SOURCE: Security Benefit

Security Benefit

August 10, 2011 10:00 ET

Michael Kiley Named Security Benefit Chief Executive Officer

Former Van Kampen Chief to Lead Security Benefit Corporation

TOPEKA, KS--(Marketwire - Aug 10, 2011) - Security Benefit Corporation, a Guggenheim Partners Company, today announced that Michael Kiley will become Chief Executive Officer effective September 30, 2011. Kiley brings more than 25 years of executive experience in the insurance, mutual funds and retirement savings industries and succeeds Howard Fricke, who has been serving as interim President and Chief Executive Officer since February 2010 and previously served as Security Benefit President and Chief Executive Officer from 1988 to 2000 and Chairman from 1996 to 2006.

Kiley currently serves as a Senior Managing Director for Guggenheim Partners. He originally joined Guggenheim in a consulting capacity to advise management on the acquisition of Security Benefit, which was completed on August 2, 2010. Kiley is currently and will remain on the Board of Directors of Security Benefit Corporation.

"For the past 18 months, Mike has played a vital and visible role in the operations and growth of Security Benefit, leading the launch of new products, building strong business partnerships and recruiting new members to the leadership team for the Security Benefit organization," said Todd Boehly, Security Benefit Chairman. "Mike gets results and brings an impressive pedigree to Security Benefit. When coupled with his enthusiasm and expertise, we are confident that Security Benefit will continue to generate profitable growth and continue its leadership position in the retirement services marketplace."

Boehly said that Kiley's strong track record of building and managing businesses in both the insurance and the asset management industries bodes well for Security Benefit. Prior to joining Guggenheim Partners, he served as President and CEO of Van Kampen Investments, a division of Morgan Stanley. During his tenure at Morgan Stanley he also served as President and CEO of Morgan Stanley Funds Distributors, head of the U.S. Intermediary Group and as a principal in the institutional asset management group. Prior to that Kiley was President of the Travelers Portfolio Group, a division of Citigroup. He also held executive positions at AXA and Guardian Life.

"For more than a year, I've had the pleasure of working with Howard and his leadership team as we've put the company on track for continued success," said Kiley. "The reputation of Security Benefit -- both locally and nationally -- continues to grow and our associates have a positive spirit and professional attitude that is focused on providing the best customer service experience possible.

"Coupled with the support of Guggenheim Partners, we are growing the business on several fronts," said Kiley. "We've launched new businesses, new products and new funds, while accessing new channels of distribution and attracting top industry talent. This is an exciting time for Security Benefit and I'm excited about the opportunity to lead the organization forward. Howard has been a steady hand guiding Security Benefit and he will continue as a board member and I look forward to his advice and guidance in the years to come."

"I also want to thank Howard for his return to Security Benefit in February 2010 and for his leadership for the past 18 months to help guide the company as we executed the recapitalization and added substantial human capital," said Boehly. "His steady hand and stellar reputation as a leader established a solid base for Security Benefit to continue as a leader in the retirement services industry."

About Security Benefit
Security Benefit, a Guggenheim Partners Company, is a leading provider of retirement plan services throughout the nation, primarily in the education marketplace, and offers a variety of compelling and customized fixed and variable annuity products. Its se2 division is an award-winning and nationally recognized provider of administrative services for the insurance and financial services industry. Rydex|SGI, its asset management firm, offers institutional investors and financial intermediaries a broad spectrum of traditional and alternative investment strategies in separate accounts, mutual funds and ETFs. To learn more, go to www.securitybenefit.com

About Guggenheim Partners
Guggenheim Partners, LLC is a privately held global financial services firm with more than $100 billion in assets under supervision including management of assets of approximately $80 billion. The firm provides investment management, investment banking and capital markets services as well as insurance and investment advisory solutions for institutions, corporations, governments and agencies, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients from more than 22 offices in nine countries. For more information, please visit www.guggenheimpartners.com.

Services are offered through Security Distributors, Inc. and/or Rydex Distributors, LLC, subsidiaries of Security Benefit Corporation (Security Benefit).

99-00460-61 2011-07-28

Contact Information

  • For more information:
    Michel' Philipp Cole
    (785) 438-3396
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