The first of these, Total Retirement Solutions, integrates the company’s full-service defined contribution, defined benefit, nonqualified business, and consulting services. George Castineiras will lead this group, which will include administration, recordkeeping, plan sponsor and participant services, operations, and market-facing teams.
Institutional Investment Solutions, led by Jamie Kalamarides, will be responsible for manufacturing stable value, institutional income, institutional investment, and bank and brokerage products. These products will be sold through Total Retirement Solutions to third-party partners and to existing business relationships and others that will be identified going forward.
Pension & Structured Solutions, which will continue to report to Phil Waldeck, includes the business’s Pension Risk Transfer unit and Structured Settlements, along with the operations functions required to support this business.
“Historically, we have been functionally organized,” said Christine Marcks, president of Prudential Retirement. “This organizational structure will give us an even better line of sight to our clients and greater ability to innovate for advisers, plan sponsors, and participants.”
Also under the new organizational structure, the Strategic Relationships unit, led by Harry Dalessio, who previously reported to Castineiras, will now report directly to Marcks. Strategic Relationships’ focus is expanding and strengthening Prudential Retirement’s relationships with intermediaries, and it will oversee the development of strategies for each of the key intermediary relationships for the three newly-defined business areas.
The Strategic Relationships team will also implement the business’ national channel strategy and source new intermediary relationships for consultants, advisers, and third-party platforms.