Prudential Financial's advanced series trust division terminated Pacific Investment Management Co. as subadviser of two portfolios and hired BlackRock and Loomis Sayles & Co. as replacement managers for one portfolio, said a document filed with the U.S. Securities and Exchange Commission on Tuesday.
PIMCO was replaced as subadviser for the U.S. fixed-income segment of the Advanced Strategies Portfolio by Prudential Investment Management. PIMCO was also terminated as subadviser for the AST PIMCO Total Return Bond Portfolio and is being replaced by BlackRock and Loomis Sayles.
In addition, the AST PIMCO Total Return Bond Portfolio will be renamed the AST BlackRock/Loomis Sayles Bond Portfolio.
These changes are expected to go into effect Jan. 5.
The Advanced Strategies Portfolio had $8.75 billion in assets as of Sept. 30, while the Total Return Portfolio had $6.16 billion. PIMCO's share of each could not be learned.
PIMCO spokesman Michael Reid declined to comment. Prudential spokeswoman Theresa Miller declined to comment.