Massachusetts Mutual Life Insurance Company (MassMutual), headquartered in Springfield, Mass., and Matrix Financial Solutions, a Broadridge company based in Lake Success, N.Y., have launched an investment platform for defined-benefit pension plans.
The new platform provides financial advisors and plan sponsors with access to enhanced reporting and online functionality, while offering more registered investment options, the companies said in a press release. In addition, the new platform enables users to customize investment offerings, while simplifying the process of evaluating and selecting investment options, they said.
Michael O’Connor, head of MassMutual’s defined benefit business, told Financial Advisor that he believed the new platform would not only make his company more competitive, but would also grow its share of what he described as an underserved market.
The new platform will expand MassMutual’s capability to support larger pension plans of $200 million or more, he added.
“We listened to our customers and we provided them with solutions to their concerns (with this new platform),” he said.
O’Connor declined to disclose how much MassMutual had invested in its new platform. He projected that pension assets will grow by 9 percent over the next five years, opening the door for increased market share.
MassMutual served more than 2,600 DB plans totaling more than $20 billion in assets under administration (AUA) as of December 31.