Phil Waldeck is CEO of PGIM Portfolio Advisory, which leverages PGIM’s public and private markets expertise for the purpose of developing and implementing sophisticated asset-liability management and asset allocation strategies for insurance clients and other institutional investors.
Before assuming his current role in 2021, Mr. Waldeck served as Senior Vice President and Chief Transformation Officer for Prudential Financial, Inc. (PFI) in charge of transforming the company for future success by accelerating its focus on delivering differentiated outcomes for stakeholders.
Mr. Waldeck previously served as CEO of PFI's Workplace Solutions Group, helping to transform the retirement and insurance landscape with progressive and responsive solutions for public, private, and nonprofit organizations.
Earlier, he served as president of PFI's Retirement and led the Investment & Pension Solutions business, which comprised of $250 billion in assets across guaranteed institutional investment strategies.
Mr. Waldeck was the architect of PFI's Pension Risk Transfer business and led two landmark pension buy-outs in the US with General Motors ($25 billion) and Verizon ($8 billion), along with the nation’s first pension buy-in. Additionally, Mr. Waldeck’s team executed the breakthrough $28 billion reinsurance transaction covering longevity risk from the British Telecom Pension Scheme (Plan), as well as international longevity reinsurance transactions with UK insurers that cover pensions from Rolls Royce, British Airways, and more than 200 other UK pension plans. Under Mr. Waldeck’s leadership, the Pension Risk Transfer business grew to over $170 billion.
Prior to joining PFI, he served as a Senior Vice President in Cigna’s retirement business. Mr. Waldeck earned a bachelor’s degree, magna cum laude, from Tufts University and an MBA from the University of Michigan.