Definiti adds former Sen. Toomey, AssetMark co-founder to board of managers

Former Sen. Patrick Toomey

Toomey represented Pennsylvania in the Senate from 2011 to 2023 and served as the ranking member of the Senate Banking Committee from 2021 to 2023.

Retirement services provider Definiti announced the additions of former Sen. Patrick Toomey and former AssetMark CEO Ronald Cordes to its board of managers Wednesday.

The two high-profile board appointments follow the recent investment in Definiti by private equity player Lovell Minnick Partners, which closed March 16.

Toomey represented Pennsylvania in the Senate from 2011 to 2023. He was the ranking member of the Senate Banking Committee from 2021 to 2023 and previously chaired the Subcommittee on Financial Institutions and Consumer Protection. Prior to entering the Senate, Toomey served in the House of Representatives from 1999 to 2005, where he was a member of the House Financial Services and Budget Committees.

Cordes co-founded and served as CEO and executive co-chairman of managed account platform provider AssetMark, which is also a former portfolio company of Lovell Minnick. He co-authored “The Art of Investing.” Cordes is currently a member of Lovell Minnick’s advisory council.

“Building the right team of leaders and advisors has directly impacted Definiti’s ability to offer best-in-class services to our valued customer base,” Tom Gaillard, CEO of Definiti, said in a statement. “We’re thrilled to welcome Pat and Ron to the Board and look forward to working with them to expand our distribution partners and product suite and continue our legacy of providing effective and unique retirement solutions to our clients.”