Philip J. Schettewi was named head of the value equity management team at Prudential Global Asset Management, a newly created position. Mr. Schettewi will oversee management of all value equity mutual funds, annuities, 401(k) plan vehicles and institutional accounts. Previously, a single CIO oversaw all stock and bond investments, said Timothy Biggs, a Prudential spokesman. Mr. Schettewi recently was a money manager at Loomis, Sayles and also was a director, managing partner and CIO.
Ric Dillon was named as Mr. Schettewis replacement. He joined the Washington office of Loomis, Sayles as a member of the equity investment team nine months ago; he was president of Dillon Capital Management.