METLIFE RESOURCES AND METLIFE SECURITIES ENTER INTO NEW ALLIANCE WITH PROMANAGE, LLC
NEW YORK, August 02, 2007
MetLife Resources, a division of MetLife, and MetLife Securities, Inc., an investment adviser and broker-dealer affiliate of MetLife, announced today that they have entered into a new alliance with ProManage, LLC, a registered investment adviser that specializes in providing managed accounts services for 401(k), 403(b) and 457 plans. Through this alliance, ProManage will offer its managed accounts to qualified retirement and 403(b) plans sponsored by non-profit organizations and governed under the Employee Retirement Income Security Act (ERISA) for which MetLife Resources provides administrative services.
"Plan sponsors have been looking for ways to help participants who don’t have the time, expertise or desire to make their own investing decisions," said Thomas G. Hogan, Jr., senior vice president and head of MetLife Resources. "ProManage is a great solution that not only utilizes demographic information to allocate participant funds automatically, but also factors in projected defined benefit and social security payments to build more appropriate portfolios. Our clients have been quite pleased with the results."
In addition to easing asset allocation concerns among participants, ProManage assists plan sponsors with their fiduciary responsibility by taking on co-fiduciary responsibility for making allocation decisions for those participants who do not choose to do their own investing. ProManage has designed its service to meet the Qualified Default Investment Alternative standards contained in the Department of Labor proposed regulations issued pursuant to the newly enacted Pension Protection Act of 2006.
"When we began working with MetLife Resources in 2003, we were the first to offer managed accounts to the nonprofit market," said Carl Londe, CEO of ProManage. "We are pleased our alliance has grown to help more people with their asset allocation needs, and, with the Pension Protection Act changes to the fiduciary landscape this is the perfect time to expand our relationship to help the greater nonprofit community."
About ProManage
ProManage is an independent company providing investment management services to organizations and their participants in 401(k), 403(b) and 457 plans. The ProManage PROgram™ offers help to plan sponsors for the large group of investors who need a simple, effective way to manage their defined contribution assets. ProManage is headquartered in Chicago, Illinois. For more information about ProManage, please visit the company’s web site at www.promanageplan.com. ProManage LLC is a registered investment adviser. It is solely responsible for its managed accounts.
About MetLife Resources
MetLife Resources, a division of MetLife (Metropolitan Life Insurance Company), provides retirement plan and other financial services to healthcare, education, and not-for-profit organizations. MetLife is a subsidiary of MetLife, Inc. (NYSE: MET), a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement & savings products and services to corporations and other institutions. For more information, please visit www.metlife.com.