PGIM appointed Morgan Stanley's Jacques Chappuis as chief executive officer to succeed David Hunt, who's leaving after 13 years in the job.
Chappuis will take the helm of the Prudential Financial Inc. asset management unit as of May 1, 2025, the firm said in a statement. He'll report to Andrew Sullivan, executive vice president and head of Prudential's international businesses and global investment management.
Chappuis will take over the business, which manages $1.4 trillion across public and private markets, at a time when asset management has become a key differentiator for U.S. life insurers.
Traditional players such as Prudential and MetLife Inc. are seeking to boost returns at their investment arms to remain competitive with their retirement and savings products.
This has become critical in recent years amid an intensifying rivalry with their private equity-owned counterparts, which have benefited from the origination capabilities and investment returns of their owners.
The strategy translates into a race for scale in alternative investments, in part through mergers and acquisitions.
