PGIM continues to be well-positioned for success in an ever-evolving asset-management industry. The firm retains its Above Average Parent rating following a midyear CEO transition.
CEO Jacques Chappuis hit the ground running after joining PGIM from Morgan Stanley on May 1, 2025. He arrived with an extensive background in alternatives and distribution—and at a crucial juncture for PGIM, just months after the September 2024 departure of PGIM Private Alternatives Head Eric Adler. In June 2025, Chappuis merged the firm’s private credit and public fixed-income units, creating a combined entity responsible for managing nearly USD 1 trillion in assets. The move puts PGIM in a good position to extend its private credit business to the retail audience should it choose to do so. Meanwhile, Chappuis has streamlined operations through other changes, such as consolidating the firm’s multi-asset and quantitative solutions teams, and integrating support functions across the business that had previously been siloed by asset class.
As Chappuis works to modernize PGIM’s organizational structure, he’ll need to balance those efforts with maintaining his new firm’s client-first investment ethos. He is the beneficiary of a smooth transition from 13-year CEO David Hunt, who left the business in strong shape. PGIM Fixed Income is a big reason for that. Many of its longest-standing strategies continue to rival the industry’s best, and a growing active exchange-traded fund franchise has helped it more than offset modest outflows from other parts of PGIM’s diversified active lineup. Although it hasn’t been immune from investor exodus from active equity mutual funds in recent years, Jennison Associates offers several standout active-equity strategies.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, PGIM (Branding Name ID: BN00000JRF), is covered by Morningstar Manager Research.
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