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TheStreet Open House

Prudential Retirement Adds Four New Plan Sponsor Clients

Stock quotes in this article: PRU

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.

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