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Executive Chairman of Prudential Fixed Income
James J. Sullivan is the Executive Chairman of Prudential Fixed Income and Head of the Global Institutional Relationship Group for PGIM, the asset management business of Prudential. Prior to assuming his current role, Mr. Sullivan was the Senior Managing Director and Head of Prudential Fixed Income, a position he held since 1999. In his role as Executive Chairman he oversees governance and strategic direction for the Fixed Income business. In his role as Head of the Global Institutional Relationship Group, Mr. Sullivan oversees a team of professionals responsible for establishing and maintaining relationships with select, large institutional investors worldwide, and facilitating access to these institutions on behalf of PGIM's asset management businesses. Mr. Sullivan joined Prudential in 1981 and has extensive experience in managing fixed income bond portfolios for insurance, pension, and mutual fund clients. He is a member of the Board of Directors of MarketAxess (operator of a leading electronic trading platform for fixed income securities). Mr. Sullivan received both a BA and an MBA from Iona College.
Head of Prudential Fixed Income and Chief Investment Officer
Michael K. Lillard, CFA®, is Chief Investment Officer (CIO) and Head of Prudential Fixed Income. In this role he oversees the investment process and leads the day-to-day activities for the firm. Together, with the Executive Chairman of Prudential Fixed Income, he shares responsibility for all of the firm's business decisions. Prior to assuming his role as Head of Prudential Fixed Income in January, 2016 and his CIO responsibilities in 2008, Mr. Lillard was Senior Investment Officer for Insurance Portfolios, Liability-Driven Investment Strategies, and Hedge Strategies at Prudential Fixed Income, and was Head of the Quantitative Research and Risk Management Group. Earlier, he was head of Prudential Fixed Income's US Liquidity Team, the group responsible for managing US government and mortgage-backed securities, and was also the portfolio manager for Core Fixed Income Strategies. Mr. Lillard began his career with Prudential Financial, Inc. in 1987 in the Portfolio Management Group. Mr. Lillard serves as a member of the United States Treasury Borrowing Advisory Committee (TBAC). Mr. Lillard received a BS and MS in Computer Science from the Massachusetts Institute of Technology (MIT) and an MS in Management from the Sloan School at MIT. He holds the Chartered Financial Analyst (CFA) designation.
Head of Credit Research
Richard T. Greenwood, CFA®, is a Managing Director and Head of Prudential Fixed Income's Credit Research Group. Mr. Greenwood oversees teams of credit analysts dedicated to covering investment grade corporates, high yield bonds, emerging market corporates, bank loans, and municipal securities with offices in Newark, NJ, London and Singapore. Previously, Mr. Greenwood worked in the Financial Restructuring Unit of Prudential Financial's private placement group. In his Restructuring Group role, Mr. Greenwood chaired two Chapter 11 creditor's committees and served on the Boards of Directors of six private companies. Mr. Greenwood also worked in credit administration and invested in senior and mezzanine private placements in his earlier roles in the private placement group. Before joining Prudential Financial in 1987, Mr. Greenwood worked for Marine Midland Bank where he originated and managed middle market loans after having completed the bank's credit training program in 1983. Mr. Greenwood received a BA in Economics from New York University and an MBA in Finance from The Wharton School of the University of Pennsylvania. He holds the Chartered Financial Analyst (CFA) designation.
Head of Credit Portfolio Management
Steven A. Kellner, CFA®, is Managing Director and Head of Credit Portfolio Management at Prudential Fixed Income. He has oversight for all credit portfolio management and trading and is also Senior Portfolio Manager for more than $224 billion in U.S., European, and global investment grade corporate bond strategies as of December 31, 2015. Mr. Kellner has been managing corporate bonds for Prudential since 1989 and became Head of Corporate Bond Strategies in 1999. He initially joined Prudential Financial in 1986. After completing his MBA in Finance at The Wharton School of the University of Pennsylvania in 1987, Mr. Kellner rejoined the group as an analyst, then moved to the corporate bond team responsible for managing Prudential Financial's proprietary fixed income portfolios. In addition to his MBA, Mr. Kellner received a BCE in Civil Engineering from Villanova University. He holds the Chartered Financial Analyst (CFA) designation.
