Pru Fixed Income Taps Lillard as CIO

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

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.

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