Gahan to hit the rm’s reset button and newly minted CIO Michael Buchanan’s ability to revive the performance of the rm’s long-struggling core and core-plus strategies — could prove less daunting if other segments of Western’s business hold up relatively well.

A spokeswoman for Western declined to provide examples of business segments at the rm that continue to hold steady or garner net in ows.

Confined outflows

Still, some analysts say early indications on that score offer some hope.

Investor reaction to the negative news has been more focused on Western’s core and core-plus strategies than on the rm as a whole, noted Max Curtin, an analyst with Morningstar Research Services focused on xed-income manager research.

Data on institutional and retail ows show well over 90% of out ows

Their move to ultimately confront the rm’s co-CIO and launch an internal investigation — a politically fraught endeavor at any organization — suggests a pretty solid compliance effort, he said.

The SEC’s Nov. 25 indictment of Leech, months after the regulator announced that the high-pro le investor was the target of a Wells notice, alleged that between January 2021 and October 2023, Leech would often wait until late in the trading day before allocating Treasury futures and options trades conducted on behalf of multiple strategies to speci c accounts.

And that, the SEC alleged, gave Leech the opportunity to see which trades were ending the day with initial gains or losses, setting the stage for allocation outcomes that looked anything but random.

Roughly 90% of trades with the biggest gains ended up being allocated to Leech’s relatively high fee, best ideas Macro Opportunities strategy, while 90% of trades with the biggest losses were funneled to Western’s core and core-plus strategies, the SEC said.

“Statistically, the probability that these differences in rst-day returns occurred by random chance is less

will defend himself vigorously.

SEC argument

Alec Lucas, Morningstar’s director of xed-income strategies, predicted that proving the key allegation that Leech had a nancial motivation in favoring the Macro Opportunity strategy could be the biggest challenge for regulators, as the numbers the SEC presents seemingly don’t provide an unambiguous boost for its arguments.

For example, Lucas noted, the indictment showed Western’s combined revenues in 2020 for the core and core-plus strategies coming to $91 million, or 62% more than that year’s $56 million draw for the much smaller Macro Opportunities.

“In other words, on the whole, economic incentives would have still run in the opposite direction of what the complaint alleges,” and Morningstar data suggests the imbalance in favor of core and core-plus remained true throughout the period of alleged favoritism, Lucas said.

That, in turn, could leave the reputational argument, that Leech sought to favor a Macro Opps strategy he founded and touted as the purest representation of his investment skill, as a focus of the case, Lucas said. But that, he added, is a harder thing to prove.

Lucas said Morningstar’s take on the SEC charges is that “they are extremely complicated to assess.”

WESTERN STILL A FORCE: Franklin Templeton’s Jenny Johnson

Embedded

better tting decumulation strategies to participants’ individual needs and preferences — to allow the strategies coming out now to aspire to the kind of ubiquity target-date funds have enjoyed as accumulation vehicles, some contended.

After decades talking about retirement income “with almost no traction,” Kerry Bandow, Russell Investments’ head of de ned contribution solutions, said he welcomed the fact that more committees now are talking and thinking about products such as LifePath Paycheck, “which we think very highly of.”  But if that strategy is “as good, if not better than other products … in the marketplace today … it’s not perfect,”  Bandow said. To move toward perfection, a higher level of personalization is needed to ensure those products serve the speci c needs and preferences of each participant, he said.

“There’s not a one-size- ts-all solution that’s going to meet the needs of most people, the way that target-date funds do today for savers,” agreed Willis Towers Watson’s O’Meara.

Offering a potential source of guaranteed income is a great starting point but it’s not a full plan, O’Meara said. Even with 25% to 30% of savings being channeled into guaranteed income, participants will still have to gure out a safe distribution from the remaining 70% or so, as well as how they should plan for major purchases or set money aside for a bequest.