Head of Global and Macro
Arvind Rajan, Ph.D., is a Managing Director and Head of Global and Macro at Prudential Fixed Income, heading the FX, Global Bond, Emerging Markets Debt, Investment Strategy and Economic Research teams. In 2015, Mr. Rajan was appointed Adjunct Full Professor at the NYU Stern School of Management. Previously, he was Head of Prudential Fixed Income's Quantitative Research and Risk Management Group. Prior to joining Prudential Financial in 2008, Mr. Rajan worked at Citigroup, where he had been Co-Head of US Fixed Income Strategy. At Citigroup, Mr. Rajan was twice ranked first and once second in the All-American Fixed Income Research poll conducted annually by Institutional Investor magazine. Mr. Rajan also co-authored The Structured Credit Handbook, published in 2007. In 2006, he founded a unit that traded emerging markets and credit instruments as part of Citigroup's global multi-strategy proprietary trading group. From 2003 to 2006, he was the Global Head of Structured Credit Research. From 1997 to 2003, Mr. Rajan was the Global Head of Emerging Markets Quantitative Research and Strategy for the Fixed Income Division at Salomon Smith Barney. He joined the Bond Portfolio Analysis group at Salomon Brothers in 1994, after working at AT&T Bell Labs and teaching at Rice University. Mr. Rajan received a bachelor's degree from the Indian Institute of Technology as well as an MS and PhD in Operations Research from Northwestern University.
Head of Multi-Sector and Liquidity
Craig Dewling is a Managing Director and Head of the Multi-Sector and Liquidity Team at Prudential Fixed Income. In this role, Mr. Dewling has portfolio management and trading oversight for US Treasuries and government agency securities, mortgage-backed securities, structured product securities, and interest rate derivative transactions for all strategies, products, and distribution channels. He is also a senior portfolio manager for US Government, mortgage-backed securities, insurance strategies, and multi-sector fixed income portfolios. He has specialized in mortgage-backed securities since 1991. Earlier, he was a taxable bond generalist for Prudential's proprietary accounts, specializing in US Treasuries and agencies. Mr. Dewling joined Prudential Financial in 1987 in the Securities Systems Group. Mr. Dewling received a BS in Quantitative Business Analysis from The Pennsylvania State University and an MBA in Finance from Rutgers University.
Head of Quantitative Research and Risk Management
Yves Trinquet is a Managing Director and Head of Quantitative Research and Head of Risk Management for Prudential Fixed Income. He is responsible for overseeing the development of proprietary yield curve, credit and risk models, as well as all aspects of portfolio risk management including risk budgeting, tracking and analysis for portfolios, and for performance analysis, attribution, data integrity and pricing. Previously, Mr. Trinquet had been a Senior Portfolio Manager and Head of the Quantitative Research Team for more than 10 years, where he was instrumental in the development of the firm's relative value hedge platform. He and his team also researched and developed most of the quantitative models and analytical tools used to manage Prudential Fixed Income's portfolios. Earlier, Mr. Trinquet managed global fixed income portfolios and guaranteed investment contracts (GICs) for institutional and general account clients. Prior to joining Prudential Financial in 1989, he was an engineer in underwater robotics for Societe ECA, a global engineering firm. Mr. Trinquet received an MS in Mechanical Engineering from Ecole Nationale Superieure des Arts et Metiers (Paris, France) and an MBA from Columbia University.
Co-Heads of Structured Products
Richard Rogers is a Managing Director and co-Head of the Structured Product Research Team at Prudential Fixed Income. Mr. Rogers manages a team of specialized research analysts responsible for providing in-depth credit analysis and structural review for a wide range of structured product securities, including securities backed by residential mortgage, commercial mortgage, auto, equipment lease, credit card and student loan securitizations and structured corporate credit. The team also performs ongoing surveillance at the security level. Mr. Rogers has specialized in structured product securities for more than 19 years. He joined Prudential Financial in 1987, after five years in corporate banking focusing on credit analysis and business development. Mr. Rogers received a BA from Lehigh University and an MBA from the University of Illinois.
