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Pru asset management unit hires exec to run new team

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Prudential Investment Management, the asset management unit of Prudential Financial, Inc., announced Wednesday that Michael Schlachter has been named the head of its Multi-Asset Class Solutions group.

The newly formed team will address institutional investors’ portfolio-wide challenges, such as asset allocation, hedging and more, Prudential said in a news release.

Prior to Prudential, Schlachter worked for Wilshire Associates as a managing director and lead consultant to global corporations, governments and agencies.

“Our clients increasingly ask for our expertise to develop strategies across their portfolios that will enable them to achieve long-term objectives and absolute risk-adjusted performance,” David Hunt, CEO of Prudential Investment Management, said in the release. “Prudential’s unique combination of experience in liability and asset management makes us well-suited to meet those needs. Michael’s deep industry experience and understanding of our clients is invaluable as he leads the effort to create holistic investment solutions in collaboration with each of our asset management businesses.”

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Eric Strauss

Eric Strauss

Eric Strauss is the digital content editor for NJBIZ. He has been a reporter and editor for newspapers in New Jersey and Pennsylvania, as well as for a number of websites. You can contact him at erics@njbiz.com or @acerimrat on Twitter.

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