NEW YORK - In a strategic move within its leadership ranks, Equitable has announced Jim Kais as the new Head of its Group Retirement business, with the appointment set to take effect on April 1, 2024. Kais, who brings nearly 30 years of industry experience, will take over from Jessica Baehr, who has been appointed President of Equitable Investment Management.
Kais's tenure will see him overseeing strategy, product portfolio, client experience, and financial outcomes for Equitable's Group Retirement sector. This includes the company's tax-exempt 403(b) and 457 plans, as well as its 401(k) offerings for small businesses. Equitable is recognized as a primary 403(b) retirement plan provider in the K-12 educators market and a leading provider of 457 plans for local governments and municipalities.
Prior to his new role at Equitable, Kais served as Head of Retirement Plans at Ameritas, where he notably expanded the company's retirement plan distribution system and established its multiple employer plan (MEP) business. His previous experience includes senior roles at Transamerica and various positions at ADP (NASDAQ:ADP) TotalSource, Prudential (LON:PRU), and Merrill Lynch.
Kais's expertise is well acknowledged in the industry, having been listed among the "2022's 100 Most Influential People" by 401(k) Wire and having testified before Congress on retirement-related policies. He is an active member of the advisory board for the SPARK Institute and the Retirement Plans Committee of the American Council of Life Insurers.
Jessica Baehr, who previously led the Group Retirement division since 2021, transitions to lead Equitable Investment Management, responsible for the investment advisory of Equitable's variable insurance products, retail mutual funds, and model portfolios. With assets under management totaling approximately $116 billion as of December 31, 2023, Baehr's leadership is anticipated to drive further growth and enhance the company's competitive investment solutions.
These leadership changes are part of Equitable's ongoing efforts to strengthen its market position and commitment to providing financial services. The company, with a legacy dating back to 1859, continues to serve a broad client base, including individuals, families, and small businesses across the United States.
InvestingPro Insights
As Equitable positions itself with new leadership, the company's financial metrics and strategic decisions are crucial for investors monitoring its performance. With a solid Market Cap of $12.52 billion, Equitable stands as a significant player in the industry. The company's commitment to shareholder value is evident through its share buyback program and consistent dividend growth, having raised its dividend for six consecutive years. This is a testament to the company's financial health and its ability to return value to its shareholders.
Equitable's P/E Ratio of 10.76, adjusted to 10.19 for the last twelve months as of Q4 2023, suggests a reasonable valuation relative to earnings, which may appeal to value-oriented investors. Additionally, the company's Price / Book ratio stands at 11.46, indicating a premium that the market is willing to pay for its net assets, potentially reflecting the company's quality and the market's growth expectations.
Investors considering Equitable for their portfolios might find the company's strong performance compelling, with a 1 Year Price Total Return of 60.63% as of the data provided. This robust return aligns with one of the InvestingPro Tips highlighting the company's high return over the last year. For those interested in deeper analysis, the InvestingPro platform offers additional tips, including predictions by analysts that the company will be profitable this year and a note on its liquidity, with liquid assets exceeding short-term obligations.
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