Deals & People February 12, 2008

Waltman to Head up Pru Retirement Investment Products Team

Frank Waltman has joined Prudential Retirement as head of its Investment Products team.
Reported by

According to a Prudential announcement, in this role, Waltman will have overall management responsibility for the investment platform that Prudential Retirement offers to defined contribution, defined benefit, and non-qualified plan clients. He will report to George Palms, senior vice president.

Waltman will oversee an open architecture product suite comprised of equity, fixed income, balanced, and other retail and sub-advised investment offerings, totaling more than 1,000 individual funds and approximately $100 billion in invested assets, the announcement said. In addition, he will direct Prudential Retirement’s Due Diligence Advisor program, which utilizes a multifactor process, incorporating both risk and return, to evaluate investment performance.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

Waltman’s responsibilities will include overseeing the continued development of the firm’s institutional sub-advised funds platform, which encompasses over 50 funds and $22 billion in assets. Waltman and his team will monitor and, if necessary, replace investment managers.

Waltman joins Prudential Retirement following at 15-year career with Phoenix Investment Partners, where he was most recently responsible for product development and product management.

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….”

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

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.

«