Keeping it simple

But the level of engagement that personalization will demand from participants could prove a major obstacle to widespread use of hybrid target-date plans, analysts said. Those new products will only be

Asset-based

early 2021. Today, the rm manages about $243 billion in credit. KKR launched its asset-based nance business in 2016 and has seen rapid growth. It’s ABF platform managed more than $66 billion in assets as of Sept. 30, up 40% from the prior year, according to the rm’s third-quarter earnings call.

That’s up from approximately $35 billion in July 2022 when there were 35 dedicated asset-based employees. Today there are over 50. Pietrzak points to adding lawyers to structure deals, growing portfolio monitoring units and the workout team. He expects more growth to come in analytics.

“We’ve got such a big asset-based footprint; we have a lot of data inhouse, and across asset classes, across geographies. That is a competitive advantage for us, right? But we need to make sure we’re mining that appropriately,” he said.

Institutional interest

Institutional investors, including pension funds, are making allocations to asset-based nance, although there is no standard for where asset-backed nance is placed in a portfolio or even labeled within private credit allocations. That said, KKR has seen institu-

effective if they’re easy to understand and use — the same conditions that allowed target-date funds to become the dominant vehicle for accumulation, said Victor Lee, a senior consultant and managing director with Verus.

With that challenge in mind, BlackRock’s LifePath Paycheck team sought to keep their product as simple as possible, having found that “if we provide too much choice,” too often people will choose to do nothing, said Nick Nefouse, managing director and global head of LifePath at BlackRock.

So instead of asking participants to gure out whether they’d prefer to deploy 10% or 50% of their 401(k) savings in securing guaranteed income, BlackRock settled on 30% as a good baseline that — in tandem with Social Security income — should cover most people’s essential retirement spending needs, he said.

T. Rowe’s Van Merlen, while agreeing that complexity is a challenge, said his rm remains focused on providing participants with options, to help them make “more personalized choices and ultimately end up with their own kind of income strategy.”

“The idea of offering one product that’s going to be a blockbuster in the retirement income area is probably a little bit misguided,” he said, noting that better outcomes are likely “if we can give our investors choices.”

A challenge to IRAs?

That tension between simplicity and personalization points to a looming tug of war between 401(k) plans and nancial planners if products such as LifePath Paycheck prompt participants  —  who typically roll de ned contribution assets over into an individual retirement account when they retire  — to stay in plan longer.

That’s a trend enjoying a regulatory tailwind now, noted Kevin Crain, executive director of the Institutional Retirement Income Council, a

tional allocations to its funds in the asset-based segment.

The South Carolina Retirement System Investment Commission, Columbia, made a commitment of up $100 million to KKR Asset-Based Finance Partners II, according to P&I data reported in March. The fund makes privately originated credit investments backed by large and diversi ed pools of nancial and hard assets.

KKR closed its rst dedicated fund to asset-based opportunities, KKR Asset-Based Finance Partners I in July 2022 at $2.1 billion. It also has a high-grade ABF strategy.

Over the past year, some recent KKR deal examples in the space have included providing, with other investors, approximately $500 million in debt nancing to HarbourView Equity Partners for music investments; providing a $300 million corporate credit facility to Orgis Energy for the construction of solar and storage projects; and along with Carlyle Group, purchasing an approximately $10.1 billion portfolio of prime student loans from Discover Financial Services.

And there’s likely more growth to come, with 69% of credit providers, banks, private equity shops, advisory rms and other respondents pointing to more dealmaking activity ahead in asset-based lending and investment grade areas of private credit, according to PitchBook LCD's fourth quarter 2024 global private

nonpro t think tank for the retirement income planning community. The government in recent years began showing a lot more interest in encouraging plans to let participants stay in long term, concerned that too many rolling their de ned contribution savings into IRAs were ill-informed and ending up in high-cost solutions.

That, in turn, spurred innovation by money managers eager to make target-date funds t for purpose for decumulation as well as accumulation, Crain said.

