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Money Management

PPM America hires 2 to bolster institutional business

Michael Markowitz, left, and Eric Maskalunas

Eric Maskalunas was named executive vice president, head of distribution, at PPM America, and Michael Markowitz was named senior managing director, head of business development at the firm.

The positions are new and are part of PPM America's expansion into the institutional market, according to a news release.

Mr. Maskalunas was director of North American institutional sales at Investec Asset Management, and Mr. Markowitz was senior managing director of corporate strategy and head of traditional asset management at Mesirow Financial.

A spokeswoman at Investec confirmed Mr. Maskalunas' departure but did not say who replaced him. A Mesirow spokeswoman could not be reached for information on Mr. Markowitz's replacement.

PPM America, the U.S. money management subsidiary of U.K.-based insurer Prudential PLC, has $111 billion in assets under management.