Prudential Financial's PGIM to merge units into $1 trillion credit platform
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FILE PHOTO: The logo of PGIM is seen at the entrance of the compan's office in Tokyo, Japan, April 5, 2017. Picture taken April 5, 2017. REUTERS/Issei Kato/File Photo
(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.
(Reporting by Prakhar Srivastava in Bengaluru and Saeed Azhar in New York; Editing by Devika Syamnath)
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