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Monday, March 26, 2007|
Davis is In
National Investment Managers Inc. has named , John M. Davis as its President. Davis joined the company earlier this year as CFO and will continue with those duties. Davis respects the organization and looks forward to his new duties as president. -ed.
National Investment Managers Inc. (OTC BB: NIVM), a nationally-operated and regionally-based retirement plan administration and investment management company, announced today it has appointed John M. Davis as its President.
Davis, 46, joined NIVM as Chief Financial Officer earlier this year and will continue with those responsibilities. Prior to joining NIVM, Davis spent a 20-year career with Nationwide Financial Services, most recently as President of Private Sector Retirement Plans. In that role, he was responsible for leading all aspects of the organization’s business operations, including a staff of 650 employees across 50 states and Puerto Rico, with financial responsibility for $49 billion of assets under management and $7 billion of annual sales. In 2006, he spearheaded several organizational changes including sales and operations process improvements, revamped industry positioning and the launch of a new 401(k) program which provided a simpler solution for plan sponsors, a lower cost for consumers and an easier sales story for distribution partners.
In addition, Davis served as Vice President and Chief Financial Officer for Nationwide’s Retirement Plan division, President of Nationwide Investment Services Corporation and led the Information Technology and Operations divisions of Private Sector Retirement Plans.
Steven Ross, CEO of National Investment Managers, said, “Our business has effectively doubled in the last six months through acquisitions, bringing assets under administration to nearly $10 billion across 10,000 retirement plans. We anticipate a continuation of these acquisitions in the coming months, and as a result, we must adapt our organizational structure and management team to suit our larger size. This move will allow our organization to capitalize on John’s experience and credibility in the retirement plan business and position our management team to fully take advantage of opportunities in the market.”
Davis said, “I consider myself fortunate to have such a significant role with National Investment Managers. As an industry observer for the last few years, I saw this organization execute its strategic plans with great precision, and was impressed with the level of momentum it gained with each and every acquisition. Since joining the team, I have been even more impressed with the knowledge, experience and energy that everyone in this organization possesses. I sincerely look forward to helping this Company take advantage of the many business and market opportunities before it. I firmly believe in the strategy, business model and plans for execution. And, with the help of our entire team, I know we will be successful.”
About National Investment Managers Inc.
National Investment Managers Inc. is a holding company and a consolidator of pension plan administration, investment management and insurance businesses. Its strategy includes a custom-tailored acquisition formula for each acquired business, which allows local and regional entities to retain their autonomy while benefiting from the reach that a national presence offers. In addition, the Company's approach offers entrepreneurs in these businesses an exit strategy suited to their specific needs. National Investment Managers targets businesses with stable cash flows and high operating margins to ensure successful integration of operations once a sale is concluded. Acquired companies continue to operate under their own brands, usually with minimal staff turnover to ensure that relationships of many years' standing are not disrupted. At the same time, these formerly small businesses can cross-sell related financial services under the National Investment Managers umbrella and enjoy administrative and other support from around the country.
The member firms of National Investment Managers provide pension administration services, retirement planning, defined benefit services, asset preservation, general insurance and asset management services. Wholly-owned subsidiaries of National Investment Managers are based in Southington, CT; Marina Del Rey, CA; Jacksonville, FL; Orlando, FL; Boston, MA; North Attleboro, MA; Baltimore, MD; Cherry Hill, NJ; Haddonfield, NJ; New York City, NY; White Plains, NY; Bend, OR; Portland, OR; Blue Bell, PA; Harrisburg, PA; Horsham, PA; Valley Forge, PA; Providence, RI; Houston, TX; and Seattle, WA.
Note: This press release contains statements that are considered forward-looking under the Private Securities Litigation Reform Act of 1995, including statements about the Company’s future prospects. They are based on the Company’s current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include whether the Company is able to raise capital, identify and complete acquisitions, integrate the acquired businesses, improve upon the operations of the acquired business units and generate cash and profits. Further information about these and other relevant risks and uncertainties may be found in the Company’s filings with the Securities and Exchange Commission.
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