John Vibert is a Managing Director and co-Head of Prudential Fixed Income's Structured Product Team. Previously, Mr. Vibert was the lead portfolio manager for BlackRock's mortgage credit portfolios and the lead trader for its non-agency Residential Mortgage Backed Securities (RMBS) trading team. Before joining BlackRock, Mr. Vibert was a managing director at Credit Suisse, where he was head of adjustable-rate mortgage trading and co-head of non-agency RMBS trading. Earlier, he was a mortgage trader at Morgan Stanley and worked as a quantitative analyst at Salomon Brothers. Mr. Vibert received a BS in Engineering, with distinction, from Cornell University in 1993.
Investment Strategy and Management
Paul Appleby, CFA®, is a Managing Director and co-Head of Prudential Fixed Income's Leveraged Finance Team, which includes the US and European High Yield Bond and Bank Loan sector teams. Previously, he was Director of Credit Research and Chief Equity Strategist for Prudential Financial's proprietary portfolios. Mr. Appleby was also a high yield bond credit analyst and worked in Prudential Financial's private placement group. Before joining Prudential Financial in 1987, he was a strategic planner for Amerada Hess. Mr. Appleby received a BS in Economics from The Wharton School of the University of Pennsylvania and an MBA from the Sloan School at the Massachusetts Institute of Technology (MIT). He holds the Chartered Financial Analyst (CFA) designation.
David Bessey is a Managing Director and the Head of Prudential Fixed Income's Emerging Markets Debt Team, investing in emerging market debt denominated in both US dollars and local currencies. Mr. Bessey is also senior portfolio manager the Emerging Markets Debt Long/Short Strategy. Mr. Bessey started Prudential's Emerging Market effort in 1995 with sovereign strategist Cathy Hepworth and has grown this business to $33 billion (as of December 31, 2015.) Prior to joining Prudential Financial in 1989, Mr. Bessey was a project manager on various engineering projects in the United States, Asia, and Latin America. Mr. Bessey received a BS in Geological Engineering from Cornell University and an MBA in Finance from the Sloan School at the Massachusetts Institute of Technology (MIT).
Jonathan Butler is a Managing Director and the Head of the European Leveraged Finance Team (High Yield and Bank Loans) at PGIM Limited, based in London. He is also a member of the board of directors of PGIM Limited, PGIM's UK-regulated business, and assists with developing and implementing the firm's business strategy in the UK. Earlier, Mr. Butler was responsible for establishing and managing NIBC's third-party CLO asset management franchise. At NIBC, he invested in senior and mezzanine loans for financial sponsor transactions (leveraged buyouts). Previously, Mr. Butler held investment positions with Chemical Bank (now JPMorgan Chase & Co.), where he originally received his credit training, and Industrial Bank of Japan (now Mizuho). Mr. Butler received a BA with honours in Financial Services from Bournemouth University, UK.
Robert Cignarella, CFA®, is a Managing Director and co-Head of Prudential Fixed Income's Leveraged Finance Team, which includes the US and European High Yield Bond and Bank Loan sector teams. Previously, Mr. Cignarella was a managing director and co-head of high yield and bank loans at Goldman Sachs Asset Management. He also held positions as a high yield portfolio manager and a high yield and investment grade credit analyst. Earlier, he was a financial analyst in the investment banking division of Salomon Brothers. Mr. Cignarella received an MBA from the University of Chicago, and a bachelor's degree in operations research and industrial engineering from Cornell University. He holds the Chartered Financial Analyst (CFA) designation.
Michael J. Collins, CFA®, is a Managing Director and Senior Investment Officer for Prudential Fixed Income. He is also senior portfolio manager for Core Plus, Absolute Return, and other multi-sector Fixed Income strategies. Previously, Mr. Collins was a High Yield Portfolio Manager and Fixed Income Investment Strategist. He continues to work closely with the high yield team and other credit teams on portfolio strategy and construction. Earlier he was a credit research analyst, covering investment grade and high yield corporate credits. Additionally, he developed proprietary quantitative international interest rate and currency valuation models for our global bond unit. Mr. Collins began his career at Prudential Financial in 1986 as a software applications designer. He received a BS in Mathematics and Computer Science from the State University of New York at Binghamton and an MBA in Finance from New York University. Mr. Collins holds the Chartered Financial Analyst (CFA) designation and is a Fellow of the Life Management Institute (FLMI).
