DOCSLIB.ORG

Annual Report 2011.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2011.Pdf PRUDENTIAL FINANCIAL, INC. 2PRUDENTIAL FINANCIAL, 0 INC. 11 ANNUAL REPORT 2011 ANNUAL REPORT WHO WE ARE For more than 135 years, Prudential Financial, Inc. has helped people grow and protect their wealth. We offer individual and institutional clients a wide array of fi nancial products and services. Today, we are one of the world’s largest fi nancial services institutions. We have $901 billion in assets under management and approximately $3.6 trillion of gross life insurance in force worldwide as of December 31, 2011. We have operations in the United States, Asia, Europe and Latin America. We also have one of the most recognized and trusted brand symbols: The Rock®, an icon of strength, stability, expertise and innovation. We measure our long-term success by our ability to deliver value for shareholders, meet customer needs, attract and develop the best talent in our industry, offer an inclusive work environment where employees can develop to their full potential, and support the communities where we live and work. MESSAGE FROM THE CHAIRMAN Dear fellow shareholders: Over the past few years, dramatic events have challenged the global fi nancial system with wide-ranging repercussions, affecting businesses and individuals alike. 2011 was no exception, but I am pleased to report that in this year of continued market volatility, Prudential has distinguished itself in the markets we serve for the benefi t of our customers and our shareholders. Consistent with our commitment to provide long-term shareholder value, our company delivered solid earnings and our highest-ever dividend. Our businesses continued to demonstrate their strength through powerful sales and growth momentum. Our capital position remains strong, providing us fl exibility to act opportunistically in pursuit of profi table, sustainable growth. Each year, we underscore four main contributors to our success as a company. 1. Our strategic portfolio of businesses, which has been achieved by active design, represents a powerful blend of growth and stability. 2. Our businesses’ high quality is due to strong leadership, fundamentals, risk “We underscore four management and positioning in their respective geographic and demographic markets. contributors to our 3. Our fi nancial strength provides not only protection to meet our promises, but success as a company. freedom to grow our businesses and to innovate as we anticipate our clients’ evolving needs. Our strategic portfolio of businesses. 4. Our focus on talent and culture serves as a competitive differentiator and supports our enterprise-wide emphasis on ethics and integrity. The quality of our businesses. This year, our progress and achievement in each of these pillars has rewarded us with solid results. Our fi nancial strength. Our Financial Services Businesses reported net income for 2011 of $3.531 billion, or Our focus on talent $7.22 per share of Common Stock, compared to $2.714 billion or $5.75 per share of and culture.” Common Stock in 2010. On an after-tax adjusted operating income basis,* our Financial Services Businesses earned $3.134 billion in 2011, or $6.41 per share of Common JOHN STRANGFELD Stock, compared to $2.916 billion or $6.17 per share of Common Stock in 2010. We continue to gain ground and enhance our competitive position relative to our peers. This success refl ects the strength of our portfolio, the strength of our business, the strength of our fi nancial position, and the strength of our people. I am proud of the work we do as a company, and the way in which we do it. Achieving an Optimal Business Portfolio Under our strong, widely recognized brand, Prudential maintains a strategic mix of attractive, well-led businesses whose products, services, and risks complement one another. By diversifying our portfolio of businesses across geographic and demographic markets, we diversify our risks, mitigating the vulnerability of the company’s overall results and capital position to any particular element of risk, including interest rate levels and equity market risks. For example, as of year-end 2011, we had approximately $3.6 trillion of gross life insurance in force worldwide. The mortality risk of life insurance helps balance the risks of our other products, such as the longevity risk of variable annuities and group annuities. Our balanced mix of businesses enables Prudential to provide fi nancial growth and protection to clients at all stages of their lives. * Adjusted operating income is not calculated under U.S. generally accepted accounting principles (GAAP) and is a fi nancial measure we use to analyze the operating performance of our Financial Services Businesses. See footnote (1) on page 5 and footnote (A) on page 7 for a further description of adjusted operating income. Prudential Financial, Inc. 2011 Annual Report 1 • International Insurance, anchored in Japan, is founded high value to our customers today, but we must also on lifetime client relationships and an emphasis on