Empower Promotes Daubenspeck to Lead $403B Government and Union Retirement Unit
Event summary
- Marybeth Daubenspeck promoted to executive vice president of government and Taft-Hartley businesses at Empower.
- Unit serves 14,400 retirement plans, 7,590 clients, and 6 million participants with $403B in assets under administration.
- Daubenspeck previously led a $120B AUA portfolio as vice president of Government Markets.
- Empower is the second-largest retirement and wealth management services provider in the U.S.
- Daubenspeck joined Empower at age 19 and has held various leadership roles over her tenure.
The big picture
Empower's promotion of Daubenspeck underscores the strategic importance of its government and union retirement segments, which cater to public sector employees and trade union retirement plans. This move comes as the retirement services industry faces increasing pressure to adapt to evolving regulatory environments and demographic shifts. With $403B in assets under administration, the unit's performance will be critical to Empower's overall growth strategy.
What we're watching
- Governance Dynamics
- How Daubenspeck's leadership will impact client retention and strategic growth in the government and union retirement segments.
- Operational Performance
- Whether Empower can sustain its growth trajectory in these segments under new leadership.
- Regulatory Landscape
- The pace at which regulatory changes may affect Empower's government and Taft-Hartley businesses.
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