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Head of Prudential Fixed Income
James J. Sullivan is Senior Managing Director and Head of Fixed Income at Prudential Investment Management (PIM), a position he has held since 1999. Prudential Fixed Income is a global investment management firm which, as of June 30, 2014, has $533 billion in assets under management, over 200 investment professionals in the U.S., Europe and Asia, and more than 394 institutional clients in 21 countries. Mr. Sullivan is responsible for all investment management, operations, and business development efforts. He 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 PIM’s Investment Committee, PIM’s Ethics Committee, and Chairman of Prudential Trust Company. He is also the President of the Board of Good Shepherd Services in New York, and a member of the Board of Directors of MarketAxess, the operator of a leading electronic trading platform for fixed income securities. Mr. Sullivan received both a BA and an MBA from Iona College.
Chief Investment Officer
Michael K. Lillard, CFA®, is managing director and chief investment officer for Prudential Fixed Income, responsible for portfolio management and trading for all products and strategies across the firm. Prior to assuming his current 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 U.S. Liquidity team, the group responsible for managing U.S. government and mortgage-backed securities, and was also the portfolio manager for Core Fixed Income Strategies. Mr. Lillard began his career with Prudential Financial in 1987 in the Portfolio Management Group. Mr. Lillard received a B.S. and M.S. in computer science from the Massachusetts Institute of Technology (MIT) and an M.S. in management from the Sloan School at MIT. He holds the Chartered Financial Analyst® designation.
Arvind Rajan, Ph.D., is Managing Director and International Chief Investment Officer for Prudential Fixed Income. Mr. Rajan spearheads the ongoing integration of the investment and research processes of our Global Bond and Emerging Markets Debt teams. Previously, he was Head of Prudential Fixed Income’s Quantitative Research and Risk Management Group, responsible for overseeing all aspects of portfolio risk management, quantitative modeling and research for security selection and relative value analysis, and for performance analysis, attribution, data integrity and pricing. 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 began his career in finance as an analyst and modeler for US mortgages and asset-backed securities at Salomon Brothers in 1994, after working in Research and Quantitative Consulting at AT&T Bell Labs and teaching at Rice University. Mr. Rajan has a bachelor's degree from the Indian Institute of Technology as well as an MS and PhD in Operations Research from Northwestern University.
Investment Strategy and Management
Robert Tipp, CFA®, is managing director and chief investment strategist for Prudential Fixed Income, responsible for investment strategy and macroeconomic research. Mr. Tipp is also responsible for Liability-Driven Investing (LDI) Strategies, as well as duration and foreign exchange positioning for Core Plus and other portfolios. Earlier, Mr. Tipp served as co-head of Prudential Financial’s institutional fixed income business. Before joining Prudential Financial in 1991, 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. Prior to 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 both a B.S. in business administration and an M.B.A. from the University of California, Berkeley. Mr. Tipp holds the Chartered Financial Analyst® designation.
Michael J. Collins, CFA®, is senior investment officer and portfolio manager for Core Plus Fixed Income Strategies at Prudential Fixed Income. Mr. Collins formulates credit strategy for these multi-sector portfolios and works with the Corporate and High Yield teams on portfolio strategy and construction. Previously, Mr. Collins was High Yield portfolio manager and investment strategist. Mr. Collins was also 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 B.S. in mathematics and computer science from the State University of New York at Binghamton and an M.B.A. in finance from New York University. Mr. Collins holds the Chartered Financial Analyst® designation and is a Fellow of the Life Management Institute. Mr. Collins is treasurer for the board of trustees of the Center for Educational Advancement (CEA), a nonprofit organization with the mission of providing jobs and job training to people with disabilities.