life develop products and services that anticipate their needs insurance protection products, but is also successfully of tomorrow. expanding distribution and innovating retirement-related To accomplish this, we work to make certain our company products in a growing market. possesses the strength and appropriate scale to meet • Asset Management’s capabilities in multiple asset each and every promise to our customers. In addition, we classes make us a leading asset manager of institutional continually strive to deepen our relationships with both and retail funds, and also provide a competitive our existing and emerging customer base. advantage for Prudential’s other businesses. Strong net This type of commitment to customers does not fl ows are driving increasing assets under management go unnoticed. As an example, this year, Prudential leading to higher recurring asset management fees. received the highest ranking by J.D. Power Asia Pacifi c • Individual Annuities is a leader across multiple in the 2011 Japan Life Insurance Contract Customer distribution channels, with our auto-rebalancing Satisfaction Study, outranking leading domestic and products serving to balance and improve our overall foreign-owned insurers. risk profi le. Our proven and superior value proposition One of the ways that we gauge our value to customers to clients is serving an increasing need for retirement is in terms of sales, based on annualized new business income products in the market. premiums, and net fl ows. • Retirement, comprised of our full-service and institutional • International Insurance sales were a record $3.0 billion investment businesses, is a source of stable earnings, in 2011 on a constant U.S. dollar basis, including and is well positioned to act on market opportunities, $728 million attributable to the acquired Star and Edison particularly in the pension risk transfer market. operations, up 63% from a year ago. On a comparable • Individual Life and Group Insurance provide stable cash basis, excluding Star and Edison, sales were up 24%. fl ows, largely mortality-driven risks, and potentially • Asset Management segment assets under management attractive returns largely uncorrelated to the equity were more than $619 billion as of year-end 2011, up markets based on effective capital and risk management 15% from a year ago, refl ecting net institutional fl ows, and cost-effective distribution. excluding money market activity, of more than $16 We have achieved our balanced portfolio thoughtfully and billion in 2011. proactively, through strong business management, steady • Individual Annuities account values were $113.5 billion organic growth, strategic acquisitions, and deliberate as of year-end 2011, up 7% from a year ago, refl ecting divestitures over time. net fl ows of $11.7 billion in 2011. In 2011, we signifi cantly increased our presence in the • Retirement account values were $229.5 billion as of world’s second largest life insurance market, Japan, by year-end 2011, up 12% from a year ago, refl ecting net completing the purchase of AIG Star and AIG Edison. fl ows of $19.3 billion in 2011. Also, in 2011, we announced and completed the sales of Prudential Bache Global Commodities, and of Prudential • Group Insurance sales were $690 million in 2011, Real Estate and Relocation Services, the company’s real up 14% from a year ago. estate brokerage and relocation services unit. These are • Individual Life sales were $278 million in 2011, quality companies whose business activities were not up 7% from a year ago. core to our central mission. Their divestiture represents the continual fi ne-tuning of our portfolio, allowing us to We demonstrate our performance in the marketplace redeploy the capital that was supporting these businesses through earnings, which we measure for our businesses by to those more central to our mission. pre-tax adjusted operating income. Going forward, we will continue to evaluate opportunities • International Insurance reported pre-tax adjusted to enhance and complement our nucleus of businesses. operating income of $2.7 billion for the year, compared Although we expect to enhance our competitive position to $2.1 billion a year ago. through broader international growth, we do not expect a radical shift in our portfolio. Our present mix of high- • Asset Management reported pre-tax adjusted operating quality businesses refl ects our long-term strategy to income of $659 million for the year, compared to $487 capitalize on our unique combination of life insurance and million a year ago. asset management expertise that enables our individual • Individual Annuities reported pre-tax adjusted operating and institutional clients to grow and protect their wealth. income of $713 million for the year, compared to $1.0 billion a year ago. Operating High-Quality Businesses • Retirement reported pre-tax adjusted operating income At Prudential, we seek leadership positions wherever we of $598 million for the year, compared to $572 million compete. In order to perform at a market-leading level, a year ago.
