PGIM, the asset management arm of Prudential Financial, is merging its fixed income and private credit businesses to form a nearly $1tn credit platform, in a strategic move aimed at boosting competitiveness and scalability, according to a report by Reuters.
The report cites a company spokesperson as confirming the move, with the consolidated platform set to be led by John Vibert, formerly head of PGIM Fixed Income, while Matt Douglass will continue to lead private credit, reporting to Vibert.
The restructuring is part of a broader initiative under PGIM CEO Jacques Chappuis to streamline investment offerings amid growing client demand for integrated credit strategies across public and private markets. The move aligns PGIM with a growing trend among major asset managers seeking to consolidate capabilities and capitalise on scale in the alternatives space.
In addition to the credit platform, PGIM is combining its multi-asset and quantitative solutions units under the leadership of Phil Waldeck, formerly head of multi-asset strategies.
PGIM currently manages $1.39tn in assets.
