Michael Coop joined Prudential Portfolio Management Group as head of multiasset portfolio management, said a spokeswoman.
The role is an expansion of a role previously held by Matthew Williams, who left the firm in January. Further details were not available by press time.
PPMG is Prudential’s U.K.’s manager-of-managers business and has £155.2 billion ($240.8 billion) of assets under management.
“We believe that a large part of investor return can be attributed to asset allocation and that this is a specialist skill, which should exist separately from any other activities in a fund,” said Al Denholm, CEO of PPMG, in a news release. “As such our team is centered around making strategic and tactical asset allocation decisions and setting active mandates for fund managers, both internal and external to Prudential, across the world.”
Mr. Coop was previously head of multiasset strategies at Ibbotson Associates, based in Sydney, said the release. Spokesmen and executives could not be reached for comment by press time.
PPMG also confirmed the appointment of Ciaran Mulligan, reported by Pensions & Investments in March. He is head of manager oversight, a new role.