PGIM appoints Linda Gibson as new CEO of QMA
Quant specialist announces rebrand, launches Defined Contribution Solutions group.
MUMBAI, July 31, 2019 – PGIM, one of the largest asset managers in the world with more than $1.2 trillion in assets under management, announced today that it has completed the 100% purchase of its previously 50% held joint venture with DHFL. The acquisition, announced in December 2018, has received all required approvals from the Securities and Exchange Board of India (SEBI) and other regulatory bodies in the country.
“This acquisition by PGIM demonstrates our unwavering dedication to investors in India and our deep commitment to delivering high quality and innovative solutions for their long-term investment needs,” said Glen Baptist, CEO of PGIM Global Partners. “By leveraging the full strength of PGIM we will be well positioned to continue to deliver value to our clients and strengthen our competitive position in the market.”
Speaking on the occasion, Ajit Menon, CEO of PGIM India, said, “PGIM India is a full-service investment manager with a presence in 27 cities throughout India. We offer a broad range of equity and fixed income solutions and portfolio management services to retail and institutional investors, and now as part of a top global asset manager, our clients will be able to leverage PGIM’s experience and resources to better meet their investment requirements.”
He further added, “We are also delighted to have Srinivas Rao Ravuri join PGIM India as Chief Investment Officer – Equity. Srinivas joins us from HDFC Mutual Fund. We are confident that his expertise in equity investing for the past two decades will be a growth driver for our company. He will be responsible for overseeing all equity funds.”
With 16 consecutive years of positive third-party institutional net flows, PGIM, the global asset management business of PFI, ranks among the top 10 largest asset managers in the world* with $1.2 trillion in assets under management as of March 31, 2019. 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 fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and alternatives. Its businesses have offices in 15 countries across four continents.
Prudential Financial, Inc. 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.
*As ranked in Pensions & Investments’ Top Managers list, May 27, 2019; based on PFI total worldwide institutional assets under management as of Dec 31, 2018. Assets under management (AUM) are based on company estimates and are subject to change.