Prudential has appointed a new retirement CIO following the departure of Richard Hrabchak last month.
Sara Bonesteel, formerly head of portfolio strategy under Prudential CIO Scott Sleyster, will be responsible for the overall investment strategy and portfolio management of the firm’s $371 billion retirement business. She replaces ex-CIO Hrabchak, who left the firm after 29 years to serve as CIO at Mutual of Omaha.
Alfred Lerman, who worked on Sleyster's team as head of investment analytics and policy, will succeed Bonesteel as head of portfolio strategy.
“These promotions underscore our focus on career and talent management at Prudential,” said Sleyster. “I am confident that Sara and Alfred’s experience will serve them well in these new positions.”
In his new role, Lerman will be responsible for developing overall investment strategies for Prudential’s general account portfolio across all asset classes. He joined Prudential in 2008 following roles at Lehman Brothers and Morgan Stanley.
Bonesteel has more than 25 years of investing experience, including leadership positions at Bear Stearns and JP Morgan. She started at Prudential in 2008 as a managing director focusing on alternatives.
Bonesteel holds an MBA from Columbia Business School.
Related: Prudential Loses Retirement CIO to Competitor