Kay Willcox is managing director and portfolio manager for Prudential Fixed Income’s Core Fixed Income Strategy and other multi-sector fixed income strategies, including both intermediate and long duration portfolios. She is also senior investment officer for Prudential Fixed Income and back-up portfolio manager on the Core Plus Fixed Income Strategy. Previously, Ms. Willcox was a mortgage-backed securities portfolio manager for the U.S. Liquidity team. She has specialized in mortgage-backed securities since joining Prudential Financial in 1987. Earlier, Ms. Willcox managed a segment of The Prudential Insurance Company of America’s proprietary portfolio. She also managed mutual fund fixed income portfolios and handled mortgage-backed security analysis and trading. She began her investment career in 1982 in the futures division of Shearson Lehman Brothers. Ms. Willcox received a B.A. in mathematics from the University of Texas and an M.B.A. in finance from Columbia University.
James L. Herbst is managing director and senior portfolio manager for Prudential Fixed Income’s Core Conservative Strategy. Mr. Herbst has specialized in U.S. 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 U.S. 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 B.S. in accounting from Seton Hall University and an M.B.A. in finance from New York University.
David Bessey is Managing Director and 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 for all Core Plus Fixed Income strategies and for the Emerging Markets Debt Long/Short Strategy. Mr. Bessey has been managing emerging market debt portfolios since 1995. 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).
Craig Dewling is managing director and head of the Global Rates and Securitized Products team at Prudential Fixed Income. In this role, Mr. Dewling has portfolio management and trading oversight for U.S. 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 U.S. Government, mortgage-backed securities, and insurance strategies, and he is a sector portfolio manager for 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 U.S. Treasuries and agencies. Mr. Dewling joined Prudential Financial in 1987 in the Securities Systems Group. Mr. Dewling received a B.S. in quantitative business analysis from The Pennsylvania State University and an M.B.A. in finance from Rutgers University.
Steven A. Kellner, CFA®, is managing director and head of Corporate Bond Strategies at Prudential Fixed Income. He also is the senior portfolio manager for the Corporate Fixed Income Strategy. Previously, Mr. Kellner managed U.S. corporate bonds for Prudential Financial’s proprietary fixed income portfolios. He initially joined Prudential Financial in 1986. After completing his M.B.A. in finance at the Wharton School of the University of Pennsylvania in 1987, Mr. Kellner rejoined the Group as a municipal bond analyst. In addition to his M.B.A., Mr. Kellner received a B.C.E. in civil engineering from Villanova University. He holds the Chartered Financial Analyst® designation. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Edward Farley is principal and portfolio manager on the European Corporate Bond team at Pramerica Investment Management Limited, based in London. Mr. Farley is responsible for managing 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 credit derivatives fund. Previously, Mr. Farley was an assistant manager at PricewaterhouseCoopers in the banking and capital markets division. He received a B.A. with honors in economics and politics from Newcastle University. Mr. Farley is a member of the Association of Chartered Accountants (ACA).
Paul Appleby, CFA®, is managing director and head of Prudential Fixed Income’s Leveraged Finance team, which includes the High Yield Sector team and the Bank Loan Sector team. Previously, he was director of credit research and chief equity strategist for Prudential Financial’s proprietary portfolios. Mr. Appleby also was a high yield 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 B.S. in economics from the Wharton School of the University of Pennsylvania and an M.B.A. from the Sloan School at the Massachusetts Institute of Technology. He holds the Chartered Financial Analyst® designation. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Joe Lemanowicz is principal and head of the U.S. Bank Loan 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 B.S. in business administration from the University of Connecticut and an M.B.A. from Rutgers University.
Jonathan Butler is principal and head of the European Bank Loan team at Prudential Investment Management Limited, based in London. Before joining the team in June 2005, Butler worked for NIBC, where he invested in senior and mezzanine loans for financial sponsor transactions (leveraged buyouts). Mr. Butler was also responsible for establishing and managing NIBC’s third-party CLO asset management franchise. Before that, Mr. Butler held investment positions with Chemical Bank (now JPMorgan Chase), where he originally received his credit training, and Industrial Bank of Japan (now Mizuho). Mr. Butler received a B.A. with honors in financial services from Bournemouth University.
