Ohio Public Employees DC hires Pru, RGA for wraps

Ohio Public Employees Deferred Compensation Program, Columbus, hired Prudential Financial and Reinsurance Group of America as wrap providers for its stable value fund, confirmed Keith Overly, executive director of the $9 billion plan.

The fund also hired Jennison Associates and Pacific Investment Management Co. as managers of $335 million each of the underlying assets.

Prudential and RGA replace Bank of America, which announced it is leaving the wrap provider business, said Mr. Overly in a telephone interview. Prudential and RGA will wrap $670 million and $450 million, respectively, of the $4.5 billion stable value fund.

Fund administrator DB Advisors assisted.