SOURCE: Security Benefit

Security Benefit

October 18, 2010 10:46 ET

Experienced Financial Services Leader Jim Mullery Tapped to Lead Personal Retirement Savings Initiative at Security Benefit

TOPEKA, KS--(Marketwire - October 18, 2010) -  James F. Mullery, a seasoned veteran in the financial services industry with more than 22 years experience and demonstrated results in establishing robust product platforms and distribution teams, has joined Security Benefit as a corporate Senior Vice President and President for the company's newest business initiative, Personal Retirement Savings (PRS).

Set to launch in early 2011, PRS provides a low-cost, tax-deferred investment vehicle with more than 250 well-recognized investment options as well as a guaranteed income component for registered investment advisors (RIAs) and financial planners and their clients.

"Following the completion of our acquisition by Guggenheim Partners earlier this summer, bringing a new innovative investment offering to the retirement market is exciting," said Howard R. Fricke, Security Benefit President and Chief Executive Officer. "Couple that with Jim's pedigree and his ability to spearhead the development of a new business focused on providing tax-deferred, low-cost annuities, and we believe we have another compelling offering for advisors and their clients." Mullery reports to Fricke.

PRS modifies an existing Security Benefit EliteDesigns® product and leverages the fixed income capabilities of Guggenheim Partners, which began managing Security Benefit's general account in June 2009.

"This is a significant opportunity to offer a savings and investment vehicle that combines all the best of Security Benefit, its businesses and its new owners," said Mike Kiley, Senior Managing Director, Guggenheim Partners. "We'll be leveraging the powerful combination of Guggenheim Partners' proven financial management; the asset management expertise of Rydex|SGI; the administrative prowess of se2; and an innovative Security Benefit product design targeting the retirement savings market. We expect tremendous results from this timely idea."

Mullery comes to Security Benefit from AXA where he spent the last six years in a variety of leadership roles, including President of AXA Global Sub-Advisory Group, AXA Equitable Life Insurance Company; Chief Operating Officer and Chief Sales Officer for AXA Distributors. He most recently was Senior Vice President and Head of TSA/EDC Distribution in Retirement Savings business area with AXA-Equitable where he had overall responsibility for building and managing the retirement business, including annuities.

Prior to joining AXA, Mullery served as Senior Vice President, Director of Sales and Marketing for Mutual Funds, Retirement Plans, Separate Accounts and Institutional Sales at Fred Alger and Company; he also had several leadership roles, including National Sales Manager - Investment Solutions; Director of Mutual Funds; and National Sales Manager for Mutual Funds at UBS Paine Webber. Earlier in his career, he also worked in the financial services firms of Prudential Mutual Funds; Lord Abbett and Company; Smith Barney and Reserve Fund.

"Our industry is changing at an incredible pace," said Mullery. "It has become increasingly sophisticated and inclusive. We all are bombarded by financial news -- sometimes 24 hours a day -- so it's our responsibility to ensure investors and advisors have a solid, compelling and easily understood variety of options to help grow their retirement savings. Security Benefit has a long and storied history in the business, and coupled with the expertise and vision of Guggenheim Partners, I believe we have many innovative milestones ahead."

Mullery has a Bachelor of Arts from the University of Scranton, Scranton, Pennsylvania, where he also serves on their Board of Trustees. He is a member of the President's Metropolitan Business Council for the University of Scranton, a group of New York-based alumni who support the university through targeted student recruitment, internships and mentoring. He has his FINRA Series 7, 24, 63 and 65 licenses. He and his wife, Cheryl, have two daughters.

About Security Benefit
Security Benefit fosters strong partnerships to provide insightful and customized retirement solutions for employers and individual investors nationwide. Through a broad advisor network and its nationally recognized money managers, Security Benefit provides mutual funds, annuities, exchange traded funds, broad retirement plans and programs. As an industry leader in service technology, Security Benefit affiliates also offer business processing and broker/dealer solutions tailored to the financial services marketplace. For more information about us, visit

You should consider the investment objectives, risks, and charges and expenses of the variable annuity and its underlying investment options carefully before investing. You may obtain a prospectus that contains this and other information regarding the variable annuity and its underlying investment options by calling our Service Center at 1-800-888-2461. You should read the prospectus carefully before investing. Investing in a variable annuity involves risk and there is no guarantee of investment results. Annuities are long-term investments is suitable for retirement planning.

Security Benefit EliteDesigns variable annuity is a flexible premium deferred annuity issued in all states except New York by Security Benefit Life Insurance Company (SBL), Topeka, Kansas, and distributed by Security Distributors, Inc. (SD). SBL does not transact business in the state of New York. SDI is a subsidiary of SBL and both are subsidiaries of Security Benefit Corporation ("Security Benefit"). Security Global Investors(SM) is the investment advisory arm of Security Benefit Corporation (Security Benefit). Security Global Investors consists of Security Global Investors, LLC, Security Investors, LLC and Rydex Investments. Rydex Investments is the primary business name for Rydex Advisors, LLC and Rydex Advisors II, LLC. SGI and RDI are affiliates and are subsidiaries of Security Benefit.

Contact Information

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