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.