Prudential Retirement Creates Gibraltar Ventures
December 17, 2014 by Business Wire
NEWARK, N.J.–(BUSINESS WIRE)– Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE:PRU), announced today a newly created organization, Gibraltar Ventures, which will explore, develop and invest in new strategies to advance retirement and financial security.
“Gibraltar Ventures will build on Prudential Retirement’s significant successes over the past several years and complement our existing efforts to help more people prepare for their financial futures with confidence,” said Christine Marcks, president, Prudential Retirement. “As a separate organization solely focused on exploring, developing and investing in transformational ideas and business strategies,Gibraltar Ventures will accelerate our progress and support our reputation as a leader in thinking differently and producing better outcomes.”
George Castineiras, head of Total Retirement Solutions, Prudential Retirement’s defined benefit, defined contribution and nonqualified executive benefits business, has been tapped to lead Gibraltar Ventures. James McInnes, a key member of the Total Retirement Solutions leadership team since 2009, will be promoted to head of Total Retirement Solutions. Castineiras and McInnes will begin their new roles on January 1, 2015 and report directly to Marcks.
“I am pleased to launch Gibraltar Ventures under George’s leadership,” Marcks added. “George’s experience in this industry and passion for innovation make him a natural choice to launch this effort.”
The strategy for Total Retirement Solutions will remain unchanged.
“Jamie has a broad understanding of the business and a successful track record of working closely with intermediaries and sponsors to provide a superior service offering and client experience,” Marcks said. “He has been a significant contributor to our growth in this business in recent years, and I am confident he will continue to cement our leadership in the industry, while leading TRS to new levels of success.”
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and non-qualified deferred compensation record keeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services. With over 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.0 million participants and annuitants. Prudential Retirement has $356.1 billion in retirement account values as of September 30, 2014. 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 more than $1 trillion of assets under management as of September 30, 2014, 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.
Prudential Retirement
Tanya Valle, 973-802-4370
tanya.valle@prudential.com
Source: Prudential Retirement
