Latest news with #JacquesChappuis
Yahoo
25-06-2025
- Business
- Yahoo
PGIM merges public fixed-income and private-credit teams, creating $1tn unit
Prudential Global Investment Management (PGIM) is merging its public fixed-income and private-credit teams to form a unit with nearly $1tn in assets, reported Bloomberg, citing sources. This move is part of new CEO Jacques Chappuis's strategy to enhance cross-selling efforts, as investors look to consolidate their money management relationships. PGIM currently manages $862bn in public fixed-income assets and $110bn in private credit. The newly merged entity will be led by John Vibert, who previously oversaw fixed income. Matt Douglass will head the private-credit arm and report to Vibert. PGIM has not publicly announced these changes, and spokespeople declined to comment. Chappuis, who consulted with managers to develop this strategy, aims to strengthen PGIM's private-credit practice and compete with major Wall Street alternative asset managers. This is vital as PGIM's parent, Prudential Financial, faces competition in life insurance from firms such as Apollo Global Management and its Athene insurance arm. The restructuring also seeks to eliminate redundancies between previously independent teams, which were seen as barriers to growth. PGIM plans to merge support functions and consolidate its institutional sales teams under Brad Blalock and Mark Chamieh. Additionally, PGIM is integrating its multi-asset and quantitative solutions capabilities, with Phil Waldeck leading the team. Linda Gibson, head of the quantitative solutions team, is expected to leave by year-end. Job cuts are anticipated throughout the year, the sources said. COO Taimur Hyat is also expected to depart soon, coinciding with former CEO David Hunt stepping down as PGIM chairman. PGIM operates in over 40 offices across 19 countries, managing $1.39tn in assets for retail and institutional clients globally. Recently, PGIM opened a new office in Jeonju, South Korea, bolstering its partnership with South Korea's National Pension Service (NPS), a pension fund with over $800bn in assets. PGIM's relationship with NPS spans private and public asset classes, managing global investment mandates for nearly 15 years. The new office aims to enhance collaboration with Jeonju-headquartered NPS, support its global investment strategies, and contribute to Jeonju's development as a financial centre in South Korea. "PGIM merges public fixed-income and private-credit teams, creating $1tn unit " was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
24-06-2025
- Business
- CTV News
Prudential Financial's PGIM to merge units into US$1 trillion credit platform
The Empire State Building, left, the Statue of Liberty, centre, and One World Trade Center, right, frame the New York skyline, on Tuesday, Aug. 23, 2011. (AP / Mark Lennihan) PGIM, the investment management arm of insurer Prudential Financial, will combine its fixed income and private credit units to create a nearly US$1 trillion credit platform, a company spokesperson said on Tuesday. The combined credit unit will be led by John Vibert, who was overseeing the fixed income business. Matt Douglass will remain the head of private credit and report to Vibert. The changes are part of an overhaul the company has undertaken under CEO Jacques Chappuis to stay competitive in a rapidly evolving sector, as growing preference for comprehensive investment strategies fuels market share gains for larger asset managers. Bloomberg News was first to report PGIM's organizational changes. The company is also bringing together its multi-asset and quantitative solutions capabilities. Phil Waldeck, who was overseeing the firm's multi-asset business, will lead the new combined unit. PGIM has US$1.39 trillion of total assets under management, according to its website. --- Reporting by Prakhar Srivastava in Bengaluru and Saeed Azhar in New York; Editing by Devika Syamnath
Reuters
24-06-2025
- Business
- Reuters
Prudential Financial's PGIM to merge units into $1 trillion credit platform
June 24 (Reuters) - PGIM, the investment management arm of insurer Prudential Financial (PRU.N), opens new tab, will combine its fixed income and private credit units to create a nearly $1 trillion credit platform, a company spokesperson said on Tuesday. The combined credit unit will be led by John Vibert, who was overseeing the fixed income business. Matt Douglass will remain the head of private credit and report to Vibert. The changes are part of an overhaul the company has undertaken under CEO Jacques Chappuis to stay competitive in a rapidly evolving sector, as growing preference for comprehensive investment strategies fuels market share gains for larger asset managers. Bloomberg News was first to report PGIM's organizational changes. The company is also bringing together its multi-asset and quantitative solutions capabilities. Phil Waldeck, who was overseeing the firm's multi-asset business, will lead the new combined unit. PGIM has $1.39 trillion of total assets under management, according to its website.
Yahoo
24-06-2025
- Business
- Yahoo
Prudential Financial's PGIM to merge units into $1 trillion credit platform
(Reuters) -PGIM, the investment management arm of insurer Prudential Financial, will combine its fixed income and private credit units to create a nearly $1 trillion credit platform, a company spokesperson said on Tuesday. The combined credit unit will be led by John Vibert, who was overseeing the fixed income business. Matt Douglass will remain the head of private credit and report to Vibert. The changes are part of an overhaul the company has undertaken under CEO Jacques Chappuis to stay competitive in a rapidly evolving sector, as growing preference for comprehensive investment strategies fuels market share gains for larger asset managers. Bloomberg News was first to report PGIM's organizational changes. The company is also bringing together its multi-asset and quantitative solutions capabilities. Phil Waldeck, who was overseeing the firm's multi-asset business, will lead the new combined unit. PGIM has $1.39 trillion of total assets under management, according to its website. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