Susan M. Courtney is a Managing Director and Head of the Prudential Fixed Income's Municipal Bond Team. She is responsible for developing, directing, and executing investment strategy for all municipal bond assets, including the Prudential municipal bond mutual funds. Ms. Courtney joined Prudential Financial in 2005 from GE Asset Management (GE), where she spent ten years as a municipal bond portfolio manager responsible for $4.7 billion in tax-exempt assets for insurance companies. Prior to her career at GE, Ms. Courtney was Assistant Vice President of the Global Power Group at Fitch Investors Services, Inc., and a Senior Analyst in the Unit Investment Trust Department of Dean Witter Reynolds. Ms. Courtney received a BA in Economics from Hartwick College and an MBA in Finance from Fordham University.
Joseph D’Angelo is a Managing Director and the Head of Prudential Fixed Income's Money Markets Team, overseeing portfolio management of all taxable money markets portfolios. Mr. D'Angelo joined Prudential Financial in 1988, working first in the Management Accounting Group and then the Treasurer's Group. He moved to the Securities Lending Group in 1994 and assumed investment management responsibilities in 1998. Mr. D'Angelo received a BA in Economics from Swarthmore College and an MBA in Finance from New York University.
Edward Farley is a Managing Director and Head of the European Corporate Bond Team at PGIM Limited, based in London. Mr. Farley is responsible for managing global and Euro-denominated investment grade corporate bond portfolios. Before joining the team in 2007, he was a portfolio manager/team leader at Gordian Knot, where he managed and oversaw corporate and financial investments for a corporate bond fund and a credit derivatives fund. Previously, Mr. Farley was an assistant manager at PricewaterhouseCoopers in the banking and capital markets division. He received a BA with honors in Economics and Politics at the University of Newcastle-Upon Tyne. Mr. Farley is a member of the Institute of Chartered Accountants in England and Wales (ACA).
Cathy Hepworth, CFA®, is a Managing Director and an Emerging Market Sovereign Strategist/Portfolio Manager for Prudential Fixed Income's Emerging Markets Team. Ms. Hepworth co-founded the firm's emerging markets debt management effort with David Bessey in 1995, together with the team growing the business to $33 billion (as of December 31, 2015). Previously, Ms. Hepworth was an analyst in the credit unit of Prudential Financial's Capital Management Group, focusing on various sovereign, financial and corporate sectors. Prior to joining Prudential Financial in 1989, she held analyst positions at Bankers Trust, Merrill Lynch, and Golembe Associates. Ms. Hepworth received a BSFS from Georgetown University, School of Foreign Service. She holds the Chartered Financial Analyst (CFA) designation.
James L. Herbst is a Managing Director and senior portfolio manager for Prudential Fixed Income's Core Conservative Strategy. Mr. Herbst has specialized in US fixed income since 1987 and has been responsible for managing Core Bond Conservative portfolios since 1989. Previously, he was Head of Investment Strategy and Coordination for Prudential Fixed Income's US Investment Grade Corporate Team. Mr. Herbst developed a comprehensive ranking system for each corporate sector and security in Prudential Financial's universe of investable securities, still used to manage risk today. Mr. Herbst joined Prudential Financial in 1985. He received a BS in Accounting from Seton Hall University and an MBA in Finance from New York University.
Joe Lemanowicz is a Managing Director and the Head of the US Bank Loan Sector Team for Prudential Fixed Income. Previously, Mr. Lemanowicz was the Head of the High Yield Credit Research Team, where he also covered the utility and commodity sectors. Earlier, Mr. Lemanowicz spent 14 years in Prudential Financial's private placement group serving in a number of different investment origination and portfolio management units. He began his career with Prudential Financial in 1982 in the Comptroller's Department. Mr. Lemanowicz received a BS in Business Administration from the University of Connecticut and an MBA from Rutgers University.
John McIntyre is a Managing Director and Head of the Securities Lending Unit for Prudential Fixed Income. Mr. McIntyre leads the group responsible for securities lending activities for PGIM and for portfolio financing activities of Prudential Fixed Income's managed long/short strategies. Prior to his current role, Mr. McIntyre managed Prudential Securities' Agency Lending business, which was established in 1999 to facilitate securities lending for Prudential Financial's retail and annuity mutual funds, and has since merged into Prudential Fixed Income's securities lending program. Previously, he held a number of management positions in Prudential Financial's Treasurer's Department, including head of Prudential Financial's securities lending activities, and head of Prudential Financial's direct-issue commercial paper program. Mr. McIntyre joined Prudential in 1984. He received a BA from Providence College and an MBA from New York University's Stern School of Business.
