Prudential Financial Inc. is exploring a sale of the bulk of its retirement business, which could fetch more than $2 billion, according to people familiar with the matter.
The life insurer is working with a financial adviser to find buyers for its so-called full-service solutions business, said one of the people, who asked not to be identified because the matter isn’t public.
The business provides retirement products to public and private companies and nonprofits. No final decision has been made and Prudential could opt to keep the business, the people said.
A representative for Prudential Financial declined to comment.
The company’s CEO, Charles Lowrey, has a three-year strategy to transform it through deals, cost savings and share buybacks, he said in a February interview. Part of that process includes shedding interest-rate-sensitive businesses and making acquisitions in growth markets.
The potential sale comes as insurers part with retirement-related assets to focus on their core operations. Great-West Lifeco Inc. agreed last year to buy Massachusetts Mutual Life Insurance Co.’s retirement services arm for $3.4 billion.
The financial advice industry has been facing inquiries into its cash sweep programs for years now.
Investor money allegedly went to strip clubs, exotic cars, and landscaping
Procyon adds $415 million in assets under management in New Jersey while Savant picks up a $213 million Southern California planning firm
With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.
Cornerstone Advisors study reveals compliance bottlenecks stall campaigns weeks after customer opportunities close.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
