Prudential Financial Appoints Jacques Chappuis as PGIM’s New CEO Amid Global Growth Ambitions
Prudential Financial has named Jacques Chappuis as the next president and CEO of its asset management arm, PGIM, effective May 1, 2025. This leadership change marks a significant moment for PGIM as it continues to expand its presence in the global asset management industry. Chappuis, who has nearly three decades of experience in investment management, succeeds David Hunt, who is stepping down after leading PGIM since 2011. Hunt will continue in an advisory role as chairman until July 31, 2025, to support a smooth leadership transition and provide strategic guidance.
PGIM has grown substantially under Hunt’s leadership, doubling its assets under management (AUM) to $1.4 trillion across both public and private markets. This growth has been bolstered by expansions in the U.K., Europe, and Japan, as well as additions in specialized capabilities like private equity and private credit. PGIM’s broadening portfolio has positioned it as one of the leading global asset managers, well-regarded for its expertise across diverse asset classes. The appointment of Chappuis signals Prudential’s ambition to continue expanding PGIM’s market presence and capitalizing on global investment trends.
Jacques Chappuis: A Veteran Leader in Alternative Investments and Wealth Management
Chappuis brings to PGIM a wealth of experience and a proven track record of managing and expanding investment firms. His previous role as co-head of Morgan Stanley Investment Management (MSIM) saw him lead efforts to grow the firm’s capabilities, including spearheading the acquisition of Eaton Vance. This acquisition strengthened Morgan Stanley’s position in the investment sector, illustrating Chappuis’ skill in managing large-scale strategic moves.
Before his tenure at Morgan Stanley, Chappuis held senior positions in the alternative investments space. He served as head of Alternative Investments within Citigroup’s Global Wealth Management Group and as a managing director of Citigroup Alternative Investments, where he expanded the firm's alternative investment offerings, a space that is becoming increasingly central to the portfolios of institutional investors worldwide. Chappuis has also worked as a consultant with the Boston Consulting Group and started his career as an investment banker at Bankers Trust Company.
With this comprehensive background in wealth management, alternative investments, and strategic acquisitions, Chappuis appears well-suited to steer PGIM toward new growth opportunities. His experience aligns well with Prudential’s goal to expand PGIM’s reach in emerging markets and asset classes, particularly as demand for alternative investments continues to grow.
David Hunt’s Legacy at PGIM
David Hunt’s tenure at PGIM is marked by transformation and growth, as he expanded PGIM’s reach from $619 billion in AUM to $1.4 trillion. Hunt also played a pivotal role in positioning PGIM as a highly respected asset management brand with capabilities spanning public and private markets. His strategy focused on building a diversified portfolio across equities, fixed income, private credit, and real estate, as well as expanding PGIM’s reach in key international markets.
Under Hunt, PGIM established a global footprint, growing substantially in the U.K., Europe, and Japan and adding expertise in specialized investment areas like private credit and secondaries in private equity. His focus on geographic and sector diversification has helped PGIM evolve from a North America-focused firm to a truly global player, competing with top-tier asset managers across continents. Hunt’s legacy includes bolstering PGIM’s third-party asset management operations, a move that helped drive growth and attract institutional clients globally.
Andrew Sullivan, Prudential Financial’s head of international businesses and global investment management, praised Hunt’s contributions, noting, “David’s leadership has solidified PGIM as a global powerhouse in asset management, known for its public and private market expertise and diversified capabilities. Jacques is a strong successor with the experience to capitalize on new growth areas and innovations in asset management.”
PGIM’s Path Forward: Expanding in Global Markets and Alternative Investments
The expansion of PGIM’s third-party asset management operations over the past decade underscores its commitment to offering clients a comprehensive suite of products across asset classes. With institutional investors seeking diversification and resilience amid economic uncertainty, PGIM has leaned into alternative investments, an area where Chappuis has extensive experience. Private markets have become particularly appealing to institutional investors, offering the potential for high returns that are less correlated with traditional equities and bonds.
Chappuis’ background suggests he will further PGIM’s goals in these areas, expanding the firm’s global footprint while deepening its expertise in alternative investments. Sullivan added, “Jacques’ appointment reflects PGIM’s ongoing commitment to innovating across asset classes. His knowledge will help us accelerate growth through new markets and product development, offering our clients an even wider range of investment solutions.”
PGIM’s success has also been driven by its adaptability in meeting the changing needs of its clients. As the demand for alternative assets grows, PGIM’s focus on expanding private credit, private equity, and other alternative asset classes allows it to remain competitive. Chappuis’ expertise in wealth management and his ability to identify new market opportunities will be crucial in guiding PGIM’s growth strategy in a complex global investment landscape.
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Prudential’s Commitment to Innovation in Asset Management
Prudential’s decision to appoint Chappuis reflects its confidence in his ability to continue PGIM’s legacy of innovation and growth. PGIM’s focus on providing diverse and resilient investment options has positioned it as a trusted partner for institutional clients. By strengthening its offerings in alternative investments, PGIM aims to meet the evolving needs of investors seeking to diversify their portfolios beyond traditional stocks and bonds.
This move also reflects Prudential’s broader goal of adapting to industry shifts and seizing growth opportunities in emerging markets and asset classes. By selecting Chappuis, Prudential signals its intention to remain at the forefront of global asset management, leveraging the expertise of seasoned leaders to guide its strategy.
Chappuis’ Vision for PGIM’s Next Chapter
As he prepares to take on his new role, Chappuis will work closely with Hunt to ensure a smooth transition. Hunt’s influence on PGIM has been transformative, positioning it as a leader in global asset management, and Chappuis is poised to build on this foundation. With a strong team in place, PGIM’s focus on innovation, growth, and expansion across asset classes and geographies promises to elevate the firm’s position in the competitive asset management industry.
Prudential’s investment in Chappuis reflects its commitment to nurturing PGIM’s growth as a premier global asset manager. As institutional clients increasingly seek diversified investment solutions, Chappuis’ expertise will guide PGIM in meeting these needs, solidifying its place among the world’s leading asset management firms. The future of PGIM under Chappuis looks bright, marked by ambitious expansion plans, innovation, and a commitment to excellence in investment management.
