Home > News > Risk > Prudential Seals $600M PRT Deal with Timken
Risk

Prudential Seals $600M PRT Deal with Timken

A vehicle components manufacturer has sealed a bulk annuity deal for 5,000 pensioners.

The Prudential Insurance Company of America has taken on $600 million of liabilities from the pension plan of US vehicle components maker Timken.

The deal covers 5,000 pensioners and is the first major de-risking deal to be made public by a US pension in 2015.

Prudential will begin paying pensions from April, a statement from Timken said.

“When finalized, this annuity purchase will reduce The Timken Company’s gross pension liability by about $600 million,” the company said.

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The pension risk transfer follows payments of nearly $2 billion from Timken to its various global pensions over the past 10 years, Timken’s statement added, which had helped ensure the US plans were fully funded.

Prudential and its subsidiaries backed a number of de-risking deals in 2015, most notably the record-breaking £16 billion longevity swap transaction with the BT Pension Scheme in July.

Related Content:Moody’s: Expect Pension Risk Transfer Surge to Beat New Mortality Tables

Home > News > Newsmakers > AIMCo Promotes MacMaster to CIO Role
Newsmakers

AIMCo Promotes MacMaster to CIO Role

Public markets investment chief Dale MacMaster will now oversee the whole of the $80 billion portfolio.

Dale MacMasterDale MacMaster, CIO, AIMCoAlberta Investment Management Corporation (AIMCo) has appointed Dale MacMaster as chief investment officer.

MacMaster takes on the role immediately, which will involve him overseeing the entirety of AIMCo’s $80 billion portfolio. He was previously executive vice president for public market investments, a role he held since 2012.

MacMaster first joined AIMCo in 1998 as a senior vice president for fixed income. Prior to this he worked at Royal and Sun Alliance, and has worked in fixed income at Richardson Greenshields, Merrill Lynch, and Royal Bank of Canada.

Kevin Uebelein, AIMCo chief executive officer, said MacMaster was “a proven successful investor who understands our clients and their unique needs”.

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“Under his leadership, Dale’s teams have demonstrated consistent performance and been a source of investment thought leadership within our organization,” Uebelein added. “These changes streamline governance, and will enable us to make better, faster, and more efficient investment decisions on behalf of our clients.”

Uebelein is himself fairly new to his role, having succeeded Leo de Bever as CEO at the start of this month.

AIMCo runs money for 27 clients including pension funds and endowments.

Related Content: Leo de Bever Finishes Off and Starts Up

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