Gregory Peters is a Managing Director and Senior Investment Officer of Prudential Fixed Income. He is also senior portfolio manager for Core, Long Government/Credit, Core Plus, Absolute Return, and other multi-sector Fixed Income strategies. Prior to joining Prudential Fixed Income, Mr. Peters was the Chief Global Cross Asset Strategist at Morgan Stanley and responsible for the firm's macro research and asset allocation strategy. In addition, he was Morgan Stanley's Global Director of Fixed Income & Economic Research and served on the Firm Risk, Investment, Asset Allocation, Global Credit, and Global Fixed Income Operating Committees. Earlier, Mr. Peters worked at Salomon Smith Barney and the Department of U.S. Treasury. Mr. Peters has been recognized by Institutional Investor magazine for his efforts in macro, fixed income, high yield and investment grade strategies. Mr. Peters was also recently recognized as Business Insider's Top Analysts and Top Analyst's to Watch by CEO World. Mr. Peters earned a BA in Finance from The College of New Jersey and an MBA from Fordham University. He is also a member of the Fixed Income Analyst Society and the Bond Market Association.
Robert Tipp, CFA®, is a Managing Director, Chief Investment Strategist, and Head of Global Bonds for Prudential Fixed Income. In addition to co-managing the Global Aggregate Plus strategy, Mr. Tipp is responsible for global rates positioning for Core Plus, Absolute Return, and other portfolios. Mr. Tipp has worked at Prudential since 1991, where he has held a variety of senior investment manager and strategist roles. Prior to joining Prudential Financial, he was a Director in the Portfolio Strategies Group at the First Boston Corporation, where he developed, marketed, and implemented strategic portfolio products for money managers. Before that, Mr. Tipp was a Senior Staff Analyst at the Allstate Research & Planning Center, and managed fixed income and equity derivative strategies at Wells Fargo Investment Advisors. He received a BS in Business Administration and an MBA from the University of California, Berkeley. Mr. Tipp holds the Chartered Financial Analyst (CFA) designation.
Frank Duplak, CFA®, is a Managing Director and Head of High Yield Credit Research for Prudential Fixed Income's Credit Research Group. Mr. Duplak covers the paper, metals and mining, and airlines sectors for high yield corporate portfolios. Prior to his current assignment, Mr. Duplak was head of Prudential Fixed Income's Investment Grade Credit Research Team. Mr. Duplak joined Prudential Financial in 1986. During his time at the firm, he has been a member of the investment strategy and asset-liability management team for Prudential Financial's proprietary portfolios and a member of the fixed income credit research team. Mr. Duplak received a BS in Finance from Bucknell University and an MBA from New York University. He holds the Chartered Financial Analyst (CFA) designation.
Bjorn Flesaker, PhD, is a Managing Director and Head of Quantitative Research for Prudential Fixed Income. Mr. Flesaker joined Prudential Fixed Income in April 2010 from Bloomberg, where he worked as a senior quant and a credit derivatives business manager. Prior to this, Mr. Flesaker spent more than a decade leading quantitative research, modeling, and related activities in fixed income and derivatives business areas at major financial firms including Morgan Stanley, MBIA, Bear Stearns, and Merrill Lynch. He began his career as a member of the finance faculty at the University of Illinois at Urbana-Champaign. He has lectured and published extensively on topics of mathematical finance, is an adjunct professor at New York University's Courant Institute of Mathematical Sciences, and serves as a managing editor of the International Journal of Theoretical and Applied Finance. Mr. Flesaker received a degree in Finance from BI Norwegian Business School in Oslo and a PhD in Finance from the University of California, Berkeley.
Temple Houston, CFA®, is a Managing Director and Head of Investment Grade Corporate Bond Research for Prudential Fixed Income. Mr. Houston covers the paper and packaging, metals and mining, and tobacco sectors. Earlier, he covered consumer sectors and the forest products industry for the High Yield Credit Team. Mr. Houston has been a member of Prudential Fixed Income's Credit Research Group since 1994. Previously, he worked in Prudential Financial's Comptrollers Department. Mr. Houston joined Prudential Financial in 1987. He received a BS in Accounting from the University of Delaware and an MBA in Finance from Rutgers University. Mr. Houston holds the Chartered Financial Analyst (CFA) designation.
