Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

At Deadline- Prudential Assets Spiked By Cigna Retirement Buy

Cigna Corp.'s sale of its pension and 401(k) business to Prudential Financial for $2.1 billion in cash vaults Prudential into the top tier of the country's leading retirement services and products providers. The transaction, expected to close early next year, will plump Prudential Retirement's assets to nearly $120 billion and expand its participant base to 2 million.

More important than building assets, however, "this transaction builds on our presence in the retirement market by adding significant scale and capabilities," said Prudential Financial Chairman and CEO Arthur Ryan.

Copyright 2003 Thomson Media Inc. All Rights Reserved.