JPMAM’s research shows 85% of participants saying that “they would stay in their plan after retiring if there was an in-plan retirement income option offered,” said Steve Rubino, JPMAM’s head of retirement.

But to compete with nancial planners, WTW’s O’Meara said, managers offering hybrid plans now must move beyond that starting point to make their decumulation strategies “really t for purpose … getting us into the estate planning end of the question.”

Not for everyone

Of course, the hybrid plans com-

credit survey of more than 80 respondents.

Other pension funds and institutional investors have been making sizeable allocations to asset-based nance in recent months.

In March, the $27.2 billion Louisiana Teachers' Retirement System approved a commitment of up to $125 million to Castlelake’s Asset-Based Private Credit III. In June, the New Mexico State Investment Council, Santa Fe, which manages the $58 billion sovereign wealth fund, committed up to $200 million to AB CarVal Asset-Based Fund, an evergreen asset-backed fund managed by AB CarVal Investors. And in September, the $45.2 billion Indiana Public Retirement System, Indianapolis, committed $200 million to

new strategies could quickly become yesterday’s news.

“I don’t know the direction of travel from here — how fast we’re going to go,” said WTW’s O’Meara. Even if demand accelerates from here after a long period of very slow growth, “they might never be mainstream,” he said.

Nefouse said roughly half of the 15 plan sponsors with combined retirement assets of $27 billion BlackRock announced in April as initial LifePath Paycheck clients are in and the other half will go live over the coming year, he said.

Bill Ryan, a partner and head of de ned contribution solutions with Boston-based investment consultant NEPC, said he remains skeptical, predicting that no more than 10% of participants will likely be in the market to buy an annuity.

ing to market now will only prove of use to participants who’ve managed to accumulate a meaningful amount of 401(k) savings.

A participant who retires with $1 million in 401(k) savings and uses $200,000 of that total to purchase a 15-year deferred annuity could expect about $5,000 a month when those payouts begin, or around $60,000 a year, noted T. Rowe’s Van Merlon.

But the average 65-year old in the U.S. today probably has closer to $75,000 in 401(k) savings, which would provide for a $750 monthly check for the rest of their lives, he said, adding “that’s not a solution.”

And that, in turn, points to the need to be able to look at a participant’s full nancial picture — from real estate holdings to outstanding 401(k) pools left stranded as participants changed jobs over a career — in determining how much can be spent on securing a guaranteed income stream.

For now, predictions of how quickly demand for hybrid funds could take off vary sharply — with some anticipating widespread adoption and others saying this year’s crop of

Atalaya Special Opportunities Fund IX managed by Atalaya Capital Management.

Insurers also are allocating to asset-based nance, with 44% percent saying they plan to increase longterm allocations to the segment, the highest of any private credit area, according to a June Moody’s survey and analysis of 30 of the world’s largest insurers.

The average asset-based nance investment for U.S. and Canada insurers is 3% with 7.3% representing the highest allocation, according to Moody’s.

There has been a pick-up of interest in asset-based nance especially since direct lending spreads have come in a bit, said Karin Anderson, director, credit manager research at WTW.

A diversifier

And investors see asset-backed lending as a diversi er with different collateral backing that complements existing private credit strategies, she added.

“(Asset-based nance) is probably pretty high on the list for investors that are already invested in direct-lending strategies,” she said.

“It’s the diversi cation of collateral component, valuations are pretty decent compared to other parts of the market, slightly shorter time commitment compared with other illiquid asset classes and you have a pretty nice range of return targets

“There’s a higher probability, if they engage at retirement, they take all the money out, move it to their own personal wealth adviser, who then may facilitate something similar,” Ryan said. In the de ned contribution construct, “we’re missing the human wealth manager that actually helps the individual trigger the annuity. There’s nobody holding the hand of the participants to successfully facilitate that transaction ... and that human behavior is where I think this breaks down.”

