Phyllis Borzi’s right hand man at the Department of Labor’s Employee Benefits Security Administration, Michael Davis, has left his post as deputy assistant secretary of EBSA and joined Prudential Retirement to serve as head of its stable value business.
Davis, who started his post on Monday, told AdvisorOne in an interview the same day that while it was an “extraordinary honor” to have worked with such a “high-caliber” team at EBSA, four years ago when he took his job as part of the Obama administration, “I always said it would be one term.”
Davis said he will be commuting for a short time from Washington to his new post at Prudential in New Jersey. Before joining EBSA, Davis was managing director and head of the west region institutional client group for JPMorgan Asset Management. “The private sector is what I know,” Davis told AdvisorOne, and “it’s a key part of who I am.”
While Davis declined to discuss his previous post at DOL, Brad Campbell, former head of EBSA who’s now an attorney with the Financial Services ERISA Team at Drinker Biddle & Reath in Washington, says that it’s unlikely Borzi will be leaving her post, as “she is very committed to completing her policy priorities,” chiefly reproposing EBSA’s fiduciary rule.
As to his new post, Davis notes that Prudential is a leader in the retirement space, and with “more and more conversations taking place around lifetime income products and the aging of the workforce, [these topics] lend themselves to insurance-based outcomes, and Prudential is a leading voice in that space.”
Jamie Kalamarides, senior vice president and head of Prudential Retirement’s Institutional Investment Solutions, told AdvisorOne that stable value is a “core competence” for Prudential, noting that as of June 30, Prudential Retirement had more than $98 billion in stable value retirement account values, including more than $58 billion in Institutional Stand-Alone Third Party Stable Value.
Kalamarides says that Davis’ “strong experience in the financial services industry and regulatory environment and in-depth understanding of clients and advisors will help us continue to grow this business and provide retirement security for more Americans.”