Michael Davis, Phyllis Borzi’s right hand man at the Department of Labor’s Employee Benefits Security Administration, will join Prudential Retirement as head of its stable value business. Davis left his post as deputy assistant secretary of EBSA last week. Before joining EBSA, Davis was managing director and head of the west region institutional client group for JPMorgan Asset Management.
With capital preservation a key goal for many plan participants — especially baby boomers set to retire and first-generation ethnic groups — Davis will be a key player at Prudential, which boasts $98 billion in stable value retirement accounts.
A former head of EBSA opined that it’s unlikely Borzi will be leaving her post, since she appears to be committed to completing her policy priorities — chiefly reproposing EBSA’s fiduciary rule.