Instead, Ryan predicted, passive target-date funds with elevated equity exposures could prove to be the “killer app” in the retirement space, allowing participants to build up bigger 401(k) retirement pools over a working life of 40 years or more which they can then rely on for a “paycheck” in retirement, without the need of a guaranteed income crutch.

Participants who have undersaved, meanwhile, could be worsening their situations by paying an insurer a premium to get a guaranteed income stream. “They actually could put themselves in a bigger de cit,” he said.

10% to 15% net in a lot of cases. So, it’s very reasonable to assume this will be a popular area.”

And while the market has been around for decades, Anderson pointed to similarities with the growth in the public ABS market, which now comprises a sprawling menu of deal types.

Many investors keep asset-based nance in its own asset allocation bucket because it can contain a wide variety of loan types, from small business loans and equipmentnancing to the more esoteric area of drug and music royalties, she said.

The asset-based segment has been the focus of merger and acquisition activity in the broader marketplace this past year with Blue Owl acquiring Atalaya Capital Management, a rm primarily focused on asset-based credit investments across consumer and commercial nance, corporate and real estate assets, for $450 million.

Pietrzak expects to see corporate pension and public pension plans grow their private credit allocations in coming years beyond direct lending.

“I think there's been a… concept out there that people have been wanting to increase their private credit allocations, but they've been wanting to do that in a diversi ed manner,” he said, adding, “I think probably the biggest benefactor of that will be that asset-based nance bucket.”

INTEREST GROWING: KKR’s Daniel Pietrzak

Kent Meister

‘MIGHT NEVER BE MAINSTREAM’: Willis Towers Watson’s David O’Meara

Arnold Adler

“Even as a proponent (of DB plans), that was kind of shocking to me to see that level of support for pensions from the worker side,” said John Lowell, partner at October

Three Consulting, an actuarial consulting rm specializing in de ned bene t and cash-balance plans.

While Lowell is aware of a number of organizations discussing such actions, the likelihood of some companies actually implementing them depends in large part on whether those are privately held or publicly-traded entities.

“In the public company space, I think we’re seeing a bigger obstacle, and that is that they have to manage quarterly earnings, and the nancial accounting volatility has always shown up as a barrier,” said Lowell.

Lowell said another barrier is that such decisions often start at the chief nancial ofcer level, and CFOs may not be familiar with some of the structural innovations available.

Moran. “In general, interest from plan sponsors in reopening their plans remains muted. IBM was obviously in a unique situation being $5 billion overfunded and having a completely frozen plan, so it was a very good use of surplus for them. Some others are not in that same situation.”

As of Dec. 31, IBM’s U.S. pension plan assets totaled $24.44 billion, while projected bene t obligations totaled $19.85 billion, for a funding ratio of 123.1%, according to its most recent 10-K ling.

It was the surplus that likely enabled the company to announce in November 2023 it was reopening its de ned bene t plan by scrapping its 401(k) corporate match and replacing it with a cash balance component called a retirement bene t account.

“Interestingly, the IBM decision was, at least as far as we know, driven

“Private companies, on the other hand, tend to be much more about cash ow,” said Lowell. “They don’t have those shareholders out there where they have to have quarterly meetings and say we met our target (or) we didn’t meet our target. And so I’m certainly seeing more interest among the private companies in either looking at pensions one way or another, reopening (them or) starting new ones, and looking for innovative solutions.”

Michael Moran, senior pension strategist for Goldman Sachs Asset Management, said that corporate pension funding has continued to improve in 2024.

More plans have attained surpluses, and according to GSAM’s latest Corporate Pension Monthly report, as of Oct. 31 the estimated average corporate pension funding ratio was 107.2%.

