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Karl Dakin Named Senior Vice President of CDR Financial, Inc. and National Sales Director of GRIP Retirement Services; Chicago Area Based Executive to Oversee Program.

BEVERLY HILLS, Calif. -- CDR Financial Products President and CEO David Rubin announced the appointment of Karl W. Dakin as Senior Vice President of CDR Financial Products and National Sales Director for GRIP Retirement LLC.

GRIP Retirement LLC, a newly formed joint venture between CDR Financial Products and FSD Financial Services (, is positioning itself as a service provider resource for actuarial firms, third party administrators and other financial intermediaries who work directly with plan sponsors. GRIP Retirement addresses the income needs of current and future retirees by making available institutional immediate annuity pricing, via a web based program, from a platform of high quality insurance companies.

"With over 78 million baby boomers gearing up for retirement and with over $16 trillion dollars in retirement assets, the need to insure against longevity risk is most critical," Rubin said. "We are very fortunate to be able to fully utilize Karl's 30-plus years in the Pension industry. He clearly understands the marketplace and what needs to be undertaken to keep us at the forefront of an increasingly important part of our financial services," Rubin added.

"Having both worked with Karl as well as competed against him in the past, I know he will bring a unique blend of operational experience and marketing expertise to his new role with GRIP Retirement," said Scott Sokol, Managing Director of CDR Financial Products.

Mr. Dakin previously was a consultant in the Mercer Annuity Settlement Division, a part of the Mercer Investment Consulting group in Chicago. While with Mercer Investment Consulting, he was responsible for the placement of single premium group annuities, contract negotiations and credit analysis. Prior to joining Mercer, Mr. Dakin was the Regional Pension Manager for Allstate Life Insurance Company. He has over 32 years experience in the Pension industry working with both Defined Benefit and Defined Contribution plans.

Mr. Dakin holds a Bachelor of Business Administration degree from the University of Wisconsin-Oshkosh and a Chartered Life Underwriter (CLU) designation.

CDR Financial Products is a national capital markets group that creates and brings to the forefront, leading edge financial products and services to the institutional investor sector. The Firm operates across eight distinct business units. CDR's business execution model incorporates skill sets and resources from these respective business units to provide value added products and services to its clients.

Over twenty years of market participation has allowed CDR to build a repertoire of experience, the culmination of which is represented by our market presence. Each of the companies analyze current market opportunities, and work collectively, to create products and services that anticipate client needs. Additional information can be found on the companies' website at

Editors Note: For further information or to arrange interviews with CDR management, contact Brent Rosenbaum at CDR Financial, Inc., 310-273-9384.
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Publication:Business Wire
Date:Sep 1, 2005
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