PGIM Fixed Income has announced that its head of corporates, Steven Kellner, will retire in April 2022.
Kellner joined the firm in 1986 and has been head of corporate bond strategies since 1999.
He will be succeeded by portfolio managers Terence Wheat and David Del Vecchio, who will become co-heads to lead the US investment grade corporate team.
Meanwhile, portfolio manager Ed Farley will continue to lead the European corporate team and the global corporate strategy.
Head of PGIM Fixed Income Mike Lillard said: ‘Steve [Kellner] 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 $44bn in 1999 to $357bn.
‘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.’
The firm said Wheat and Del Vecchio have been working directly with Kellner for 15 years, managing US investment grade corporate assets.