Prudential Fixed Income Management Names Sara Bonesteel to Lead Efforts in Structured Asset Management Opportunities and Financing

Business Wire, Oct 22, 2008

NEWARK, N.J. -- Prudential Fixed Income Management has appointed structured finance veteran Sara Bonesteel head of its efforts to identify new opportunities for structured asset management and to develop financing strategies and relationships for its many businesses, including its hedge strategy, collateralized debt obligations and insurance businesses. Prudential Fixed Income Management is the primary fixed income asset management business of Prudential Financial, Inc. (NYSE: PRU).

"The upheaval in the credit markets over the past 18 months has created unprecedented opportunities for firms with structured finance expertise to provide restructuring and other services to owners of troubled assets," said James Sullivan, senior managing director and head of Prudential Fixed Income. "Sara brings to Prudential a wealth of proven expertise in this area."

Before joining Prudential, Bonesteel was a senior managing director for Bear Stearns Financial Analytics and Structured Transactions Group, continuing in the role following the company's merger with JPMorgan in June. She has more than 17 years experience covering asset-backed fixed income products and financing techniques across mortgages, commercial mortgage-backed securities, CDOs, and other fixed income assets, and has extensive knowledge of asset backed commercial paper conduits, structured investment vehicles (SIVs) and credit derivative products companies (CDPCs). She has a successful record of accomplishment in developing creative asset financing strategies using structured finance techniques, and has most recently been involved in initiatives to seek solutions for holders of distressed structured finance assets such as SIV liabilities.

Bonesteel has a bachelor's degree in English from Georgetown University and an MBA in economics and marketing from Columbia University.

Prudential Fixed Income Management is already a leading manager of structured assets. The firm has been managing such assets since 1991, well before many other investment managers, and today manages over $36 billion in such assets. Additionally, the firm has managed 20 newly issued CDOs since entering the CDO market in 2000, and has been selected as replacement manager for eight other CDOs.

Prudential Fixed Income Management is currently managing about $9 billion in CDO capital, including debt and equity tranches. Standard & Poor's ranks Prudential among the world's largest cash flow collateralized loan obligation managers.

Prudential Fixed Income Management, among the largest fixed income managers in the United States, had $209 billion in assets under management as of June 30, 2008, for institutional, retail, and affiliated clients worldwide. The company offers traditional and alternative fixed income strategies, with an emphasis on credit-related strategies. Prudential Fixed Income Management and its predecessor units have managed U.S. fixed income accounts for institutional clients since 1928. Prudential Fixed Income Management has more than a decade of experience in long/short strategies and launched its flagship Pru Alpha strategy for institutional investors in 2006. The firm managed nearly $1 billion in its hedge platform as of June 30, 2008. For more information, please visit: http://www.prudential.com/pfi.> Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $638 billion of assets under management as of June 30, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com.