At a glance
- The board voted unanimously for the appointment after an extensive search, and CEO Richard S. Price stays on as executive chairman, focusing on organizational strategy and the firm's civic and community work.
- For advisors and plan sponsors whose plans sit with Mesirow Fiduciary Solutions, the change lands just after the unit completed its purchase of flexPATH Strategies' plan-level 3(38) investment management business.
- Deal Tracker counts two Mesirow deals in the past 12 months, both as buyer, the most recent an announced transaction dated Sept. 23.
Mesirow named Shawn Beber, president and CEO of CIBC Bank USA, as its next chief executive, the firm said in a Tuesday announcement, InvestmentNews reported. Beber, who spent more than two decades at Canadian Imperial Bank of Commerce, takes over a Chicago-based firm that is employee-owned and buying its way deeper into retirement-plan services.
The board voted unanimously for the appointment after an extensive search, and CEO Richard S. Price stays on as executive chairman, focusing on organizational strategy and the firm's civic and community work. Beber inherits $410.3 billion in assets under supervision as of Sept. 30, along with a stated plan to keep growing through acquisitions, organic expansion and investment in specialist capabilities.
For advisors and plan sponsors whose plans sit with Mesirow Fiduciary Solutions, the change lands just after the unit completed its purchase of flexPATH Strategies' plan-level 3(38) investment management business. Mesirow has said it plans to keep growing through acquisitions, which suggests the fiduciary business will keep adding plan-level mandates by purchase rather than only through organic wins.
Deal Tracker counts two Mesirow deals in the past 12 months, both as buyer, the most recent an announced transaction dated Sept. 23. Much of the recent dealmaking has centered on workplace retirement plans, InvestmentNews reported: Mesirow closed its acquisition of LeafHouse Financial Advisors in July, and LeafHouse now operates as Precision Fiduciary Partners. The flexPATH transaction, agreed a month after the LeafHouse close, was completed in late October.
Beber's roles at CIBC spanned U.S. commercial banking and wealth management, risk management, legal, and strategy and corporate development. Mesirow said he played a crucial part in building the Canada-based lender's U.S. footprint, including its $5 billion purchase of The PrivateBank in 2017.
"Shawn has proven to be an extraordinary leader with the experience, judgment and ability to bring people together to serve clients and grow businesses," Price said. Beber, he said, will bring a fresh perspective to the leadership team while preserving the principles that have guided Mesirow through its 90-year history.
Shawn has proven to be an extraordinary leader with the experience, judgment and ability to bring people together to serve clients and grow businessesRichard S. Price, executive chairman of Mesirow
Reported by the Moves desk from InvestmentNews and Deal Tracker. Published . Corrections