NEWARK, N.J. - (Business Wire) Prudential Financial, Inc. (NYSE: PRU) announced today that it has completed the acquisition of MullinTBG, a leading provider of executive benefit solutions and financing strategies. MullinTBG companies, including MullinTBG Insurance Agency Services, LLC, MullinTBG Advisors, its staff, and related entities are part of Prudential Retirement, a business of Prudential Financial.
“Our goal is to expand retirement security for increasing number of Americans,” said Christine Marcks, president, Prudential Retirement. “With this latest acquisition, Prudential Retirement is in a position to better serve clients’ evolving retirement needs and place more Americans on the path to achieve a secure retirement,” said Marcks. “With the consummation of this transaction, the recent acquisition of a portion of the Union Bank of California’s retirement book of business and the integration of CIGNA’s retirement business, Prudential has the scale and platform to provide a broader set of retirement planning products, practical solutions and service capabilities to help institutions simplify and enhance their benefit offerings and help participants meet retirement challenges.”
The combination of the two companies is expected to be completed quickly since the acquisition does not require a significant administrative, operational, or systems integration.
MullinTBG is a leading provider of executive benefit solutions and financing strategies, including nonqualified executive deferred compensation plans that encompass lifelong financial care through MullinTBG Advisors, a Registered Investment Adviser and MullinTBG Company. MullinTBG focuses on nonqualified benefits programs for Fortune 1000 clients, and currently administers and/or services over 650 customized plans with nearly 60,000 executive participants and $21 billion in total assets as of June 30, 2008. The firm is headquartered in Los Angeles, also home to its client-service center, and has regional offices in Baltimore, Boston, Chicago, Dallas, New York, and Newport Beach. Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA and SIPC. MullinTBG and MullinTBG Insurance Agency Services, LLC are owned and operated independently from M Holdings Securities, Inc.
Prudential Retirement delivers retirement plan solutions for public, private, and non-profit organizations. Services include state-of-the-art record keeping, administration, investment management, comprehensive employee investment education and communications, and trustee services. With nearly 85 years of retirement experience, Prudential Retirement meets the needs of two million defined contribution participants and more than one million defined benefit participants and annuitants. Prudential Retirement has more than $158 billion in retirement account values as of June 30, 2008.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $638 billion of assets under management as of June 30, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.
INST-A028610
Prudential Financial, Inc.
Dawn Kelly, 973-802-7134
