Deals & People September 11, 2008

Prudential to Acquire MullinTBG

The Prudential Insurance Company of America has entered into an agreement to acquire MullinTBG Insurance Agency Services, LLC (MullinTBG).
Reported by

According to the terms of the agreement, Prudential will acquire MullinTBG, a provider of executive benefit solutions and financing strategies, including deferred compensation programs, and related entities. MullinTBG will operate as an additional business unit of Prudential Retirement, and will retain its brand, business model and strategic distribution relationships, including continuing as a member firm of M Financial Group.

Corporate and participant investment advisory services will also be offered through MullinTBG Advisors, a Registered Investment Adviser and MullinTBG company.

“Prudential Retirement is responding to our clients and their increasing needs to provide nonqualified administration and funding as an integral part of retirement planning for their executives,’ said Christine Marcks, president of Prudential Retirement. “We want to help companies simplify and enhance their benefit offerings by strengthening our position as a single source for both qualified and nonqualified retirement plans.’

MullinTBG is a provider of executive benefit solutions and financing strategies, including nonqualified executive deferred compensation plans that encompass lifelong financial care through MullinTBG Advisors, a Registered Investment Adviser and MullinTBG Company. MullinTBG focuses on nonqualified benefits programs for Fortune 1000 clients, and currently administers and/or services over 650 customized plans with nearly 60,000 executive participants and $21 billion in total assets as of June 30, 2008. The firm is headquartered in Los Angeles, also home to its client-service center, and has regional offices in Baltimore, Boston, Chicago, Dallas, New York, and Newport Beach.

“MullinTBG and Prudential share a deep commitment to the retirement business,’ said Michael Shute, CEO of MullinTBG. “As a leading financial services company, Prudential will provide even greater strength and resources for MullinTBG to serve clients’ evolving retirement needs. Expanding our retirement solutions with Prudential Retirement creates tremendous synergies between the two firms’ core businesses, without compromising MullinTBG’s unbiased approach and exceptional ability to design, administer and finance customized executive benefit programs.’

The transaction is expected to close in the fourth quarter of 2008, subject to customary closing conditions, including regulatory approvals.

Products September 11, 2008

HSBC Expands Frontier Markets Capabilities

HSBC Global Asset Management announced it will launch a Middle East and North Africa fund next month as part of its plans to expand its capabilities in frontier markets.
Reported by

The HSBC GIF Middle East and North Africa (MENA) Fund will be managed by Andrea Nannini and his team at Halbis, the active management arm of HSBC Global Asset Management.

The MENA fund forms part of HSBC’s flagship Global Investment Funds Luxembourg Sicav and is available to institutional and retail investors, according to the announcement. It is benchmarked against the MSCI Arabian ex-Saudi Arabia Total Return Index and will invest in 50 to 60 companies in the region with a minimum market capitalization of $100 million.

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Countries within this universe include United Arab Emirates, Oman, Kuwait, Bahrain, Egypt, Jordan, Qatar, Lebanon, Morocco, and Tunisia. Up to 10% of the portfolio can be invested in Saudi Arabia.

HSBC said Nannini’s team also manages the firm’s New Frontiers fund which has around 45% exposure to the MENA region as well as investments in sub-Saharan Africa, Asia, and Latin America. According to the company, frontier markets have gained prominence recently as fund managers look to tap the economic potential of countries in Africa, Latin America, emerging Europe, the Middle East, and Asia. while seeking ways to diversify away from troubled Western markets.

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