James J. King, Jr. Joins Prudential Retirement Services as Vice President, Investment Services.Business Editors NEWARK, N.J.--(BUSINESS WIRE)--May 14, 2002 Prudential Financial, Inc. (NYSE NYSE See: New York Stock Exchange :PRU PRU Prudential Financial PRU Pupil Referral Unit PRU Photographic Reconnaissance Unit PRU Potomac Rugby Union (Washington, DC) PRU Provincial Reconnaissance Unit PRU Projets de Rénovation Urbaine PRU Pruhonice ) announced today that James J. King, Jr. has been appointed vice president, Investment Services in the company's Retirement Services unit. As head of Investments for the Retirement Services business, Jim will direct the investment consulting team in its efforts to support defined contribution plan Defined contribution plan A pension plan whose sponsor is responsible only for making specified contributions into the plan on behalf of qualifying participants. Related: Defined benefit plan sponsors, while functioning as a key liaison between Retirement Services and Prudential's Mutual Funds & Annuities team for both proprietary and non-proprietary funds. King will also play an instrumental role in the continuing development of GoalMaker(SM), Prudential's exclusive asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. service for retirement plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. . He will report to Paul Chong, executive vice president, Business Development. "Jim's depth of experience in fund performance analysis, combined with his strong background in developing investment strategies, will be appreciated by our institutional clients," said Scott Sleyster, president of Prudential Retirement Services and Guaranteed Products. "We look forward to him leading our already strong team and know that he will be a valuable contributor to our competitive business model," Sleyster added. Prior to joining Prudential Financial, King was chief portfolio strategist for Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. Defined Asset Funds Defined asset fund A unit investment trust consisting of a fixed portfolio of securities, including blue chips, REITs, or high-yielding stocks on a major exchange such as the NYSE or FTSE. , where he managed the investment process for equity assets held in strategy-based equity products and oversaw asset allocation and risk analysis functions. Before that, he held several key fund management positions, including fixed income and alternative strategies. In addition, he's also worked as a senior research analyst at Merrill Lynch and as a management consultant at Ernst & Young. King holds an M.B.A. from Wharton School of Business and a B.A. from Columbia University Columbia University, mainly in New York City; founded 1754 as King's College by grant of King George II; first college in New York City, fifth oldest in the United States; one of the eight Ivy League institutions. . Prudential Financial's Retirement Services unit provides defined contribution and benefits services for public, private and non-profit organizations, with a combination of investment management expertise, state-of-the-art record keeping, and comprehensive investment education programs. With more than 70 years of experience in managing retirement plans, the company today administers approximately $65 billion in defined contribution and guaranteed product assets for more than one million plan participants. Prudential Financial companies, with approximately $580 billion in total assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and administration as of March 31, 2002, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S. These companies offer a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com. |
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