Tuesday, October 11, 2011
Pru's Mutual Fund Chief Will Have a New Boss
Reported by Armie Margaret Lee
Prudential Investments [see profile]
president Judy Rice
will have a new boss starting next month. Today, Prudential named David Hunt
as CEO of Prudential Investment Management
effective November 9.
Hunt hails from McKinsey & Company
, where he co-led
the consulting firm's North American asset management practice. At Prudential Investment Management, Hunt takes over as CEO from Charles Lowrey
, who in February was promoted to chief operating officer of Prudential's U.S. businesses. Lowrey has continued to run Prudential Investment Management in the interim.
Rice, who heads up the mutual fund business and currently reports to Lowrey, will report to Hunt starting November 9.
Company Press Release
Prudential names David Hunt CEO of Prudential Investment Management
NEWARK, N.J., October 11, 2011 - David A. Hunt has been named chief executive officer of Prudential Investment Management, the company announced today. Prudential Investment Management, a business of Prudential Financial, Inc. (NYSE: PRU), had more than $583 billion in assets under management as of June 30, 2011, and ranks among the world's largest asset managers.
Hunt joins from McKinsey & Company, where he was a senior partner and co-leader of its North American Asset Management practice. He will oversee all of the asset management businesses that comprise Prudential Investment Management, including its public fixed income, real estate, public equity, private fixed income, mutual fund and wealth management businesses. His appointment is effective Nov. 9.
"David's breadth of institutional and wealth management experience in the U.S. and internationally makes him a perfect fit to lead our asset management businesses," said Charles Lowrey, chief operating officer of Prudential's U.S. Businesses. "His keen understanding of retirement trends, product innovation and the future of distribution and advice delivery will strengthen our current client relationships and help us build new ones. Additionally, his commitment to developing high quality talent will further Prudential's goal of creating an environment where diverse professionals want to build their careers."
Hunt assumes the new role from Lowrey, who was promoted in February 2011 to lead the U.S. businesses and has continued to oversee Prudential Investment Management in the interim.
At McKinsey, Hunt's asset management practice served clients with businesses around the globe. He has extensive experience working in Japan and throughout Asia, as well as Europe and the Middle East. Hunt advised clients on a range of issues, including strategy, portfolio management, international expansion, product development, distribution, talent development and organization. Earlier, he led McKinsey’s North American Commercial and Investment Banking Practice. He spent six years in Europe and while in London was elected to the partnership in 1994.
Hunt earned a bachelor's degree in engineering from Princeton University and an MBA in finance and multinational management from the University of Pennsylvania Wharton School. He serves on the board of directors for the Lincoln Center for the Performing Arts and is a life member of the Council on Foreign Relations.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $883 billion of assets under management as of June 30, 2011, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.
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