Previously, Prudential Retirement’s business had been organized by function, but the reorganization into integrates products and services to better align with the goals of the company, she said (see “Prudential Retirement Reorganizes“).
Deciding to put the Strategic Relationships unit reporting directly to her was a recognition that the company works with many types of intermediaries and their importance to Prudential Retirement’s business. Intermediaries include advisers, actuarial consultants, investment banks, and recordkeepers with which Prudential has an investment-only relationship, she noted. “I will have that insight to intermediaries at the table with Harry,” Marcks said, referring to Harry Dalessio, who previously reported to George Castineiras, head of .
As part of the reorganization, MullinTBG, the nonqualified plan provider within Prudential Retirement (see Prudential Retirement, MullinTBG Meld Platforms), has now been brought into the Total Retirement Solutions unit now led by George Castineiras. Previously, this group reported directly to Marcks.
Bringing together the previously separate units of client relationships and business development and plan operations together into a single Total Retirement Solutions unit allows the company to build on its total retirement offerings, including its consulting capabilities, plan administration and recordkeeping functions, and its participant and plan sponsor communication. Also contained within this unit are the day-to-day relationships with intermediaries, though the planning of those relationships falls under Strategic Relationships.
“I felt like we needed more senior leadership,” she said, in explaining the company’s formation of the Institutional Investment Solutions business unit. This is due partially because the company’s stable value business has been growing rapidly and partially because “there is a lot of room left for product innovation,” Marcks noted. This group, under Jamie Kalamarides, will continue to work with product manufacturers within the company to develop new, and enhance existing, products, she noted.
After the company’s first buy-in risk transfer with a pension plan this spring (see Pru Completes Nation’s First Pension Buy-In), the company has seen much interest from other plans, Marcks said, and so integrating the operations function with the relationship and business side seemed like a natural fit, leading to the formation of the Pension & Structured Solutions unit under Phil Waldeck.