Load more

Recommended publications
  • Pension Risk Strategy Summit Supplement
    Advertising Supplement PENSION RISK MANAGEMENT STRATEGIES Understanding All the Derisking Possibilities PS001_PI_20170612.pdf RunDate: 06/12/17 pi Pension Risk Strategies supp 8 x 10.875 Color: 4?C Advertising Supplement SPONSORS Fidelity Institutional Asset Management 900 Salem Street Smitheld, RI 02917 Daniel Tremblay Senior Vice President and Director of Institutional Fixed Income Solutions 603.791.6599 [email protected] www.institutional.delity.com MetLife 200 Park Avenue New York, NY 10166 Asif Mohamed Director, U.S. Pensions 212.578.8624 [email protected] www.metlife.com/pensions NISA Investment Advisors, LLC 101 South Hanley Road, Suite 1700 St. Louis, MO 63105 Gregory J. Yess Managing Director, Client Services 314.721.1900 [email protected] www.nisa.com Prudential Retirement 280 Trumbull Street Hartford, CT 06103 Scott Gaul, FSA Senior Vice President and Head of Distribution, Pension Risk Transfer 860.534.4263 [email protected] www.pensionrisk.prudential.com Schroders 7 Bryant Park New York, NY 10018-3706 Jennifer Horne, CFA Head of U.S. Institutional Clients 212.641.3800 [email protected] www.schroders.com/us This special advertising supplement is not created, written or produced by the editors of Pensions & Investments and does not represent the views or opinions of the publication or its parent company, Crain Communications Inc. 2 Pension Risk Management Strategies PS002_PI_20170612.pdf RunDate: 06/12/17 pi Pension Risk Strategies supp 8 x 10.875 Color: 4?C Advertising Supplement CONTENTS 4 Taking a Journey Along the Derisking Spectrum Corporate plan sponsors wishing to mitigate pension risk have a myriad of possible strategies at their disposal 12 Underfunded? Taking the LDI Path to Full Funding Most plan sponsors looking to dial down funded status volatility turn to liability-driven investing.
    [Show full text]
  • Memorandum from the Division of Investment Management Regarding
    MEMORANDUM TO: Proposed Rule: Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts (Release No. IC-33286; File No. S7-23-18) FROM: Dan Chang Senior Counsel, Division of Investment Management RE: Meeting with Representatives of the Committee of Annuity Insurers DATE: May 31, 2019 On May 29, 2019, Sarah G. ten Siethoff (Associate Director, Division of Investment Management (“IM”)), Brian M. Johnson (Assistant Director, IM); William J. Kotapish (Assistant Director, IM); Naseem Nixon (Senior Special Counsel, IM), Michael Kosoff (Senior Special Counsel, IM), Keith Carpenter (Senior Special Counsel, IM), Harry Eisenstein (Senior Special Counsel, IM), Michael Pawluk (Senior Special Counsel, IM), Sumeera Younis (Branch Chief, IM), Dan Chang (Senior Counsel, IM), Amy Miller (Senior Counsel, IM), Sonny Oh (Senior Counsel, IM), Alberto H. Zapata (Senior Counsel, IM), Patrick F. Scott (Senior Counsel, IM), DeCarlo McLaren (Special Counsel, IM), Daniel Deli (Financial Economist, Division of Economic and Risk Analysis (“DERA”)), Walter Hamscher (Senior IT Program Manager, DERA), and PJ Hamidi (Senior Counsel, DERA) met with the following representatives from the Committee of Annuity Insurers: Shane Daly, Vice President & Associate General Counsel, AXA Equitable Scott Durocher, Assistant Vice President & Senior Counsel, Lincoln Financial Jamie Castro, Managing Counsel, Nationwide Financial Bill Evers, Vice President & Chief Counsel, Prudential Financial Jordan Thomsen, Vice President & Corporate Counsel, Prudential Financial Steve Roth, Partner, Eversheds Sutherland Dodie Kent, Partner, Eversheds Sutherland Ron Coenen, Associate, Eversheds Sutherland Among other things, the participants discussed the SEC’s proposal relating to updated disclosure requirements and a summary prospectus for variable annuity and variable life insurance contracts.
