PBGC hires 3 for fixed-income assignments

The PBGC hired Prudential Investment Management, Wellington Management and Western Asset Management to run active domestic fixed-income portfolios, according to Jeffrey Speicher, spokesman. Each firm will get $2.5 billion, he said. Funding is coming from reducing the agency's equity exposure to between 15% and 25% of assets, from 37% of assets. Further details could not be learned by press time.