Prudential Fixed Income announces Paul Appleby to retire in early 2016

NEWARK, N.J.--(BUSINESS WIRE)--

Prudential Fixed Income announced today that Paul Appleby, managing director and co-head of Prudential Fixed Income's Global Leveraged Finance team, plans to retire in January 2016, completing what will be a more than 26-year career with Prudential. Prudential Fixed Income, among the world's largest fixed income managers, is the primary fixed income business of Prudential Financial, Inc. PRU.

"We are very grateful for Paul's many years of excellent work at Prudential," said James Sullivan, head of Prudential Fixed Income. "His solid investment capabilities and tireless dedication has allowed us to better serve our clients, and he has been a key contributor to the growth of the overall firm. Paul has been an asset to Prudential Fixed Income, and we wish him well in his retirement."

Appleby, who joined Prudential Financial's private placement group in 1987, was a high yield credit analyst, an equity strategist, and a director of Credit Research before heading Leveraged Finance, which includes oversight of the U.S. and European High Yield Bond and Bank Loan sector teams. Appleby currently co-manages more than $46 billion in high yield and bank loan assets for clients.

Robert Cignarella, managing director and co-head of Global Leveraged Finance will become the sole head of the team upon Appleby's retirement. Cignarella joined Prudential Fixed Income as co-head in January 2014. Previously, he served as a managing director and co-head of high yield and bank loans at Goldman Sachs Asset Management, and held positions as a high yield portfolio manager and high yield and investment grade credit analyst. Earlier, he was a financial analyst in the investment banking division of Salomon Brothers.

Prudential Fixed Income, with $560 billion in assets under management as of March 31, 2015, offers institutional investors needs-based solutions across all fixed income markets, with a focus on credit strategies and liability-driven investing. The company has portfolio management and research teams in Newark, N.J.; London, Singapore and Tokyo. For more information, please visit http://www.prudentialfi.com.

Prudential Financial, Inc. PRU, a financial services with more than $1 trillion of assets under management as of March 31, 2015, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com.

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