    [Show full text]
  • UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): March 8, 2006 THE ALLSTATE CORPORATION (Exact name of Registrant as Specified in Charter) Delaware 1-11840 36-3871531 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) organization) 2775 Sanders Road Northbrook, Illinois 60062 (Address of Principal Executive Offices) Zip Registrant’s telephone number, including area code: (847) 402-5000 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 8 – Other Events Item 8.01. Other Events. On March 8, 2006, the Registrant issued a press release announcing that it and its subsidiaries Allstate Life Insurance Company (“ALIC”) and Allstate Life Insurance Company of New York (“ALNY”) had entered into a definitive agreement (“Agreement”) with Prudential Financial, Inc. and its subsidiary The Prudential Insurance Company of America (collectively “Prudential”) for the sale pursuant to a combination of coinsurance and modified coinsurance reinsurance of substantially all of its variable annuity business.
    [Show full text]
  • Demutualization Details
    Demutualization Details 1. American Mutual Life – AmerUs- Indianapolis Life Insurance Company - Central Life Assurance - Central Life Assurance merged with American Mutual in 1994. American Mutual Life was renamed AmerUs Life Insurance Company in 1995. On September 20, 2000, it demutualized to become AmerUs Group. In 2001, the company merged with Indianapolis Life, which had also undergone a demutualization. Approximately 300,000 policyholders and heirs became entitled to receive $452 million in AmerUs Group common stock and $340 million in cash and policy credits. Distribution began on July 31, 2001. Eligible policyholders received a fixed component of 20 AmerUS common shares, as well as a variable component based on policy value. Those who elected to receive cash were compensate $26 per share entitlement. In the first year after the initial public offering, the price of an AmerUS common share increased 99%. The current value of AmerUS Group stock is approximately $45 per share. 2. Anthem Insurance - On July 31, 2002 Anthem Insurance Companies, Inc. completed its conversion from a mutual insurance company to a stock company, and became a wholly owned subsidiary of Anthem, Inc. Eligible policyholders and heirs became entitled to approximately 48 million shares of Anthem, Inc. common stock and cash totaling $2.06 billion. Compensation consisted of a fixed component of 21 Anthem common shares, as well as a variable component based on policy value. The shares were offered to the public at $36. In the first year after the initial public offering, the price of an Anthem common share increased 54%. 3. Equitable Life – Axa - In 1992 the Equitable Life Assurance Society of the United States demutualized and a new parent holding company, the Equitable Companies, was listed on the New York Stock Exchange.
