Prudential Financial's advanced series trust division hired MFS Investment Management, T. Rowe Price Group and Wellington Management as additional subadvisers for the $1.2 billion AST Hotchkis & Wiley Large-Cap Value Portfolio.
Wellington Management was also hired as an additional subadviser for the $2.3 billion AST Western Asset Core Plus Bond Portfolio along with Prudential subsidiary PGIM Fixed Income.
Both subadviser changes were disclosed in SEC filings Jan. 20 and will be effective Feb. 14.
Also, the AST Hotchkis & Wiley Large-Cap Value Portfolio, for which Hotchkis & Wiley Capital Management is currently the sole subadviser, will be renamed the AST Large-Cap Value Portfolio, and the AST Western Asset Core Plus Bond Portfolio, for which Western Asset Management is currently the sole subadviser, will be renamed the AST Large-Cap Value Portfolio.
Both current subadvisers will remain with the strategies.
A spokeswoman for Prudential could not be immediately reached for further information.
