Prudential Financial Inc.'s fixed-income asset management unit hired Sara Bonesteel as the head of the structured asset management group.
Ms. Bonesteel was a senior managing director for Bear Stearns Cos.' financial analytics and structured transactions group. She continued in the role after JPMorgan Chase & Co. bought Bear Stearns in June.
She has more than 17 years of experience covering asset-backed fixed-income products and financing techniques in mortgages, commercial mortgage-backed securities, collateralized debt obligations, and other fixed-income assets.
Prudential Fixed Income Management, which announced the hiring last week, has been managing structured assets since 1991. It has $36 billion of structured assets under management.
It also manages 20 CDOs it has issued since 2000, and it has been selected as a replacement manager for eight others. It manages about $9 billion of CDO capital, including debt and equity tranches.
The unit had $209 billion of assets under management as of June 30.
