PGIM is combining its fixed income and private credit businesses to create a $1tn (£735bn) unified credit platform.
Led by head of public and private fixed income John Vibert, PGIM said the move – effective immediately – reflects growing client demand for a “more integrated approach to credit”.
Matt Douglass remains head of private credit and will report to Vibert.
Read more: PGIM: Europe and ME investors to ramp up private credit exposure
Phil Waldeck, who was chief executive of multi-asset solutions, is named head of multi-asset and quantitative solutions as these two business units have also been merged.
PGIM, which is the investment management business of Prudential Financial, is also forming a single institutional distribution group, led by co-heads of institutional distribution Brad Blalock and Mark Chamieh.
Spanning fixed income, private credit, real estate, multi-asset and quantitative solutions, the unified group intends to offer institutional clients a more integrated service and relationship.
Read more: PGIM provides $7.5bn of debt funding in H1
“We can confirm that PGIM’s president and chief executive, Jacques Chappuis recently announced organisational changes to ensure PGIM continues its path of significant growth in a rapidly evolving asset management industry,” a PGIM spokesperson told Alternative Credit Investor via email.
“With the largest players increasing market share as clients look for comprehensive investment strategies and solutions from a select group of partners, scale, efficiency and speed to market matter more now than ever.”
Combining its fixed income and private credit businesses into a global capability spanning public and private markets will allow PGIM to best “capitalise on the opportunities” it faces, added the firm.
Read more: PGIM chief says private credit is maturing despite market challenges
