Craig Dewling and Gregory Peters were named co-CIOs of PGIM Fixed Income, effective Jan. 1, a spokesman confirmed.
Messrs. Dewling and Peters will take over for current CIO and head of PGIM Fixed Income Michael Lillard. Mr. Lillard will remain head of PGIM Fixed Income.
Mr. Dewling currently works as deputy chief investment officer. Mr. Peters is head of multisector and strategy and a senior portfolio manager. Both are also managing directors. Upon Messrs. Dewling and Peter's promotions, the deputy CIO role will be eliminated, according to a news release Tuesday.
In addition to his co-CIO duties, Mr. Peters will remain a senior portfolio manager on the multisector team.
Separately, John Vibert, managing director and head of securitized products, was named president at of PGIM Fixed Income. The role is new.
Gabriel Rivera and Edwin Wilches, who are portfolio managers, will become co-heads of securitized products, reporting to Mr. Peters, also on Jan. 1.
Messrs. Vibert, Dewling and Peters will report to Mr. Lillard.
"I am excited to announce these senior appointments as part of our continuing efforts to broaden the leadership structure of the firm and strengthen our long-term succession plan. Given our more than threefold growth in assets over the last 10 years, I believe naming a president and splitting the CIO roles positions us well to continue providing the investment performance and service that our clients know and expect," Mr. Lillard said in the news release.
PGIM Fixed Income had $954 billion in assets under management as of June 30.