Ryan Kelly,CFA®, is Principal and high yield portfolio manager for Prudential Fixed Income's High Yield Team. Prior to his current position, Mr. Kelly was a senior high yield credit analyst in Prudential Fixed Income's Credit Research Group, covering the automotive, energy, technology and finance sectors. Previously, Mr. Kelly was a senior high yield bond analyst at Muzinich & Company. Earlier, he was an investment banker at PNC Capital Markets/PNC Bank where he worked in the high yield bond, mergers and acquisition (M&A) and loan syndication groups. Mr. Kelly began his career in investment banking at Chase Manhattan Bank, working on project finance transactions and M&A advisory mandates for the electric power sector. He received a BA in Economics from Michigan State University and holds the Chartered Financial Analyst (CFA) designation.
Susan M. Courtney is 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 Dryden municipal bond mutual funds. Ms. Courtney joined Prudential Financial in 2005 from GE Asset Management (GE), where she spent 10 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, and a Senior Analyst in the Unit Investment Trust Department of Dean Witter Reynolds. Ms. Courtney earned a B.A. in economics from Hartwick College and an M.B.A. in finance from Fordham University.
Joseph D’Angelo is managing director and head of Prudential Fixed Income’s Money Markets team, overseeing 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 B.A. in economics from Swarthmore College and an M.B.A. in finance from New York University.
Richard T. Greenwood, CFA®, is a managing director and head of Prudential Fixed Income’s Credit Research unit. 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 creditors 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 B.A. in economics from New York University and an M.B.A. in finance from the Wharton School of the University of Pennsylvania. He holds the Chartered Financial Analyst® designation.
Richard Rogers is managing director and 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 15 years. He joined Prudential Financial in 1987, after five years in corporate banking focusing on credit analysis and business development. Mr. Rogers received a B.A. from Lehigh University and an M.B.A. from the University of Illinois.
Bjorn Flesaker, PhD, is managing director and head of Quantitative Research for Prudential Fixed Income. Mr. Flesaker joined Prudential Fixed Income in 2010 from Bloomberg, where he worked first as a senior quant and then as a fixed income business manager. Mr. Flesaker has spent more than a decade leading fixed income quantitative research, modeling, and derivatives activities 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 instructor in the Mathematics in Finance program at NYU, and is a managing editor of the International Journal of Theoretical and Applied Finance. Mr. Flesaker received a degree in Finance from the BI Norwegian Business School in Oslo and a PhD in Finance from the University of California-Berkeley.
Martin Lawlor, CFA®, is managing director and head of Risk Management for Prudential Fixed Income. He is responsible for overseeing 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. Lawlor led the team responsible for institutional US fixed income portfolios and has managed both the taxable bond mutual fund desk and proprietary fixed income portfolios. He joined Prudential Financial in 1976. Mr. Lawlor received a BA in Economics from Kean College and an MBA in Finance from Seton Hall University. He holds the Chartered Financial Analyst (CFA) designation.
F. Gary Knapp, CFA®, FRM, is managing director and product manager for all Insurance and Liability-Driven Investment Portfolio 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. Mr. Knapp holds a B.S. in mathematics and physics from Haverford College and an M.Sc. in mathematics from Brown University. He holds the Chartered Financial Analyst® designation as well as the Financial Risk Manager designation from the Global Association of Risk Professionals.
Peter Cordrey is 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 hedge strategies as well as the Collateralized Debt Obligation (CDO) Platform. Prior to that, Mr. Cordrey was head of the Global Liquidity Sector team, the group responsible for managing U.S. government and foreign government securities, U.S. mortgage-backed securities, and fixed income derivative products. He was also senior portfolio manager of the U.S. government-based relative value hedge strategy managed by Prudential Fixed Income. Prior to joining Prudential Financial in 1996, Mr. Cordrey traded U.S. 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 E.F. Hutton. Mr. Cordrey received an A.B. in economics from Princeton University and an M.B.A. in finance from Columbia University.
Chief Operating Officer
Steve Saperstein is the chief operating officer of Prudential Fixed Income. Mr. Saperstein manages the Operations and Systems, Securities Lending, Client Reporting, 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 after receiving a B.S. in industrial administration from the New Jersey Institute of Technology. He holds an M.B.A. from Rutgers University.
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