    [Show full text]
  • Prudential Financial, Inc. Group / NAIC Code
    CALIFORNIA DEPARTMENT OF INSURANCE 2014 GOVERNING BOARD DIVERSITY SURVEY Report Type: Group Group / NAIC Code: 304 Group / Company Name: Prudential Financial, Inc. 1. Please provide the name of the public, U.S. - based Board of Directors that represents the ultimate controlling party of the insurance group: Prudential Financial, Inc. 2. How many people: a) Serve on this Board of Directors? 12 b) Of those in "a)", how many identify as: i. Women 3 ii. Men 9 c) Of those in "a)", how many: i. Are Disabled Veterans? 0 ii. Publicly Identify as LGBT (Lesbian, Gay, 0 Bisexual, and / or Transgender)? d) Of those in "a)", how many identify as: i. American Indian? 0 v. Multi-Ethnic? 0 ii. African American? 1 vi. Caucasian? 9 iii. Asian Pacific Islander? 1 vii. Other? 0 iv. Hispanic / Latino? 1 3. Of the board members identified in "b) i; c) i-ii, and d) i-v", how many: a) Currently serve as an officer of the corporation? 0 b) List of all positions currently held by these board members (i.e. chair, vice chair, secretary). c) Currently serve as an chair of a board committee? 3 d) List of all committees currently chaired by these board members (i.e. nomination committee, governance committee). Finance Committee - Christine A. Poon Governance Committee - Constance J. Horner Investment Committee - Thomas J. Baltimore 2014 Governing Board Survey | 1 Governing Board Diversity Survey 4. Do governing board members serve under term limits? NO If yes, description of the term limits (including the number of years per term and if there is a maximum number of terms one can serve on the board).
    [Show full text]
  • Prudential Financial to Acquire Allstate Financial's
    For Immediate Release Contact: Bob DeFillippo March 8, 2006 (973) 802-4149 PRUDENTIAL FINANCIAL TO ACQUIRE ALLSTATE FINANCIAL’S VARIABLE ANNUITY BUSINESS Transaction Will Make Prudential the Third Largest Provider of Advisor-Sold* Variable Annuity Products NEWARK, N.J. – Prudential Financial, Inc. (NYSE: PRU) today announced it has signed an agreement to acquire Allstate Financial’s variable annuity business through a reinsurance transaction. Prudential’s initial investment in the business, reflecting total consideration to Allstate, related taxes, and capital requirements, is expected to be approximately $560 million. The payment to Allstate is subject to adjustment for market movements between signing and closing. Over the course of a transition period of up to 24 months from closing, Prudential will assume the administration of Allstate Financial’s in-force variable annuities, with account values of approximately $16 billion as of December 31, 2005, moving Prudential’s position in the advisor-sold variable annuity marketplace from fifth to third as measured by assets under administration and management and from seventh to fourth as measured by sales (Source: VARDS as of 12/31/05). As part of the transaction, Prudential will be granted exclusive distribution rights to sell variable annuity products through Allstate’s proprietary distribution force of approximately 13,700 independent contractors and financial professionals. The transaction will also enable Prudential to build and enhance its relationships with Allstate’s non-proprietary channel including a number of major, national wirehouses and regional securities firms, the most productive of which is Morgan Stanley with whom Allstate has a 21-year variable annuity sales relationship.
    [Show full text]
  • American International Group, Inc. (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2015 Commission File Number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 175 Water Street, New York, New York 10038 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (212) 770-7000 ________________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
    [Show full text]
  • PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 15 Form 485BPOS Filed 2020-10-29
    SECURITIES AND EXCHANGE COMMISSION FORM 485BPOS Post-effective amendments [Rule 485(b)] Filing Date: 2020-10-29 SEC Accession No. 0001683863-20-014179 (HTML Version on secdatabase.com) FILER PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 15 Mailing Address Business Address 655 BROAD STREET 655 BROAD STREET CIK:278187| IRS No.: 132974999 | State of Incorp.:MD | Fiscal Year End: 0831 17TH FLOOR 17TH FLOOR Type: 485BPOS | Act: 33 | File No.: 002-63394 | Film No.: 201273544 NEWARK NJ 07102 NEWARK NJ 07102 (973) 367-8982 PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 15 Mailing Address Business Address 655 BROAD STREET 655 BROAD STREET CIK:278187| IRS No.: 132974999 | State of Incorp.:MD | Fiscal Year End: 0831 17TH FLOOR 17TH FLOOR Type: 485BPOS | Act: 40 | File No.: 811-02896 | Film No.: 201273543 NEWARK NJ 07102 NEWARK NJ 07102 (973) 367-8982 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document As filed with the Securities and Exchange Commission on October 29, 2020 Securities Act Registration No. 002-63394 Investment Company Act Registration No. 811-02896 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PRE-EFFECTIVE AMENDMENT NO. POST-EFFECTIVE AMENDMENT NO. 79 (X) and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 AMENDMENT NO. 78 (X) Check appropriate box or boxes Prudential Investment Portfolios, Inc. 15 Exact name of registrant as specified in charter 655 Broad Street, 17th Floor Newark, New Jersey 07102 Address of Principal Executive Offices including Zip Code 1-800-225-1852 Registrant’s Telephone Number, Including Area Code Andrew R.
