David L. Musto has been named as President of Ascensus, reporting to Bob Guillocheau, who will take on the role of chairman in addition to his duties as chief executive officer. Musto will join Ascensus’ board of directors.
According to a press release, Musto will focus on continuing to grow the firm’s existing businesses, overseeing the day-to-day operations of the retirement and college savings divisions, including sales and technology. He will also maintain and expand existing client relationships while looking to establish new partnerships.
Musto, who most recently served as president of Great-West Investments, will join Ascensus in early September. He has also held executive and senior leadership positions at Empower, J.P. Morgan, Prudential, and CIGNA.
Ascensus notes that Musto’s hiring will allow Guillocheau to devote more of his time and efforts to strategic initiatives and the Ascensus’ acquisition mandate. Shannon Kelly and Jeff Howkins, the respective divisional presidents for retirement and college savings who formerly reported to Guillocheau, will now report to Musto.
Ascensus supports approximately 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. As of June 30, 2017, Ascensus had over $155 billion in total assets under administration.
