SPRINGFIELD, Mass., Dec 16, 2008 — Massachusetts Mutual Life Insurance Company (MassMutual) stated today that Tremont Group Holdings, Inc. (Tremont) is a subsidiary of Oppenheimer Acquisition Corporation, which is a subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual). Rye Investment Management (Rye) is an affiliate of Tremont Group Holdings.
MassMutual has very limited exposure to the alleged fraud by Bernard L. Madoff. MassMutual is carefully assessing the situation and believes that any adverse impact would be immaterial to its strong financial condition.
Although our review is continuing, MassMutual currently believes its indirect exposure in Madoff managed funds is less than $10 million. In addition, the carrying value of Tremont to Oppenheimer represents approximately 0.03% of MassMutual’s statutory assets, excluding separate accounts, as of September 2008 ($85,495 million). To the very limited extent that any MassMutual client funds are exposed, we will take appropriate action to protect our clients’ interests.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual and its subsidiaries had more than $500 billion in assets under management at year-end 2007. Assets under management include assets and certain external investment funds managed by MassMutual’s subsidiaries.
Founded in 1851, MassMutual is a mutually owned financial protection, accumulation and income management company headquartered in Springfield, Mass. MassMutual’s major affiliates include: OppenheimerFunds, Inc.; Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MML Investors Services, Inc., member FINRA and SIPC ( www.finra.org andwww.sipc.org); MassMutual International LLC and The MassMutual Trust Company, FSB.
SOURCE MassMutual
Filed under: News & Views , funds, hedge funds, Madoff Case, Oppenheimer, Ponzi scheme, Tremont Group
