PGIM Fixed Income head of corporate bonds to retire – Pensions & Investments

Steven A. Kellner, a managing director and head of corporates at PGIM Fixed Income, will retire in April 2022 from the $357 billion corporate bond team, the company said Tuesday.

Mr. Kellner will be succeeded by managing directors Terence Wheat and David Del Vecchio, portfolio managers who have been named co-heads of the U.S. investment-grade corporate bond team, a news release said.

Mr. Kellner plans to retire after 35 years at PGIM and “has built a deep and experienced team, which has delivered both consistent, long-term performance and investment leadership for our clients,” Mike Lillard, head of PGIM Fixed Income, said in the news release. “Under Steve’s leadership corporate bond assets have grown from $44 billion in 1999 to $357 billion.”

Mr. Kellner was named head of corporate bond strategies in 1999, according to the release. Mr. Wheat and Mr. Del Vecchio bring a collective 58 years of investment experience to their new roles.

PGIM Fixed Income had more than $946 billion in assets under management as of Sept 30., and is a part Newark, N.J.-based PGIM, a $1.4 trillion money manager.

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