Michael J. Collins, managing director and senior portfolio manager for core, core plus, absolute return, and other multi-sector fixed income strategies at PGIM will retire in April 2024 after more than 37 years with the firm.
"As part of our ongoing succession planning and in anticipation of Mike's retirement, significant resources have been added to the multi-sector team over the last two years," a spokeswoman for PGIM Fixed Income said by email.
PGIM is the global investment management business of Prudential Financial and had total assets under management of $1.2 trillion as of Sept. 30.
PGIM Fixed Income accounted for about $759 billion in assets as of the same date.
A memo issued Wednesday by Michael Kamell, senior consultant and managing director at Verus Investments, to the board of trustees of Fresno County Employees' Retirement Association, Fresno, Calif., referred to Mr. Collins' upcoming retirement.
Noting FCERA had about $322.1 million — or 6% of the portfolio — allocated to PGIM Strategic Credit, Mr. Kamell wrote that Mr. Collins' responsibilities will be absorbed by current senior portfolio managers Gregory Peters and Richard Piccirillo, both of whom have been working alongside Mr. Collins on the Strategic Credit strategy since its inception.
Mr. Peters, a managing director and co-CIO of PGIM Fixed Income, is also a senior portfolio manager for core, long government/credit, core plus, absolute return, and other multi-sector fixed income strategies, the memo noted. Mr. Piccirillo is a managing director and senior portfolio manager for PGIM fixed income's core, long government/credit, core plus, absolute return and other multi-sector fixed income strategies.
"Verus maintains our conviction in the Strategic Credit strategy, but we do view Mr. Collins as a key person to the multi-sector team," Mr, Kamell wrote. "As such, we are recommending that the PGIM Strategic Credit strategy be moved to provisional/watch status."