Deals & People February 12, 2008

Pru Fixed Income Taps Lillard as CIO

Prudential Fixed Income Management (PFIM) has named Michael Lillard as Chief Investment Officer, the company announced
Reported by

Lillard most recently was senior investment officer for insurance portfolios, liability-driven investment, and hedge strategies, along with leading Quantitative Research and Risk Management.

“Requirements to outperform the markets are becoming increasingly similar across products and distribution channels,” said James Sullivan, senior managing director and head of PFIM, in a news release. “Having a single chief investment officer will enable us to increase opportunities to generate alpha for all of our clients….”

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As senior investment officer, Lillard oversaw fixed income investments for Prudential’s $108 billion general account. Lillard, who joined Prudential in 1987, also developed the company’s hedge strategy platform, including the Pru Alpha strategy.

The company also named Arvind Rajan its new head of Quantitative Research and Risk Management. Rajan joins Prudential after serving as co-head of U.S. Fixed Income Strategy and the global head of Structured Credit Research for Citigroup’s fixed income business, according to the announcement.

Other appointments announced by the company include:

  • Peter Cordrey, a managing director, has been named head of Alternative Products in a new position responsible for the firm’s hedge fund platform and collateralized debt obligations.
  • Miguel Thames, a managing director, has been named head of Institutional Business for PFIM, responsible for consultant relations, along with sales and client services. He replaces Kevin Myers, who has been named senior managing director of Institutional Marketing and Distribution for Prudential Financial’s U.S. businesses.

More information is at www.prudential.com/pfi.

Products February 12, 2008

Claymore Announces U.S. Capital Markets ETFs

Claymore Securities Inc. on Tuesday launched three broad market exchange-traded funds (ETFs) representing the value of the U.S. capital markets as a whole.
Reported by
The offerings, which launched on the American Stock Exchange, include:
  • the Claymore U.S.-1 – The Capital Markets Index ETF (UEM),
  • the Claymore U.S. Capital Markets Bond ETF (UBD), and
  • the Claymore U.S. Micro-Term Fixed Income ETF (ULQ)
According to a press release, Claymore said the CPMKTS Capital Markets Index family, developed by Dorchester Capital Management LLC, is the only set of indexes available that represents the three key segments of the US capital markets – stocks, investment grade bonds, and liquidity instruments – and tracks the relationship of the segments to each other.
The Claymore U.S.-1 – The Capital Markets Index ETF seeks investment results that correspond generally to the performance, before the fund’s fees and expenses, of the CPMKTS – The Capital Markets Index, which includes equity, fixed income, and money market securities. The Index is designed to be a long term measure of the three segments of the U.S. investment grade capital markets.
The Claymore U.S. Capital Markets Bond ETF seeks investment results that correspond generally to the performance, before the fund’s fees and expenses, of a fixed income securities index called CPMKTB – The Capital Markets Bond Index. The Index is designed to be a long-term measure of the performance of the U.S. investment grade bond markets.
The Claymore U.S. Micro-Term Fixed Income ETF seeks investment results that correspond generally to the performance, before the fund’s fees and expenses, of a money market and short-term fixed income securities index called CPMKTL – The Capital Markets Liquidity Index. The Index is designed to represent the traditional investment grade securities in the U.S. money markets and in the micro-term fixed income capital markets. The fund is not a money market fund and thus does not seek to maintain a stable net asset value of $1.00 per share, Claymore explained.
More information is at www.claymoresecurities.com.

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