The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Prudential Retirement adds four new plan sponsor clients

<p class='bwalignc'> <i>Custom solutions to help plan participants achieve retirement security key to differentiating Prudential</i> </p>

Tuesday, March 05, 2013

Prudential Retirement adds four new plan sponsor clients10:00 EST Tuesday, March 05, 2013 NEWARK, N.J. (Business Wire) -- Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE: PRU), today announced four new plan sponsor clients with over 1,500 participants. “We are pleased to be able to bring these four new plan sponsor clients on board and look forward to leveraging our custom solutions and investment offerings, such as GoalMaker, to place their plan participants on a more secure path to and through retirement,” said George Castineiras, senior vice president, Total Retirement Solutions, Prudential Retirement. “These wins underscore Prudential Retirement's leadership when it comes to providing plan sponsors and intermediaries full-service retirement plan offerings.” Interstate Resources, an Arlington, Va.-based independent containerboard supplier of linerboard and corrugating recycled medium, has selected Prudential as its recordkeeper in November. “We went to market to see what was out there and we were really sold on Prudential's established name in the retirement market and the services the firm offered,” said Ramez Skaff, secretary and executive treasurer. “Prudential Retirement's platform really met the goals of our plan participants. We are very happy to be able to offer employees GoalMaker.” The plan has more than $35 million in assets and 700 participants. Jay Mullins, managing director, BB&T Institutional Investment Advisers, was the advisor to the deal. Beverly Hills, Calif.-based real estate company Kennedy Wilson signed its $15.3 million plan up with Prudential in December. The plan has more than 355 participants. Andrew B. Basch, senior vice president and corporate client group director, Morgan Stanley Private Wealth Management, and Christopher W. Lowe, vice president, Morgan Stanley Wealth Management, were the advisors to the deal. Houston, Texas-based valve manufacturer, Bray International, has also signed on. Bray's plan has more than $12 million in assets and 197 participants. Richard Pond, CRPS, Global Wealth Services at Morgan Stanley Wealth Management, was the advisor to the deal. Rochester, N.Y.-based beverage distributor Wright Wisner also chose Prudential to administer its retirement plan with more than $24 million in assets and roughly 336 participants. Paul D'Aiutolo, retirement plan consultant, UBS Financial Services, was the advisor to the deal. 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 expertise, Prudential Retirement helps meet the needs of over 3.6 million participants and annuitants. Prudential Retirement has $289.8 billion in retirement account values as of December 31, 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 with approximately $1.060 trillion of assets under management as of December 31, 2012, 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 www.news.prudential.com. 0240181-00001-00 BB&T Institutional Investment Advisers, Morgan Stanley Wealth Management, UBS Financial Services, and each company's employees are not affiliated with Prudential Financial or its businesses. Josh Stoffregen973-802-3996 office973-204-2450 mobilejosh.stoffregen@prudential.comorDawn Kelly973-802-7134 office201-406-7248 mobiledawn.kelly@prudential.com