Prudential Retirement has strengthened its stable value team with the appointment of Michael Davis as its new head of stable value. Davis, who previously served as deputy assistant secretary of the Department of Labor's Employee Benefit Security Administration, oversees Prudential's in-plan and third-party stable value product management and development team.
He reports to Jamie Kalamarides, senior vice president and head of institutional investment solutions. Davis replaced senior vice president Jim King who, as client portfolio manager of strategic relationships, will focus on supporting the largest stable value clients at Prudential.
"This hiring is a normal course of changes and reemphasizes our commitment to stable value," Kalamarides said.
As of Sept. 30, Prudential manages $102 billion in assets in stable value retirement account values, including $56 billion in investment-only stable value.