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Steven Kellner to retire from PGIM Fixed Income after 35-year career
January 12, 2021 GMT
Steven Kellner, Managing Director, Head of Corporates, PGIM Fixed Income (Photo: Business Wire)
NEWARK, N.J. (BUSINESS WIRE) Jan 12, 2021
PGIM Fixed Income, a global asset manager offering active solutions across all fixed income markets, today announced that Steven Kellner, head of Corporates, will retire in April 2022. Kellner will be succeeded by Terence Wheat and David Del Vecchio, who have been named as co-heads to lead the U.S. Investment Grade Corporate team. Ed Farley will continue to lead the European Corporate team and the Global Corporate strategy.
The year finished strong as investors look ahead to a 2021 recovery.
Previously lagging sectors, such as Energy and Financials, were the best performers, we believe, due to growing expectations for a full re-opening of the economy.
As the rotation towards recovery plays continues, we have increased our exposure to economically sensitive areas such as emerging markets.
The Road to Recovery is Paved with Government Spending and Vaccine Approvals
Finished the year strong:
At the beginning of the fourth quarter, uncertainties surrounding the US elections, timing of vaccine approval, and above-average valuation levels left many investors questioning whether the rally off the March lows could be sustained. News of additional stimulus, improving economic metrics, and multiple vaccine approvals overshadowed those uncertainties. As a result, investors chose to focus on the road ahead rather than the rear-view mirror. Ultimately headlines gave way to recovering fundamentals, leading globa
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UK bank lending not so different as to damage negative rate case Near-term outlook worse, longer-term recovery surer than in Nov QE most helpful at times of market turmoil, not a growth panacea (Adds comments on economic outlook)
LONDON, Jan 11 (Reuters) - Bank of England policymaker Silvana Tenreyro said on Monday that cutting British interest rates below zero could boost the economy by more than expanding bond purchases, a view that divides opinion at the central bank.
Britain’s economy is facing severe economic headwinds from a new surge in COVID deaths caused by a more infectious variant that started to spread widely last month, but is rolling out a vaccine faster than other European countries.
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