Jacques Chappuis

Prudential Financial, Inc. (PFI), the US-headquartered global financial services leader, announced the appointment of Jacques Chappuis as president and chief executive officer of PGIM, its US$1.4 trillion global investment management business, effective 1st May 2025.

Chappuis will report to Andrew Sullivan, head of International Businesses and Global Investment Management for PFI. Chappuis succeeds David Hunt, who will retire as president and CEO and stay on as chairman of PGIM until 31st July 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 US$1.4 trillion from US$619 billion since David joined the firm in 2011,” said Sullivan.

“David has overseen PGIM’s impressive expansion in the UK, Europe and Japan, as well as the integration of new capabilities such as private equity secondaries and the expansion of expertise in existing asset classes, including private credit. His contributions and commitment to culture have also led to PGIM being recognised as a Best Place to Work in Money Management by Pensions & Investments for several years. We are grateful to David for his 13 years of service to PGIM. He leaves an indelible impression on PGIM’s legacy.”

Leading PGIM’s next chapter of growth

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). At MSIM, he played a key role in the transformative and successful integration of Eaton Vance.

“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 PFI.”

“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 reinforce its commitment to meeting clients’ differentiated long-term investment needs, and I look forward to building upon the firm’s successes.”

Jacques Chappuis was most recently the 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 his BA in finance from Tulane University and an MBA 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.

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Accordingly, Mark FitzPatrick, Chief Executive since 1 April 2022, will be stepping down from his role and from the Board on 24 February 2023. As previously confirmed, Mr FitzPatrick will remain available as an adviser for a period.

Shriti Vadera, Chair, Prudential, commented: “On behalf of the Board, I would like to thank Mark for his dedication, hard work and for the significant impact he has had on the progress and transformation of Prudential during his time as CFO and COO, and in particular in leading the Company as interim Chief Executive.

“With Anil’s appointment, Prudential has now completed the move of its entire senior management team to Asia. We are delighted to welcome Mr Wadhwani.”

Mr Wadhwani said: “I am thrilled to join the team at such an exciting time in the development of its Asian and African operations and am looking forward to meeting customers, colleagues, investors and key stakeholders.”

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