Prudential Financial has appointed Scott Sleyster, the president of its guaranteed products unit, to head the company's retirement services business.

Sleyster will maintain his duties for the guaranteed products division, while directing Prudential's primary institutional retirement operations, including defined contribution, defined benefits and stable value investments, according to a statement released last week. Sleyster was unavailable for comment. His position is newly created.

The move is intended to target marketing efforts at institutional retirement investors and leverage existing retail and investment management channels, the statement said.

Sleyster has served as president of Prudential's guaranteed products business since March of 1999. There, he oversees the company's guaranteed investment contracts, group annuities, funding agreements and structured settlement products for institutional clients in pension markets.

Since March of this year he has been the interim head of retirement services at the company. In addition, he has served as the head for programs in the firm's employee benefits division. Sleyster is also a board member of the Employee Benefit Research Institute.

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