November 19, 2013 at 3:45 PM
updated November 19, 2013 at 4:10 PM
Prudential Financial, (click here) the second-largest U.S. life insurer, hired Robert Cignarella as co-head of global leveraged finance from Goldman Sachs Group.
Cignarella will join in January and help oversee more than $33 billion, including bank loans and high-yield bonds in the U.S. and Europe, the Newark-based company said today in a statement. He’ll work with Paul Appleby, a managing director and the current head of Prudential Fixed Income’s leveraged finance team.
“Rob’s more than 20 years of experience and insight in leveraged finance will be a valuable addition in leading our investment management efforts,” Appleby said in the statement.
Chief Executive Officer John Strangfeld, 59, is bolstering Prudential’s asset-management businesses to expand fee income, a strategy also pursued by rivals including MetLife and Principal Financial Group. Prudential Fixed Income had about $397 billion in assets under management as of Sept. 30, compared with $232 billion at the end of 2009.
