MassMutual Group

                                   
 
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MassMutual Pulls Plug on Retirement Income Unit
The life-insurance company closed the 380-employee business, which was just five years old. It will be folded into its insurance group. Meantime, MassMutual has been hiring elsewhere in the company.
 

Overview

Massachusetts Mutual Life Insurance Co. is a mutually owned insurance company based in Springfield, Mass., providing life insurance, annuities, disability income insurance, long-term care insurance, retirement-planning products, income-management and other products and services.

MassMutual controls money-management firms OppenheimerFunds Inc., Babson Capital Management LLC and Baring Asset Management Ltd. OppenheimerFunds suffered a rare black mark in 2008 when is flagship junk-bond mutual fund, Oppenheimer Champion Income, experienced a 82% drop when a leveraged bet went awry. Its money manager TremontGroup Holdings Inc. was among the victims of the Bernard Madoff Ponzi scheme. Its clients lost $3.3 billion in the scam, more than half the assets the unit had overseen. The unit is winding down and reportedly may close by summer.

Sectors

Subsidiaries & Divisions


  • Babson Capital Management LLC
  • Baring Asset Management Ltd.
  • Baring International Investment Management Holdings
  • Baring Investment Services Ltd.
  • Massmutual International LLC
  • Massmutual Life Insurance Co.
  • Massmutual Mortgage Finance LLC
  • Oppenheimer Acquisition Corp.
  • Oppenheimerfunds Inc.
  • Tremont Advisers Inc.

 

 




 
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