Deals & People February 22, 2011

PIMCO Hires Head of Analytics

PIMCO has hired Ravi Mattu as a Managing Director and Head of Analytics.
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Mattu will be based in the firm’s Newport Beach office. Starting March 2, he will oversee portfolio management analytics, as well as client-facing analytics globally He will report to Mohamed A. El-Erian, PIMCO’s CEO and co-CIO.  

According to the company, Mattu has 28 years of investment experience and most recently was head of research and strategy for Citadel Securities. He previously served as chief fixed income strategist at Citadel. Previously, Ravi held a number of senior positions during a 17-year career at Lehman Brothers, including global head of equities and fixed income research, head of quantitative fixed income research, and head of securitized product research.   

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Mattu holds an MBA from University of Chicago, as well as a graduate degree from the Indian Institute of Management, and an undergraduate degree in electrical engineering from GB Pant University in India.
Products February 22, 2011

Transamerica Broadens Suite of Retirement Income Solutions

Transamerica introduced Retirement Income Max, an optional living benefit rider, available with Transamerica’s suite of variable annuities.
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The rider, available for an additional fee, is specifically designed to help meet the needs of those who are looking to maximize their retirement income. 

According to the company, the Retirement Income Max rider provides withdrawal percentages of 6.5%, 5.5%, and 4.5% annually for the single life option, based on the client’s age when they start taking withdrawals. Additionally, Retirement Income Max offers growth on growth potential with Transamerica’s notable Monthiversary and 5% growth rate features.   

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In up markets, it locks in the highest Monthiversary value and automatically steps up the withdrawal base (the value used to calculate the rider withdrawal amount) to this new value. In down markets, it provides 5% annual compounding growth to the withdrawal base for up to 10 years, in rider years a withdrawal is not taken. If the withdrawal base was stepped up in the previous year, the 5% growth will be based on that amount, thereby providing the growth on growth potential.   

The initial Retirement Income Max rider fee is 1.00%; this is an annual percentage of the withdrawal base.  

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