“I would say when IBM made that announcement, it certainly kicked off a number of conversations with clients around how to think about use of surplus and how to think about reopening their plans,” said

‘(It) was kind of shocking to me to see that level of support for pensions from the worker side.’ OCTOBER THREE CONSULTING’S JOHN LOWELL

almost entirely by management and was not driven by a lobbying campaign by the plan participants to reopen,” said Jared Gross, managing director, head of institutional portfolio strategy, at J.P. Morgan Asset Management.

IBM has not addressed the reason for the change and did not return requests for comment.

Benefits to IBM, Boeing

On that basis, Gross said the decision to reopen the DB plan was grounded in some kind of corporate nance principles that were benecial to IBM.

“Now that doesn’t mean that the sponsor bene ting and the participants bene ting are mutually exclusive,” said Gross.

“That is one of the lessons of dened bene t plans: The key difference between a DB and a DC is that the returns on the assets are often thought of as belonging to the sponsor, but in reality, that bene t is shared between the sponsor and the participants, because it allows the

Southwest launches new cash balance pension plan for pilots

Southwest Airlines has established a pension plan for its pilots.

The new market-based cash balance plan began Aug. 1 as part of a contract Southwest Airlines negotiated with the pilot’s union earlier this year, said Monica Centers, Southwest’s manager of retirement and total rewards, in an email.

As part of the agreement, Southwest now contributes 1% of a pilot’s wages to the new pension plan, with the contribution increasing to 2% in 2026, according to Nick Coleman, a certi ed nancial planner with Bon re Financial, a fee-only independent registered investment adviser rm.

On top of that, the new pension plan gives pilots who have maximized their 401(k) accounts an avenue to save more, Coleman said in a LinkedIn post.

If pilots max out their 401(k) accounts, the 17% contribution they would otherwise receive from Southwest now spills over into the new pension plan.

The spillover contributions occur when pilots hit the cap on

sponsor to provide, essentially, a more generous bene t, or a bene t that would be dif cult to locate in the markets outside of the DB struc-

total 401(k) employee and employer contributions, or $69,000 if under the age of 50. Pilots making more than $345,000 — the maximum amount on which they can receive the 17% employer contribution — also bene t from the so-called spill.

As of Sept. 30, the plan had accumulated $26 million in assets, according to data provided by Southwest.

Southwest’s cash balance plan follows IBM’s implementation of a similar plan in January. IBM’s “retirement bene t account” gives employees a monthly pay credit that is 5% of their eligible pay and pays 6% annually on their balances through 2026. Unlike Southwest, however, IBM suspended its 401(k) matching contribution.

Of the different types of pension plans, cash balance plans are the only ones that have gained favor, according to Cerulli Associates. In 2020, more than half (51.1%) of all pension plans were cash balance, up from 14.6% in 2009, Cerulli said in a research report in the rst quarter.

MARGARIDA CORREIA

ture,” said Gross.

The gains on the assets that IBM invests enable the company to offer bene ts at a lower cost than doing it

out of pocket as they would in providing a company match in the 401(k) plan, Gross added.

Machinists who walked out on strike in September were pushing to have the DB plan reopened. But in the rati ed contract, Boeing instead agreed to an improved company match in the 401(k) plan.

Boeing said repeatedly it would not reopen the frozen DB plan, and instead in the nal offer approved by workers the company increased the employer match in the 401(k) plan to 100%, up from 75%, of the rst 8% contributed, and included a special company retirement contribution of 4% into the 401(k) plan.

“Boeing wound up giving them a tremendous potential amount of money in the 401(k). They’re probably potentially spending more, if the workers defer enough to get the full match right in the 401(k) plan, than they would be in a pension plan,” said October Three’s Lowell.  Lowell said that he did not know the speci cs of the union’s demand to reopen the pension plan, but he said he would have suggested instead to take the words “de ned bene t pension” off the table.

A Boeing spokesperson did not return requests for comment.

