Michael Schlachter joined Prudential Investment Management as managing director, multiasset-class solutions, to head a new team designed to address portfolio challenges by institutional investors.
It is a new position. Mr. Schlachter announced last month that he was leaving his post as senior consultant and managing director at investment consultant Wilshire Associates, where he was one of two lead consultants advising the $300.9 billion California Public Employees' Retirement System, Sacramento.
Prudential is the latest among major money managers to form a “solutions” unit to help institutional investors with multiasset portfolio challenges, such as asset allocation, dynamic derisking and hedging.
Mr. Schlachter, in an interview with Pension & Investments, said he plans to hire a handful of other employees in the next few months. He said the unit will leverage Prudential's capabilities in public and private fixed income, equities, real estate and alternatives.
Prudential managed $891 billion in assets as of March 31, of which $352 billion was for third-party institutional clients, company data show.
Separately, Matthew C. Duda was named a principal and emerging markets debt portfolio specialist at Prudential Fixed Income, said spokeswoman Theresa Miller.
It is a new position.
Mr. Duda reports to David Bessey, managing director and head of emerging markets debt.
Mr. Duda was a portfolio manager at Western Asset Management Co. His responsibilities have been assumed by Chia Liang Lian, co-head of the emerging markets debt and other members of the global emerging markets debt team, said Western Asset spokeswoman Mary Athridge.
