Prudential Financial Inc.'s retirement division has hired Frank Waltman to head its investment products team.
Mr. Waltman ran product development and product management at Phoenix Investment Partners in Hartford, Conn., Prudential said Tuesday. At Phoenix, he oversaw about $45 billion of assets, including institutional separate accounts, and retail mutual funds.
In his new job at Prudential, he will manage the investment platform that the Newark, N.J., company's retirement division offers to defined contribution, defined benefit, and nonqualified plan clients. He will oversee an open architecture platform with equity, fixed-income, balanced, and other retail and subadvised investment offerings, totaling more than 1,000 individual funds and about $100 billion of invested assets.
He also will direct the division's Due Diligence Advisor program, which uses a multifactor process to evaluate investment performance, and he will manage Prudential's institutional subadvised funds platform, which has more than 50 funds and $22 billion of assets.
The retirement division had $164 billion of assets under management at Dec. 31.
