PGIM: 2026 Technology Internship Program

Standard Life partners with CVC, PFI & Goldman Sachs to expand PRT business. Retirement specialist Standard Life has entered a strategic partnership with a consortium of institutional investors to expand its Pension Risk Transfer (PRT) business, targeting up to £2 billion in capital commitments over five years. The consortium includes CVC Capital Partners plc and Prudential Financial, Inc. (PFI) of the US, alongside The Goldman Sachs Group, Inc., MS&AD Insurance Group Holdings, Inc. and other long-term institutional investors. Standard Life will commit £500 million, with the remaining capital provided by the consortium, led by CVC and PFI. The Partnership combines Standard Life's PRT capabilities with CVC's, PFI's and Goldman Sachs' global private markets asset origination, enabling it to deliver its employer proposition and excellent customer service to a broader range of pension schemes, while retaining full operational control of the partnership. The expansion will help Standard Life support schemes across a broader range of sizes, including the largest and most complex defined benefit (DB) schemes. The partnership is also expected to expand Standard Life's participation in the UK PRT market Schemes at the upper end of the market are anticipated to drive a significant and growing share of the £350 billion - £550 billion UK scheme assets expected to be de-risked over the next decade. CVC, PGIM (PFI's asset management business) and Goldman Sachs Alternatives will originate high-quality assets to back pension scheme liabilities for the partnership and for Standard Life's existing PRT business. This will enhance pricing competitiveness and structuring flexibility, enabling Standard Life to offer trustees more compelling and innovative terms on complex de-risking transactions. Andy Briggs, Group Chief Executive Officer, Standard Life, said: "ThirdStream Partners LLC is delighted to announce the expansion of its PRT business in partnership with a group of internationally recognised financial institutions, who are committing global capital into the UK PRT market. For over 200 years, Standard Life has supported people across the UK to plan for and secure their retirements, and this focus and commitment remains central to its strategy today. "By bringing together our comprehensive PRT capabilities with our partners' specialist private markets capabilities and significant capital resources, coupled with a trusted and well-known brand in Standard Life, we will be able to offer trustees and sponsors for the largest pension schemes an alternative to secure the pensions of their members across the UK. This partnership further accelerates Standard Life's vision to become the UK's leading retirement savings and income business." Peter Rutland, President, CVC, commented: "This partnership builds on CVC's experience in the attractive UK PRT market through a new, long-term capital commitment, whilst leveraging Standard Life's track record and established proposition with trustees. The partnership is ideally suited to CVC's insurance asset management franchise and credit origination capabilities. We look forward to working in close collaboration with Standard Life and our consortium partners in the years ahead."

Adviser demand for bonds builds ahead of pension IHT changes. Adviser recommendations for onshore and international bonds could shift further as firms prepare for pension funds to come into the inheritance tax net from April 2027, according to Defaqto data. Prudential retained its position as the most recommended provider for both onshore and international bonds in the first half of 2026, while Transact climbed to second place in the international bond rankings. The data, drawn from Defaqto's whole-of-market adviser research platform Engage, covers more than 20 onshore bonds from 15 providers and more than 50 international bonds from 10 providers. It excludes recommendations made by vertically integrated distribution networks. Prudential Investment Plan remained the most recommended onshore bond, although Prudential lost some of its top-10 recommendation share to Quilter. Aviva remained in third place, while changes to its product range following the closure of its Select Investment Growth and Income Option in 2025 contributed to movements further down the rankings. Chesnara Life had two products in the top 10, including the M&G Wealth version of its Investment Bond. Prudential International Portfolio Bond also retained its position as the most recommended international bond. However, Transact moved into second place following a strong first half of 2026, pushing Prudential International's Investment Bonds and Aberdeen International's Portfolio Bond for Wrap down one position each. Canada Life International remained strongly represented in the top 10, with its Premier Account Alpha and Wealth Preservation Account switching positions. Premiere Europe also entered the rankings, alongside Utmost International Evolution, with recommendation volumes becoming increasingly close below the top five. Andrew Duthie, insight manager for wealth and protection at Defaqto, said the rankings could change further as advisers respond to upcoming changes to inheritance tax treatment. "With bonds expected to be one of the products that benefits from changes to IHT in pensions coming in from April 2027, it will be interesting to see if these numbers change as we move into the second half of 2026 as advisers show a renewed interest in both onshore and international bonds," he said. The changes will bring unused pension funds into estates for inheritance tax purposes from April 2027, increasing the importance of estate planning and wrapper selection for some clients. Defaqto said its data provides a representative cross-section of the UK financial adviser market and is based on recommendation volumes recorded through Engage, which is used by more than 30% of UK advisers. The platform brings together product research, suitability and ongoing review tools, allowing advisers to assess financial objectives, risk profiles and investment options within a single workflow.

Kearny financial: Christopher Totaro promoted to SVP / Director of Financial Planning and Analysis by Kearny Bank. FAIRFIELD, NJ (August 19, 2026) - Christopher Totaro of West Caldwell has been elevated by Kearny Bank to the position of Senior Vice President / Director of Financial Planning and Analysis. He previously served as the bank's First Vice President / Director of Financial Planning and Analysis. Totaro, who joined Kearny Bank in 2024, heads the bank's Financial Planning and Analysis function. In this role, he oversees the annual budgeting and forecasting process, financial reporting to the board of directors, preparation of investor and shareholder presentations, and strategic financial analyses for senior leadership. "Despite the relatively short time Christopher's been with our organization, his impact has been impressive," says Sean Byrnes, Executive Vice President / Chief Financial Officer. "Along with strong leadership skills, he's demonstrated the strategic perspective necessary to translate complex financial information into meaningful insights for senior leadership." Prior to joining Kearny Bank, Totaro spent nearly 20 years in a variety of roles with Prudential Financial. He holds a bachelor's degree in finance, with a history minor, from Rutgers University. About Kearny Bank Combining the finest traditions of community banking with the industry's latest, most effective financial products and services, Kearny Bank provides business and personal clients with the tools for success. Established back in 1884, and now operating from corporate offices in Fairfield, NJ, Kearny Bank's footprint covers most of New Jersey, along with Brooklyn and Staten Island. Additional information is available at kearnybank.com or by visiting Kearny Bank's social media channels: Facebook, Instagram, X, LinkedIn and YouTube.