Steven Kellner to retire from PGIM Fixed Income after 35-year career

Rhea-AI Summary

PGIM Fixed Income announces the retirement of Steven Kellner, head of Corporates, effective April 2022. He will be succeeded by Terence Wheat and David Del Vecchio, appointed as co-heads of the U.S. Investment Grade Corporate team. Under Kellner's leadership, corporate bond assets surged from $44 billion in 1999 to $357 billion. PGIM Fixed Income manages over $946 billion in assets and is part of Prudential Financial (NYSE: PRU), which ranks among the top 10 asset managers globally, overseeing more than $1.4 trillion.

Positive

• Corporate bond assets grew from $44 billion in 1999 to $357 billion under Kellner's leadership.
• Terence Wheat and David Del Vecchio bring 58 years of combined investment experience.

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• None.

PGIM Fixed Income, a global asset manager offering active solutions across all fixed income markets, today announced that Steven Kellner, head of Corporates, will retire in April 2022. Kellner will be succeeded by Terence Wheat and David Del Vecchio, who have been named as co-heads to lead the U.S. Investment Grade Corporate team. Ed Farley will continue to lead the European Corporate team and the Global Corporate strategy.

Steven Kellner, Managing Director, Head of Corporates, PGIM Fixed Income (Photo: Business Wire)

“Steve has built a deep and experienced team which has delivered both consistent, long-term performance and investment leadership for our clients. Under Steve’s leadership corporate bond assets have grown from $44 billion in 1999 to $357 billion,”¹ said Mike Lillard, head of PGIM Fixed Income.

Kellner joined the firm in 1986 and has managed corporate bonds since 1989. In 1992, he was named managing director and head of the firm’s proprietary corporate bond portfolios. In 1999, he became head of Corporate Bond Strategies, with oversight of all of the firm’s corporate bond assets.

Wheat and Del Vecchio bring a collective 58 years of investment experience, including a combined 15 years working directly with Kellner managing U.S. investment grade corporate assets.

“Our long-term succession planning has enabled us to cultivate top talent, and that’s evident in the latest evolution of our Corporate team leadership. I’m thrilled to see Terence and David take on new roles as co-heads and look forward to seeing their team continue to provide the highest level of investment expertise to our clients,” Lillard added.

PGIM Fixed Income, with more than $946 billion in assets under management, is part of PGIM, the global investment management business of U.S.-based¹ Prudential Financial, Inc. (PFI) (NYSE: PRU) and one of the world’s top 10 asset managers with more than $1.4 trillion in assets under management.¹

ABOUT PGIM FIXED INCOME

PGIM Fixed Income, with $946 billion in assets under management as of Sept. 30, 2020, is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, N.J., London, Tokyo, and Singapore. For more information, visit pgimfixedincome.com.

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world² with more than $1.4 trillion in assets under management as of Sept. 30, 2020. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

¹ As of Sept. 30, 2020.
² Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on June 1, 2020. This ranking represents global assets under management by PFI as of March 31, 2020.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210112005132/en/