Products December 14, 2009

Symetra Offers New Group Variable Annuity for 403(b)/457 Plans

December 14, 2009 (PLANSPONSOR.com) - Symetra Life Insurance Company has launched Retirement Passport Group Variable Annuity for the 403(b)/457 market.

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A press release said Retirement Passport was designed with schools and non-profits in mind. The tax-deferred solution offers an array of professionally managed portfolio options from firms including American Funds, Fidelity, and Vanguard. 

The product also gives participants access to funds that invest exclusively in socially and environmentally responsible companies, according to the announcement. Passport’s initial fund lineup includes 60 portfolio options from 13 money managers.

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The product features contribution minimums as low as $30; free annual withdrawals up to 10% of the participant account value per certificate year; and multiple retirement income options.

More information is at www.symetra.com.
Products December 14, 2009

BNY Mellon Unveils Hedge Fund Verification Service

December 14, 2009 (PLANSPONSOR.com) – BNY Mellon Alternative Investment Services has launched a service that independently validates a hedge fund’s position records to third-parties and the pricing of that fund’s securities.

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A BNY Mellon news release said the information is typically provided to prime brokers, custodians, trustees, and agent banks.

According to the announcement, the service, with pricing and validation coverage across 50 asset classes, is enabled by BNY Mellon’s relationships with more than 150 prime brokers and counterparties.  The service, which can be used to supplement client interface with accountants and independent auditors, can also be customized to meet specific requirements, including tolerance checking across positions, price, or market values.

“Hedge fund clients are telling us their investors are demanding an independent validation of their holdings.  The price verification/asset validation service helps address this need, which in turn helps hedge funds retain and grow their investor base,” said Brian Ruane, chief executive officer of BNY Mellon Alternative Investment Services, in the news release.

Currently, the price verification/asset validation service reconciles more than 27,000 client investment positions, with a total market value in excess of $24 billion.  Client coverage rates (assets validated as a percentage of total portfolio scope and value) are in the range of 95%-99%.  Clients can elect the service on a monthly or quarterly basis.

BNY Mellon Alternative Investment Services is a hedge fund administrator with more than $225 billion in assets under administration.  In addition to administration the company offers accounting, cash management, collateral management, custody, corporate trust, asset management, and wealth management services to the hedge fund industry.  

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