The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Prudential Retirement hires head of stable value

<p class='bwalignc'> <i>Michael L. Davis joins Prudential Retirement</i> </p>

Monday, November 12, 2012

Prudential Retirement hires head of stable value12:25 EST Monday, November 12, 2012 NEWARK, N.J. (Business Wire) -- Michael L. Davis has joined Prudential Retirement – a business unit of Prudential Financial, Inc. (NYSE:PRU) – as senior vice president and head of its Stable Value business. As leader of the stable value business, Davis will oversee Prudential's in-plan and third-party stable value product management and development team. He will also serve as Prudential's subject matter expert for market intelligence in this area. Before joining Prudential, Davis served as Deputy Assistant Secretary of the U.S. Department of Labor's Employee Benefit Security Administration. Prior to his appointment to the Department of Labor, Davis held various positions with JP Morgan, including managing director and head of the west region institutional client group for J.P. Morgan Asset Management. Davis will report into Jamie Kalamarides, senior vice president and head of Prudential Retirement's Institutional Investment Solutions. “We are delighted to have Michael join the Prudential Retirement team,” said Kalamarides. “His strong experience in the financial services industry and regulatory environment, and in-depth understanding of clients and advisors will help us continue to grow this business and provide retirement security for more Americans.” Davis holds a bachelor's degree in finance from the University of Texas at Austin and a master's degree in public policy from the John F. Kennedy School of Government at Harvard University. In 2006, Davis was named one of the "75 Most Powerful Blacks on Wall Street" by Black Enterprise and has received several other industry and civic awards. As of Sept. 30, 2012, Prudential Retirement has $102 billion in stable value retirement account values, including $56 billion in investment only stable value. Prudential Retirement delivers retirement plan solutions for public, private, and non-profit organizations. Services include state-of-the-art record keeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services. With over 85 years of retirement experience, Prudential Retirement helps meet the needs of over 3.5 million participants and annuitants. Prudential Retirement has $251.6 billion in retirement account values as of September 30, 2012. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company(PRIAC), Hartford, CT, or its affiliates. Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/. 0234560-00001-00 Prudential Financial, Inc.Dawn Kelly973-802-7134 office201-406-7248 mobiledawn.kelly@prudential.com