“Tell me in your words what you really want,” said Lowell, “and I think what they would have said is, we want to accrue a lifetime income bene t that Boeing is paying for. I don’t know that because I didn’t talk to any of them, but I really think that’s what they would have said. So the question I would have asked them … suppose I can get you that, but we don’t call it a de ned bene t pension. Are you willing to look at the offer, right? And I would hope they would say yes. Eventually, they they said yes to something that didn’t look like that at all.”

Similarly, Lowell said, he would have gone to Boeing and said instead of calling the plan a pension, concentrate on providing a lifetime income ef ciently.

“Suppose I give you something that doesn’t create those problems, but gives the union what they want,” said Lowell. “Is it possible that would be on the table? I think there’s so much here that de ned bene t and pension have just become very nasty words in bargaining, and I think that was a lot of the problem. There are pension designs that didn’t exist when the IAM rst got its pension from Boeing, and none of those, that I’m aware of, came to the table.”

return-seeking vs. mitigating volatility within the portfolio. To be clear, all things being equal, I’d prefer to have less volatility, but in order to get the returns that we need to generate, we’re willing to make that trade-off.”

The return the foundation needs is signi cant, said Neale. The foundation’s spending policy is 6.5%, and when accounting for in ation as well as the desired growth rate, he said they are looking at a nominal return target of about 9.5%. A more typical spending policy for endowments and foundations is 5%.

“There is no shortage of pundits on Wall Street than can opine, but there’s some validity to what we’re hearing about, (which is) a decade of 3% or 4% returns right from U.S. stocks. If you look at the private eq-

uity ratio right now, as well as earnings growth, you do the math, and it’s pretty easy to see where 3% to 4% is probably not an unreasonable expectation. So you’re trying to get 9%. How do you get there?”

Neale said his of ce is doing so by continuing to look for “uncorrelated opportunities that we feel we have an edge in due to our tolerance for illiquidity.”

The private markets remain the foundation’s best opportunity for return enhancement, even as the IPO market is largely shut down, M&A activity remains low and the impending arrival of a new economic regime in January have all created a number of question marks looking ahead.

More selective

“One of the things that we’ve done is really tried to be more direct in building out our private program,” said Neale, “taking advantage of this tough fundraising environment by introducing ourselves to

managers that maybe three or four years ago would have been harder to access. Not all those conversations are productive, but the response that we’ve received has been very, very positive in terms of folks looking at what we can bring to the table,” being under target with cash to deploy.

Neale said his of ce has been a little more selective in recent years in terms of their relationships with the private market.

“I think three years ago, the power dynamics de nitely favored the GP relationship, and I think that shifted some to the LP side, so we’re trying to take advantage of that,” said Neale.

Neale also said another advantage his of ce has is that they’re only now building out their private investments program, without exceeding target allocations that occurred for some institutional investors when there were stellar returns on their private investment books before

‘It’s pretty easy to see where 3% to 4% is probably not an unreasonable (return) expectation. So you’re trying to get 9%. How do you get there?”

UNIVERSITY

OF NEBRASKA FOUNDATION’S BRIAN NEALE

2022.

“Now we’re seeing the ip side of that, and you know to be clear (in the most recent scal year), our private portfolio did lag the public markets, but our privates were up about 10.9%, so by all measures, still not a bad year,” said Neale.

The foundation measures its private investments against a blended benchmark of public market indexes

plus 3 percentage points, and so for the scal year ended June 30, the private portfolio did lag its 20.7% benchmark.

However, for the three and ve years ended June 30, the private portfolio outpaced that benchmark by 2.8 percentage points and 1.5 percentage points, respectively, according to the foundation’s most recent endowment report.

As of June 30, the endowment's actual allocation was 59.1% public equities, 25.2% private investments, 7.4% real assets, 5.7% multiasset credit, 1.6% transition to equity and private investments, and 1% xed income and cash.

“We’re patient capital,” said Neale. “We’re long-term capital. We like to say our time horizon is forever, but the reality is we look at the ve-year rolling as our basis for tracking. But I think we’re going to look back at this period and view it as I think there’s going to be some very productive vintage years.”

