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Prudential Financial has recruited a top Morgan Stanley executive to take over its $1.4tn asset management arm as it seeks to expand the division’s international reach and offerings in alternative assets.
Jacques Chappuis will join as PGIM’s chief executive in May, replacing David Hunt, who is retiring after a 13 year stint that saw assets under management double and the firm become a top five player in US active fixed income and real estate investing.
Chappuis, who also previously worked at Citigroup and Carlyle, has been the co-head of Morgan Stanley Investment Management since January.
Prudential wants to double PGIM’s contribution to its overall earnings from 12 to 24 per cent over the next seven years, said Andy Sullivan, Prudential’s head of international and investment management, who led the search for Hunt’s replacement.
“We are at an inflection point both as an industry and for us as a business,” Sullivan said. “This was a very difficult search. We needed someone who had deep experience across asset classes.”
Chappuis “is a humble, decisive and determined leader,” Sullivan said
Morgan Stanley told staff late month that Chappuis was stepping down leaving Ben Huneke as the sole head of investment management. They had been running the division together since January, when the elevation of Ted Pick to chief executive was accompanied by a broader reorganisation.
This is a developing story
