Michael Lillard was named CIO of Prudential Fixed Income Management, overseeing portfolio management and trading across the entire firm, according to a news release from the firm. Mr. Lillard was head of Prudentials quantitative research and risk management unit and was also a senior investment officer for insurance portfolios, liability-driven investment and hedge strategies. Arvind Rajan was named managing director of quantitative research and risk management, while Mr. Lillard retains his senior investment officer responsibilities.
Mr. Rajan was managing director at Citigroup, where he founded a unit that traded emerging markets and credit instruments and also led structured credit research for Citigroups fixed-income business, according to the Prudential release. Danielle Romero, spokeswoman for Citigroup, said Mr. Rajan was no longer leading structured credit research at the time he left Citigroup. At the time of his departure last month, he was working as a member of the relative value trading business, and he will not be replaced, she said.
Peter Cordrey, a managing director, Pru Alpha Strategy, will head alternative products and be responsible for the firms hedge fund platform and collateralized debt obligations. The position is new and will be in addition to Mr. Cordreys responsibilities as a managing director.
Miguel Thames, a managing director on the marketing team, has been named head of the institutional business and will be responsible for consultant relations and sales and client services. He replaces Kevin Myers, who was named senior managing director of institutional marketing and distribution for Prudential Financials U.S. businesses.