Ashlee Duncan/Southwest Airlines

Experts pessimistic on U.K. ‘megafund’ investments

Government’s plan to support local investment viewed as incomplete

y B SOPHIE BAKER

The U.K. government may have missed a step in its quest to unlock billions of pounds of de ned bene t assets for investment into U.K. productive assets, sources said.

Not mandating more consolidation of public pension fund pools and not introducing tax incentives to encourage pension funds to invest locally are missed opportunities, they added — and without those changes, it’s unlikely these pension funds could compete on the global investment stage.

On Nov. 14, the U.K. government unveiled its plans to inject about £80 billion ($100.9 billion) of assets into the country through an overhaul of the de ned contribution market and tweaks to how local government pension schemes operate and invest.

In the months running up to the release of the government’s interim review, industry players speculated on whether the government would force further consolidation of the 86 England and Wales LGPS funds, which together house about £360 billion and are forecast to have a total £500 billion in assets by 2030.

The pension funds have already brought together some of their assets into eight larger pools, following an initiative by the Conservative government in 2015. But sources had anticipated that Chancellor of the Exchequer Rachel Reeves might want those pools further consolidated to three or four — or even one — larger funds.

The latest announcement from the government looks to keep the basic architecture of the eight pools, but encourage even more pooling of assets, since the existing pools do not yet manage all of their member LGPS funds’ money.

Border to Coast Pensions Partnership, Leeds, England — among the largest of the pools — was responsible for investing £52.3 billion of its 11 member LGPS funds’ assets as of March 31. That equates to about 82% of the member funds’ total assets, for example.

The government wants the following “minimum standards’’ to be applied to the LGPS funds and pools: Overhaul LGPS fund governance to deliver better value from investment decisions; require each administering authority to specify a target for investment in its local economy; fully delegate the implementation of investment strategy to the pool and take principal advice on the investment strategy” from the

pool.

In addition it wants all of the eight pools to be established as investment management companies. That means authorization and regulation by the Financial Conduct Authority, “with the expertise and capacity to implement investment strategies.”

As it stands, not all of the eight pools are FCA-authorized.

Encouraging consolidation

Even as the government pushes for more consolidation to facilitate investment in U.K. productive assets, such as infrastructure and other long-term investments, one pension fund expert said he isn’t sure that leaving the eight pools to run without further consolidation will be sufcient.

“These eight funds, in theory of about £50 billion (each), would not even be top 20 or 30” in terms of competing with the largest retirement plans in the world, said Gordon Clark, senior consultant and emeritus professor at Oxford University’s Smith School of Enterprise and the Environment.

According to the Pensions & Investments and Thinking Ahead Institute ranking of the top 300 retirement plans as of Sept. 30, £50 billion — or the equivalent about $63 billion —  would put these funds just outside the top 80.

“That’s a worry. I would strongly recommend they go from eight to four, and in that sense, they may well be competitive in terms of recruiting the best people, having suf cient assets to invest in technology, and generally being a sophisticated investor,” Clark said.

Anything less than the £78 billion Universities Superannuation Scheme, London, in terms of assets “would be a mistake — eight funds between £30 and £50 billion are subscale by international standards,” Clark added. “It would also be a real problem against the big American, Australian and Canadian funds in London, (with competition for) recruiting talent.”

U.K. pools of that size would also risk being the “junior” partner in any consortium to invest in infrastructure, he added.

On the technology side, “size is really important for innovation. Technology is rapidly expanding and all nancial institutions are struggling to keep up with the technological (advances) and the advantages that come with being close to it, and innovations,” Clark said, adding that greater pooling of assets and the need to keep up with member funds’ assets and liabilities, investment strategies and the passing back of returns accordingly “needs an extremely good technological interface, and (funds) have to all the time be

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upgrading it to keep up with the market.”

