NEWARK, N.J., July 11, 2023 - PGIM Fixed Income has named Tom Porcelli chief U.S. economist, effective July 6, 2023. With $793 billion in assets under management, PGIM Fixed Income is among the largest global fixed income managers.

Previously, Porcelli served as chief U.S. economist for RBC Capital Markets, a position he held for more than 14 years. In that capacity, he managed a team of economists responsible for U.S. economic forecasts, in addition to publishing research and actively engaging with clients across all revenue-generating platforms within RBC.

Porcelli began his career at the Federal Reserve Bank of New York working on the Open Market Desk where he was closely involved in the execution of monetary policy. He subsequently held senior economic roles with J.P. Morgan (Bank One) and Merrill Lynch.

Porcelli joins a deep bench helmed by Chief Global Economist Daleep Singh, who joined the firm in 2022 from the White House where he served as President Biden's top international economic adviser.

"Tom joins us at a critical time for the U.S. economy and financial markets. On the heels of an unprecedented Federal Reserve rate-hiking cycle, alongside a historic degree of uncertainty and complexity in the geopolitical backdrop, Tom's deep understanding of the U.S. economy, markets and policymaking will prove hugely valuable to our investment teams and clients," Singh said.

Porcelli will report to Singh and will be responsible for leading the formulation of the firm's views on the U.S. economy, contributing to the internal investment process, and engaging with clients and key stakeholders on timely macroeconomic developments.

ABOUT PGIM FIXED INCOME

PGIM Fixed Income, with $793 billion in assets under management as of March 31, 2023, is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, N.J., London, Amsterdam, Zurich, Munich, Singapore, Hong Kong, and Tokyo. For more information, visit pgimfixedincome.com.

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), a leading global investment manager with $1.27 trillion in assets under management as of March 31, 2023. With offices in 18 countries, PGIM's businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.