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Executive Moves

Prudential Fixed Income Taps New CIO

Prudential Fixed Income Management announced today that Michael Lillard has been appointed Chief Investment Officer, responsible for overseeing all portfolio management and trading across the firm. Additionally, the firm has named fixed income veteran Arvind Rajan its new head of Quantitative Research and Risk Management.

Most recently, Lillard was senior investment officer for insurance portfolios, liability-driven investment and hedge strategies, along with leading quantitative research and risk management. His new role as CIO permits him to focus exclusively on portfolio management and alpha generation.

Lillard has a bachelor's and master's degree in computer science from the Massachusetts Institute of Technology and a master's degree in management from MIT's Sloan School. He holds the Chartered Financial Analyst (CFA) designation.

Dreyfus Shakes Up Management

Tom Eggers, CEO and president of The Dreyfus Corporation, has elected to retire.

Jon Baum, vice chair of distribution, will take over as CEO, while J. Charles Cardona, vice chair, will take over as president. All changes will be effective March 31.

"Under Tom's successful stewardship, Dreyfus achieved record assets under management, and record inflows during tumultuous markets," said Jon Little, Dreyfus chairman and vice chair of BNY Mellon Asset Management. "Tom has groomed his successors, both of whom will report to me, to continue this outstanding momentum."

Waltman Joins Prudential Retirement

Frank Waltman has joined Prudential Retirement as head of the organization's Investment Products team. In this role, Waltman will have overall management responsibility for the investment platform that Prudential Retirement offers to defined contribution, defined benefit and non-qualified plan clients. Prudential Retirement is a business of Prudential Financial Inc.

As head of Investment Products, Waltman will report to George Palms, senior vice president, and will oversee an open architecture product suite comprised of equity, fixed income, balanced, and other retail and sub-advised investment offerings, totaling $100 billion in invested assets.

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