Products July 28, 2009

MSSB Launches UMA Annuity Feature with Nationwide

Morgan Stanley Smith Barney launched Select Retirement, an optional income protection feature that is specially designed to augment the Select UMA unified managed account program.

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Select Retirement employs a fixed-income annuity issued by Nationwide Life Insurance Company (Nationwide) in order to create guaranteed lifetime income from the Select UMA account, according to a news release. Before and after activating Select Retirement, eligible investors can use Select UMA to help build assets. Select UMA provides a selection of diversified asset allocation strategies and the ability to construct portfolios with a mix of separately managed accounts, mutual funds, and/or exchange-traded funds (ETFs).

“The ability to combine Select Retirement with Select UMA provides financial advisers with a powerful program for clients who seek to balance asset growth potential while at the same time eliminating the worst-case scenario of outliving their income,” said James J. Tracy, director of Consulting Group for Morgan Stanley Smith Barney, in the release.

Deals & People July 28, 2009

JennisonDryden Names New IODC Client Management VP

JennisonDryden, the proprietary mutual fund family of Prudential Financial, Inc., has hired Joseph Gill as vice president of client management in its investment-only defined contribution (IODC) group.

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Gill is responsible for growing and managing JennisonDryden’s relationships with retirement platform providers, according to a press release.

Gill has more than 15 years of experience serving in various roles in the defined contribution area, most recently, managing the 401(k) programs marketed under the UBS Select umbrella. His roles have also included product and relationship management, operations, financial systems, sales support, and new business implementation at such firms as Fidelity, Putnam, and Merrill Lynch, the release said.

“The addition of this position not only enhances our support of our products on retirement platforms, but also illustrates our continued commitment to the defined contribution market, our platform partners and advisers,” said Michael Rosenberg, senior vice president, who leads JennisonDryden’s IODC selling efforts.

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