    [Show full text]
  • Notice of Name Change of Appointed Tax Administrator
    UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 81064 / June 30, 2017 ADMINISTRATIVE PROCEEDING File Nos. 3-11292, 3-11359, 3-11393, 3-11450, 3-11498, 3-11514, 3-11515, 3-11538, 3-11578, 3-11645, 3-11676, 3-11793, 3-11814, 3-11818, 3-11914, 3-11915, 3-11916, 3-11935, 3-11940, 3-11987, 3-12114, 3-12115, 3-12116, 3-12238, 3-12372, 3-12400, 3-12540, 3-12554, 3-12678, 3-12737, 3-12805, 3-12868, 3-13199, 3-13675, 3-13847, 3-14191, 3-14192, 3-14594, 3-14641, 3-14854, 3-14863, 3-14899, 3-14909, 3-14950, 3-14982, 3-15014, 3-15098, 3-15134, 3-15135, 3-15211, 3-15429, 3-15471, 3-15507, 3-15526, 3-15641, 3-15982, 3-16014, 3-16017, 3-16163, 3-16175, 3-16203, 3-16389, 3-16398, 3-16575, 3-16755, 3-16757, 3-16786, 3-16829, 3-16846, 3-16852, 3-16955, 3-17075, and 3-17186 : In the Matter of : : NOTICE OF NAME CHANGE OF Certain Disgorgement and Fair Funds : APPOINTED TAX ADMINISTRATOR in Administrative Proceedings. : : On March 9, 2005, and periodically thereafter, the Commission has appointed Damasco & Associates LLP (“Damasco”) as the tax administrator in administrative proceedings for certain Disgorgement and Fair Funds (collectively, “Funds”). On February 2, 2016, the Commission issued an Omnibus Order Directing the Appointment of Tax Administrator in Administrative Proceedings that Establish Distribution Funds (the “Omnibus Order”),1 authorizing the appointment of Damasco as the tax administrator for Funds for the calendar years 2016 through 2018, and established that Damasco was to maintain bond coverage in the amount of $350,000.00 when acting as the Omnibus Tax Administrator and paying taxes for the Funds.
    [Show full text]
  • Administrative Proceedings: Evergreen Investment Management
    UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 56462 / September 19, 2007 INVESTMENT ADVISERS ACT OF 1940 Release No. 2648 / September 19, 2007 INVESTMENT COMPANY ACT OF 1940 Release No. 27973 / September 19, 2007 ADMINISTRATIVE PROCEEDING File No. 3-12805 ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND- DESIST PROCEEDINGS PURSUANT TO In the Matter of SECTIONS 15(b)(4), 17A(c)(3) and 21C OF THE SECURITIES EXCHANGE ACT OF Evergreen Investment Management 1934, SECTIONS 203(e) and 203(k) OF Company, LLC, Evergreen Investment THE INVESTMENT ADVISERS ACT OF Services, Inc., Evergreen Service Company, 1940, AND SECTIONS 9(b) and 9(f) OF LLC and Wachovia Securities, LLC THE INVESTMENT COMPANY ACT OF 1940, MAKING FINDINGS, AND Respondents. IMPOSING REMEDIAL SANCTIONS AND A CEASE-AND-DESIST ORDER I. The United States Securities and Exchange Commission (the ACommission@) deems it appropriate and in the public interest that administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Sections 15(b)(4), 17A(c)(3) and 21C of the Securities Exchange Act of 1934 ("Exchange Act"), Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 (AAdvisers Act@), and Sections 9(b) and 9(f) of the Investment Company Act of 1940 (AInvestment Company Act@) against Evergreen Investment Management Company, LLC, Evergreen Investment Services, Inc., Evergreen Service Company, LLC, and Wachovia Securities, LLC (AEIMCO,@ AEIS,@ "ESC" and AWachovia Securities,@ respectively, or individually, ARespondent@; collectively, ARespondents@). II. 1 In anticipation of the institution of these proceedings, the Respondents have submitted an Offer of Settlement (the AOffer@) that the Commission has determined to accept.
