Quantitative specialist announces new brand image and launches Defined Contribution Solutions group
NEWARK, NJ, September 16, 2021– (BUSINESS WIRE) – PGIM, the $ 1.5 trillion global investment management firm of Prudential Financial, Inc. (NYSE: PRU), has appointed Linda Gibson as CEO of its Quantitative Equity Specialist and $ 119 billion multi-asset solutions, QMA. Gibson has been with QMA since July 2019 as Chief Business Officer and will assume the role of CEO on October 15.
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Linda Gibson, Chief Business Officer, AMQ (Photo: Business Wire)
“Linda brings nearly thirty years of global leadership experience across multiple business functions and a solid understanding of the asset management industry,” said David Hunt, CEO of PGIM. “It is an exciting time for the company.”
“I am honored to lead this company into the next phase of its development,” said Gibson. “Over the past few years, we have built on our quantitative heritage to deliver increasingly diverse and personalized solutions to meet the ever-changing needs of our customers. I am firmly committed to building on this progress.
Gibson joined QMA in mid-2019 after holding various executive positions at BrightSphere Investment Group, a publicly traded asset manager with more than $ 225 billion in client assets at the time of his departure.
Hunt added that current QMA CEO Andrew Dyson is stepping down for personal reasons unrelated to the company and both have assigned Gibson to the post in the past year.
The change of CEO comes as QMA announced it is rebranding PGIM Quantitative Solutions and the launch of a unit dedicated to defined contribution, PGIM DC Solutions.
Gibson said the company’s rebranding will take effect on September 28, and the name was chosen to reflect the close ties to parent company PGIM, one of the world’s largest asset managers, as well as its expanding capabilities and customized solutions in recent years. QMA Wadhwani will now be called PGIM Wadhwani, and its investment team will continue to work independently within PGIM’s Quantitative Solutions business.
“Since joining, Linda and I have worked closely to position the firm for the future, as evidenced by the rebranding of QMA and the smooth succession of firm leadership,” said Dyson. “She has been a tremendous partner in building QMA’s capacity and is the ideal candidate to lead PGIM’s quantitative solutions into the future.”
The evolution of PGIM Quantitative Solutions continues with the launch of its DC Solutions business unit, an inter-PGIM initiative, which will focus on innovative retirement solutions based on cutting-edge research and leveraging the $ 214 billion in funding. ‘assets already managed by PGIM on behalf of DC Clients through several asset classes and vehicles.
“The marketplace increasingly demands a holistic approach to retirement income, which requires a range of new ideas and solutions, deployed in a flexible manner,” said Gibson. “We created PGIM DC Solutions to lead this effort and target market leadership in this new area.”
The company recently hired retirement expert David Blanchett as the head of retirement research for defined contribution solutions. Blanchett was previously head of retirement research at Morningstar Investment Management. Dyson will remain as Special Advisor and Interim Head of PGIM DC Solutions until the end of March 2022.
ABOUT PGIM QUANTITATIVE SOLUTIONS
As PGIM’s Quantitative Equities and Multi-Asset Solutions specialist, PGIM Quantitative Solutions seeks to help solve complex investment problems with systematic solutions tailored across the risk / reward spectrum. The construction of our modular portfolio simplifies our design of customer-specific solutions. We can customize down to the equity level for portfolio considerations, with product offerings that range from basic and systematic macro solutions to multi-asset portfolios and overlays. All of our options can be exploited to provide stable feedback flows uncorrelated with existing strategies.
PGIM Quantitative Solutions manages portfolios for global institutional clients including corporate and public pension plans, endowments and foundations, multi-employer pension plans and sub-advisor accounts for other companies of financial services. As of June 30, 2021, PGIM Quantitative Solutions had approximately $ 119 billion in assets under management. PGIM Quantitative Solutions also manages the asset allocation that underlies the shift to the Prudential Day One funds, launched in 2016, which currently total $ 5.5 billion in assets under management as of April 30, 2021.
ABOUT PGIM WADHWANI
PGIM Wadhwani LLP was founded in October 2002 under the name Wadhwani Asset Management (WAM) by Dr Sushil Wadhwani, CBE. Investment operations started in January 2003. PGIMW is a London-based asset management company authorized and regulated by the Financial Conduct Authority (219000), specializing in systematic / quantitative macro investing.
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the world’s 10 largest asset managers * with approximately $ 1.5 trillion in assets under management in the world. June 30, 2021. With offices in 17 countries, PGIM’s business offers a range of investment solutions for retail and institutional investors around the world across a wide range of asset classes, including public fixed income securities , private fixed income, fundamental stocks, quantitative stocks, real estate and alternatives. For more information on PGIM, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any way with Prudential plc, incorporated in the United Kingdom, or Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.
* Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 companies surveyed) in terms of global assets under management based on the list of top Pensions & Investments fund managers published on 1st June 2020. This ranking represents assets under management by PFI as of March 31, 2020.
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