PGIM's President & CEO David Hunt joined Bloomberg TV to discuss the growth of private markets as one of the biggest opportunities in asset management, and future growth areas for PGIM.
The rapidly rising interest in increasing allocation to multi-asset class alternatives to diversify and drive returns has led to much more variety in private markets investment options. In response to the demand, PGIM and Prudential Financial have announced the launch of Prismic Life Reinsurance, Ltd, a new reinsurance platform. PGIM, in partnership with Warbug Pincus, will provide asset management services for Prismic Life Re.
"This is not just a short-term phenomenon. This is a change in how the economy is being financed… banks aren't putting money into [private markets], so institutional investors are stepping in and doing that, and it's being architected by asset managers such as ourselves." - David Hunt