Massachusetts Mutual Life Insurance Company (MassMutual) states 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 stable financial condition.
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 0.3% 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, company 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.
L.D.