June 30 (Bloomberg) -- Prudential Financial Inc., the second-largest U.S. life insurer, hired Arvinder Chowdhary from Legg Mason Inc.’s Western Asset Management to bolster a team overseeing European leveraged finance.
He will work as as a portfolio manager reporting to Jonathan Butler, managing director and head of European leveraged finance, according to a statement today from the Newark, New Jersey-based insurer’s fixed income unit. Chowdhary, 43, will be based in London as part of a global leveraged finance team that managed $37 billion as of March 31, said Theresa Miller, a spokeswoman for the company. That includes high-yield bonds and bank loans.
Prudential prefers to expand its operation overseeing client funds by recruiting talent from other firms, rather than through acquisitions, David Hunt, chief executive officer of the investment management business, said in a presentation this month. The company last year named Goldman Sachs Group Inc.’s Robert Cignarella as co-head of global leveraged finance.
“Arvinder’s extensive experience in European credit, along with his familiarity with large global asset management organizations, broadens the expertise we offer clients as we expand,” James Sullivan, head of Prudential Fixed Income, said in the statement.
Chowdhary previously worked as head of European credit research for the asset management unit at Citigroup Inc., and before that was at an Indian subsidiary of Standard & Poor’s, according to the statement. He has a bachelor’s degree in industrial engineering from the University of Delhi, a masters in financial engineering from the University of Michigan and an MBA from XLRI Business School in India, Prudential said.
Prudential Fixed Income had $418 billion under management as of March 31. The business has teams in Newark, London and Singapore.
Chowdhary was a research analyst at Western Asset, and his duties will be assigned to other members of the the team on which he worked, said Mary Athridge, a spokeswoman for Baltimore-based Legg Mason.
--With assistance from Kelly Gilblom in New York.