Jürgen Odenius, PhD, is a Managing Director, Chief Economist and Head of Global Macroeconomic Research at Prudential Fixed Income. Mr. Odenius is responsible for formulating the global macro economic outlook and directing economic research with a view to supporting country-specific alpha generation in rates, FX and sovereign credit markets. Mr. Odenius joined Prudential Fixed Income in April, 2011 from the International Monetary Fund (IMF). As Mission Chief in the IMF's European Department, he was responsible for several emerging and developed countries. Previously, he formulated the IMF's macro outlook for Germany and extensively contributed to the IMF's capital markets outlook. Earlier, he served as an emerging markets strategist at UBS and economist for SBC Warburg in London. Mr. Odenius has authored numerous articles for the IMF's Global Financial Stability Report and its country publications. He received a BA in Business and Economics from Bonn University in Germany, an MA in Economics from the European University Institute in Italy, and a PhD in Economics from the University of Pittsburgh.
Michiel von Saher, is a Managing Director and the Head of the European Credit Research Team at PGIM Limited, based in London. Prior to joining the Team in 2005, Mr. von Saher worked at NIBC for six years, most recently as Head of the Intermediate Capital Group, based in London. There, he focused on arranging subordinated/mezzanine debt facilities for European mid-market MBOs and invested in syndicated mezzanine transactions. Earlier, Mr. von Saher spent six years at MeesPierson/Fortis in various acquisition finance and corporate lending activities. Mr. von Saher received an M.Sc. in Economics from the University of Amsterdam.
Peter Cordrey is a Managing Director and Head of Product Management and Distribution at Prudential Fixed Income. Previously, Mr. Cordrey was Head of Alternative Investments at Prudential Fixed Income, responsible for all fixed income long/short strategies as well as the Collateralized Debt Obligation (CDO) Platform. Earlier, Mr. Cordrey was Head of the Global Liquidity Sector Team, the group responsible for managing US government and foreign government securities, US mortgage-backed securities, and fixed income derivative products. He was also Senior Portfolio Manager of the US government-based relative value long/short strategy managed by Prudential Fixed Income. Prior to joining Prudential Financial in 1996, Mr. Cordrey traded US Treasuries, agencies, and STRIPs for nine years as a Director of Government Securities at Merrill Lynch. He was also the Head Trader of Lehman Brothers Zero Coupon Desk. He began his finance career in the Investment Banking division of EF Hutton. Mr. Cordrey received an AB in Economics from Princeton University and an MBA in Finance from Columbia University.
F. Gary Knapp, CFA®, is Managing Director and Head of Liability-Driven Strategies at Prudential Fixed Income. Prior to assuming his current responsibilities in 2008, Mr. Knapp was a Product Manager for Prudential's proprietary insurance portfolios and a key member of Prudential Fixed Income's risk management team. He joined Prudential Financial in 1985 to develop asset allocation and risk management strategies for insurance product portfolios. In addition to managing insurance portfolios, he has managed global fixed income portfolios and currency hedging programs for institutional clients. In 2013, Mr. Knapp was named one of Institutional Investor's Top 40 Most Influential People in the U.S. Pension Landscape and in 2011, his team was awarded the aiCIO Industry Innovation Award for strategies and tactics in LDI . Mr. Knapp received a BS in Mathematics and Physics from Haverford College (PA) and an M.Sc. in Mathematics from Brown University. He holds the Chartered Financial Analyst (CFA) designation as well as the Financial Risk Manager (FRM) designation from the Global Association of Risk Professionals.
Chief Operating Officer
Steve Saperstein is the Chief Operating Officer of Prudential Fixed Income. Mr. Saperstein manages the Operations, Securities Lending, Finance, and Business Management functions of Prudential Fixed Income. Prior to assuming his current duties, Mr. Saperstein was Controller of Prudential Individual Insurance and Prudential Real Estate Investors. He also spent several years in Corporate Tax and other Finance functions at Prudential Financial. Mr. Saperstein joined Prudential Financial in 1984. He received a BS in Industrial Administration from the New Jersey Institute of Technology and an MBA from Rutgers University.
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