Prudential Financial’s Retirement Unit Names New Head of Investments for Full-Service Business
March 21, 2014 by Fran Matso Lysiak
NEWARK, N.J. – Prudential Financial Inc.’s retirement business named Srinivas Reddy to a newly created position overseeing investments for its full-service business.
He will be responsible for all aspects of the investment and retirement-income businesses within Prudential Retirement. This business consists of $170 billion in assets under administration and relationships with more than 60 affiliate and third-party asset managers for institutional separate accounts and funds offered through defined-benefit and defined-contribution retirement plans offered at the workplace.
Reddy joined Prudential’s retirement unit in 2010 to lead the retirement-income business. Before joining Prudential, he had several leadership roles in investments and retirement services with USAA and ING.
With more than 3.8 million participants and annuitants, Prudential Retirement had $322.9 billion in retirement account values at Dec. 31, 2013. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Co., Hartford, Conn., or its affiliates.
In recent weeks, Prudential Financial (NYSE: PRU) made several executive changes. Recently, the company said it promoted Robert Axel to senior vice president, controller and principal accounting officer as Peter Sayre plans to retire on Oct. 31 after 30 years with the company (Best’s News Service, March 13, 2014).
In February, Prudential said its international division chief, Ed Baird, would retire in April and Charles F. Lowry would take his post. The company also promoted Steve Pelletier to executive vice president and said he would take over U.S. businesses and made Lori Fouche senior vice president (Best’s News Service, Feb. 14, 2014).
Prudential Retirement Insurance and Annuity Co. and Prudential Insurance Company of America each currently has a Best’s Financial Strength Rating of A+ (Superior).
(By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com)