    [Show full text]
  • Money Market Funds Portfolio Manager Dave Sylvester Announces Plans to Retire in 2015
    November 19, 2014 Money Market Funds Portfolio Manager Dave Sylvester announces plans to retire in 2015 Dave Sylvester, senior portfolio manager and head of money market funds, has announced plans to retire on March 31, 2015, capping a 35-year career with Wells Capital Management, Inc., the subadvisor for the Wells Fargo Advantage Money Market Funds. We thank Mr. Sylvester for his significant contributions to the success of our money market funds, which he has managed since their inception, and for building a deep and talented investment team. Under Mr. Sylvester’s leadership, the Wells Fargo Advantage Money Market Funds have consistently provided a stable investment option for investor assets through innumerable credit cycles, some of which were the most challenging of the modern era. We have thoroughly enjoyed working with Mr. Sylvester and wish him great success in the future. Jeffrey L. Weaver, CFA, head of Wells Capital Management’s short-duration team, will also become head of the money market fund team effective January 1, 2015. In his new role, Mr. Weaver will provide strategic oversight to our money market fund strategy, enabling an integrated approach to the broad range of liquidity products managed by Wells Capital Management, including the Wells Fargo Advantage Money Market Funds. Consistent with our long-planned transition process, Senior Portfolio Managers Laurie R. White; Michael C. Bird, CFA; and James C. Randazzo will continue in their leadership roles in the day-to-day management of our prime, government, and municipal money market funds, working closely with Mr. Weaver. Matthew A. Grimes, CFA, will continue to lead the money market credit research team.
    [Show full text]
  • 2019 Insurance Fact Book
    2019 Insurance Fact Book TO THE READER Imagine a world without insurance. Some might say, “So what?” or “Yes to that!” when reading the sentence above. And that’s understandable, given that often the best experience one can have with insurance is not to receive the benefits of the product at all, after a disaster or other loss. And others—who already have some understanding or even appreciation for insurance—might say it provides protection against financial aspects of a premature death, injury, loss of property, loss of earning power, legal liability or other unexpected expenses. All that is true. We are the financial first responders. But there is so much more. Insurance drives economic growth. It provides stability against risks. It encourages resilience. Recent disasters have demonstrated the vital role the industry plays in recovery—and that without insurance, the impact on individuals, businesses and communities can be devastating. As insurers, we know that even with all that we protect now, the coverage gap is still too big. We want to close that gap. That desire is reflected in changes to this year’s Insurance Information Institute (I.I.I.)Insurance Fact Book. We have added new information on coastal storm surge risk and hail as well as reinsurance and the growing problem of marijuana and impaired driving. We have updated the section on litigiousness to include tort costs and compensation by state, and assignment of benefits litigation, a growing problem in Florida. As always, the book provides valuable information on: • World and U.S. catastrophes • Property/casualty and life/health insurance results and investments • Personal expenditures on auto and homeowners insurance • Major types of insurance losses, including vehicle accidents, homeowners claims, crime and workplace accidents • State auto insurance laws The I.I.I.
    [Show full text]