Industry Veteran to Focus on Organic Growth and Success of Firm’s Existing Businesses
Dresher, PA– Ascensus, a technology-enabled solutions provider that helps more than 7 million Americans save for the future, announced today that David L. Musto has been named as the firm’s president 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.
As president of Ascensus, 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 consistently demonstrated the ability to drive growth as a business leader throughout a career that spans more than 25 years, holding executive and senior leadership positions at Empower, J.P. Morgan, Prudential, and CIGNA.
Musto’s hiring will allow Guillocheau to devote more of his time and efforts to strategic initiatives and 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 is an obvious leader in all of its lines of business, and its future prospects are incredibly bright,” said Musto. “I’m looking forward to working with Ascensus’ leadership team and being a meaningful contributor to the firm’s continuing growth and value story.”
“I could not be more excited to welcome David to Ascensus,” said Guillocheau. “His industry experience and track record of leadership success make him the perfect fit for the role of president. David’s hiring represents yet another positive investment in Ascensus’ future.”
“With the tremendous support of our financial sponsors, Genstar Capital and Aquiline Capital Partners, Ascensus has completed six acquisitions and won multiple 529 state mandates as well as the first two state-sponsored retirement plans over the past nine months,” continued Guillocheau. “That we have been able to bring in someone of David’s stature speaks volumes about Ascensus’ market leadership.”
Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare—through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. 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. For more information about Ascensus, visit ascensus.com.
About Genstar Capital LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of over $5 billion and targets investments focused on selected sectors within the financial services, software, industrial technology, and healthcare industries.
About Aquiline Capital Partners LLC
Aquiline Capital Partners, founded in 2005, is a private equity firm based in New York investing in businesses across the financial services sector in banking and credit, insurance, investment management and markets, and financial technology and services. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline-llc.com.