Magazine article American Banker

Bankers Trust 401(k) Exec Has Big Ideas for Small Plans

Magazine article American Banker

Bankers Trust 401(k) Exec Has Big Ideas for Small Plans

Article excerpt

Having positioned Mellon Bank Corp.'s strategy for the defined contribution market, Timothy F. Keaney is now trying to broaden the reach of Bankers Trust New York Corp.'s retirement services unit.

Known as a megaplan manager, New York-based Bankers Trust is setting its sights on servicing smaller retirement plans too.

The banking company "will diversify and focus more on small and midsized markets," Mr. Kenney said in an interview.

In the next few years, Bankers Trust expects most of the growth in the retirement services business to come from small and medium-size companies.

These companies are expected to keep hiring more employees, while large companies are expected to continue shedding workers.

Already, there are a number of initiatives under way to position Bankers Trust as a retirement plan provider for the masses.

"I should be able to help that process," Mr. Keaney said.

To meet that end, he plans to draw from his experience at Mellon, where he dealt primarily with small and midsize companies.'

During his four-year tenure at the Pittsburgh-based banking company, Mr. Kenney held overall responsibility for the 401(k) business.

He oversaw a variety of functions, including sales and marketing, systems and operations, recordkeeping, and plan participant communications.

But life at Bankers Trust already appears quite different.

"Bankers Trust is very far ahead in participant servicing," Mr. Kenney said. "I have much more appreciation for the mega-plan marker," he added, referring to the institutional clients Bankers Trust traditionally serves who have 20,000 to 30,000 employees covered-in their retirement plans. …

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