Hints at investing locally

Before the government’s announcement, industry sources speculated that the government would mandate further local investment among asset owners, something that governments and others across the world have started to mull — including in Canada and Australia.

In Australia, the country’s A$230 billion ($148.5 billion) Future Fund, Melbourne, will be required to invest more cash in the local economy, Bloomberg reported on Nov. 20. Under a new mandate, the sovereign wealth fund will be required to “consider Australia’s national priorities in its investment decisions,” such as increasing the supply of residential housing, supporting the energy transition and improving infrastructure, a statement by Treasurer Jim Chalmers and Finance Minister Katy Gallagher said.

Of course, the fund’s primary focus would still be to maximize returns, the government added. The wealth fund was set up in 2006 to “allow the Australian government to save today to meet the costs of tomorrow,” according to its website. The fund operates independently from the government, and invests the assets of seven special purpose public asset funds — each with its own investment mandate.

And in March, 92 Canadian busi-

ness leaders wrote to Canada’s minister of nance to bemoan the lack of Maple 8 investment in the domestic market.

The leaders cited gures showing that Canadian pension funds overall have reduced domestic listed equity holdings to less than 4% as of end2023, from 28% of total assets at the end of 2000.  Canada’s eight largest pension funds invest more in China (about $88 billion) than in Canadian listed and private equities (about $81 billion), the letter said.

In the U.K., rather than mandating any kind of local or U.K. investment, the government hinted at it — a good move, sources said.

“If you’re directing where to invest without a guarantee underpinning that should shortfalls exist … I can’t see why” plan executives would be prepared to be a duciary, Clark said. “You can hint (on where you want investment to go), but I think it’s incumbent upon government, if it wants to attract more investment into infrastructure, to make it attractive for domestic and global investors.”

And testament to that “wouldn’t be local governments investing, but attracting the Canadians, Australians or Americans to invest,” Clark added.

The government noted that if every local authority were to allocate 5% of assets to local investments, it would unlock £20 billion of cash injections into communities.

“We need that in the U.K.,” said Benoit Hudon, president and CEO of

Mercer U.K. “If we want money for the NHS (National Health Service), for social housing, to ll the skills gap that exists in the U.K. ... If we want to attract investment in those areas, we need money, and one way to do it is to generate better returns in pension funds,” he said.

But there’s another source the government could have tapped on that front — the thousands of corporate DB plans still out there in the U.K. that are effectively forced into investing in government bonds, since the valuation of their liabilities is based on gilt yields.

“There’s no incentive in U.K. regulations to invest differently, other than in gilts. And that is something … in the regulations that needs to be changed, to give more exibility to DB schemes, that may want to invest in different asset classes like infrastructure and growth assets and equities.”

Investment strategies of DB schemes in the private sector “at the moment are suboptimal, and that’s driven by current regulations. If the government’s intent is to drive investment in the U.K., reforms probably need to be coupled with some kind of tax incentive for asset allocators to invest here,” Hudon said, citing Asia and the Middle East as being “quite attractive from an investment perspective” because of those other types of incentives.

U.K. lessons for others

But it’s not only the U.K. that can learn lessons from other markets — something sources were keen to point out.

“Auto enrollment is something the U.K. did really well, and I do think it’s worth highlighting,” Mercer’s Hudon said.

When consulting with the Canadian government on how to improve their own system, auto enrollment was highlighted for bringing more workers in the U.K. into the retirement system and accumulating savings.

“The coverage is better than what it would be in a country like Canada,” he said.

Government gures show that 88% of eligible U.K. employees were participating in a workplace retirement plan in 2022. In Canada, 37.5% of paid workers were covered by a registered retirement plan in 2022, according to the national statistical of ce, Statistics Canada.

The U.K.’s efforts to expand coverage to the gig economy, for example, is also a potential area for the government to look at. “That’s not to be covered in this round of reforms, but is something the government will have to think about in the current economic environment,” Hudon added.

Spike Liseiko