PGIM Names Morgan Stanley Co-Head as CEO

Prudential Financial, Inc. has appointed Jacques Chappuis as president and CEO of PGIM, its $1.4 trillion global investment management business, effective May 1, 2025.

Chappuis will report to Andrew Sullivan, head of International Businesses and Global Investment Management for Prudential Financial, Inc. Chappuis succeeds David Hunt, who will retire as president and CEO and stay on as chairman of PGIM until July 31, 2025, remaining actively involved throughout the transition period.

“Under David’s leadership, PGIM has grown to become one of the premier global asset managers in the world, well known for its public and private markets investment expertise, with assets under management growing to $1.4 trillion from $619 billion since David joined the firm in 2011,” said Sullivan.

With nearly 30 years of investment management experience, Chappuis joins PGIM from Morgan Stanley, where he was most recently co-head of Morgan Stanley Investment Management (MSIM) and a member of the Morgan Stanley Management Committee.

From 2006 to 2013, he held senior leadership roles in Morgan Stanley’s Investment Management and Wealth Management businesses, including head of Morgan Stanley Alternative Investment Partners, before joining The Carlyle Group as head of Investment Solutions. Chappuis returned to Morgan Stanley in 2016, where he served as global head of distribution and co-head of the solutions and multi-asset group for MSIM before his latest role.

Prior to his experience at Morgan Stanley, Chappuis was head of Alternative Investments for Citigroup’s Global Wealth Management Group. In earlier roles, he was a managing director at Citigroup Alternative Investments, the firm’s proprietary alternative investment unit; a consultant at the Boston Consulting Group; and an investment banker at Bankers Trust Company.

He received a bachelor’s degree in finance from Tulane University and a master’s degree from Columbia Business School. He is a member of the New York Board of Advisors of Teach For America and a board member of Centro para la Nueva Economia, a Puerto Rico-based think tank focused on policy matters related to the island’s economy.

“Jacques is well known for his deep commitment to clients, his leadership in acquisitions, and breadth of expertise across public and private market solutions. We know that he is the right person to lead PGIM’s next chapter of growth,” said Sullivan. “Over the last decade, PGIM has meaningfully expanded its third-party asset management business. Jacques’ expertise will allow us to identify opportunities to accelerate our continued growth through new markets, innovative products, and comprehensive solutions across a wide range of asset classes. I look forward to working with Jacques to lead one of the key growth engines of Prudential.”

“I’m proud to become PGIM’s next president and CEO, leading an incredible team through its next chapter of growth,” said Chappuis. “PGIM’s expertise and capabilities across public and private markets reinforces its commitment to meeting clients’ differentiated long-term investment needs, and I look forward to building upon the firm’s successes.”