Sara Bonesteel was named chief investment officer for retirement for Prudential Financial, said Laura Burke, spokeswoman.
Ms. Bonesteel will be responsible for the overall investment strategy and portfolio management of Prudential’s retirement business, said a news release. Ms. Bonesteel had been head of portfolio strategy in Prudential’s CIO office, the release said. She has been succeeded by Alfred Lerman, who was a managing director and head of investment analytics and policy group in the CIO office.
Separately, Prudential announced that Jamie Kalamarides will become head of the new full-service solutions business, effective Sept. 5, combining some of his current responsibilities, including CEO of Prudential Bank and Trust, with retirement plan record keeping and administration for public, private and non-profit plans. He currently is head of institutional investment solutions.
Mr. Kalamarides is taking on the additional duties because Jamie McInnes — the head of Prudential Retirement’s defined contribution, defined benefit and non-qualified plan record keeping and administration — has moved to Prudential’s international insurance division, according to a separate news release earlier this week.
Mr. McInnes will be in charge of creating retirement products for the Southeast Asia market, Josh Stoffregen, a Prudential spokesman, said in an interview. He starts the new post Sept. 5.
As part of the reorganization, Phil Waldeck, currently head of pensions and structured solutions, will assume additional responsibilities as head of the investment and pensions solutions business covering pension risk transfer, structured settlements and stable value, the news release said. Mr. Waldeck also will start his new role Sept. 5.