PGIM is focusing on expanding its private credit, real assets, and international markets as David Hunt transitions leadership to Jacques Chappuis. The firm aims to enhance its private credit capabilities through acquisitions in Europe and Asia, while also growing its insurance asset management business and maintaining a commitment to active management. Hunt believes Chappuis" experience aligns well with PGIM"s strategic growth plans.
U.S. markets retreated after a week of postelection gains, with the S&P 500 down 0.29% and the Dow Jones Industrial Average falling 0.86%. While some stocks, like Tesla, continue to rise, early winners from the "Trump trade" are losing momentum, reflecting a potential shift in investor sentiment as economic data looms. Bitcoin briefly reached $90,000 but retreated to around $87,942.05, while Netflix's ad-supported tier gained 70 million users globally.
PGIM has appointed Jacques Chappuis from Morgan Stanley as its new CEO, succeeding David Hunt, who has led the firm for 13 years. Chappuis will officially take over on May 1, 2025, and will report to Andrew Sullivan, executive vice president of Prudential’s international businesses and global investment management.
IBM shares fell 3% after the company reported third-quarter earnings that missed revenue expectations, with total revenue at $14.97 billion against a $15.07 billion forecast. The firm experienced a net loss of $330 million, attributed to a pension settlement charge, despite a 1.5% year-over-year revenue increase. Consulting revenue declined slightly, while software revenue rose 10%, bolstered by a 14% increase from Red Hat.
Insurers, particularly in North America, are increasingly allocating funds to private credit markets, with 96% planning to boost investments in the next two years. Key motivations include diversification, lower volatility, and the pursuit of new asset classes, while maintaining current risk levels. Partnerships with alternative investment managers are also driving this trend, as insurers seek to capitalize on opportunities in a complex regulatory landscape.
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