PGIM appoints new CEO of QMA

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PGIM has appointed Linda Gibson as CEO of its USD119 billion quantitative equity and multi-asset solutions specialist, QMA. 

Gibson has been with QMA since July 2019 as chief business officer and will step into the CEO role on 15 October.

“Linda brings nearly thirty years of global leadership experience across multiple business functions and a strong understanding of the asset management industry,” says PGIM CEO David Hunt. “This is an exciting time for the firm.”

“I’m honoured to be leading this firm into the next phase of its development,” Gibson says. “Over the last few years, we have built on our quant heritage to provide increasingly diversified and customised solutions to address the evolving needs of our clients. I am firmly focused on building on that progress.”

Gibson joined QMA in mid-2019 having previously served in a variety of executive leadership positions at BrightSphere Investment Group, a publicly traded asset manager with more than USD225 billion of client assets at the time of her departure.

Hunt added that QMA’s current CEO, Andrew Dyson, was stepping down for personal reasons unrelated to the business and both had earmarked Gibson for the role over the past year.

The CEO change comes as QMA announced it is rebranding to PGIM Quantitative Solutions and its launch of a dedicated Defined Contribution unit, PGIM DC Solutions.

Gibson said the firm’s rebrand will be effective on 28 September and the name was chosen to reflect the close ties with parent PGIM, one of the world’s largest asset managers, as well as its expanding capabilities and customised solutions in recent years. QMA Wadhwani will now be called PGIM Wadhwani, and its investment team will continue to work independently within the PGIM Quantitative Solutions business.

“Since her arrival, Linda and I have worked closely to position the firm for the future, as marked by QMA’s rebranding and the smooth succession of the firm’s leadership,” says Dyson. “She has been a tremendous partner in building QMA’s capabilities and is the ideal candidate to lead PGIM Quantitative Solutions into the future.”

The evolution of PGIM Quantitative Solutions continues with the launch of its DC Solutions unit, a cross-PGIM initiative, which will focus on innovative retirement solutions founded on market-leading research and built on the USD214 billion of assets already managed by PGIM on behalf of DC clients across multiple asset classes and vehicles.

“The market is increasingly demanding a comprehensive approach to retirement income, which requires a range of new thinking and solutions, deployed in a flexible way,” Gibson says. “We have created PGIM DC Solutions to spearhead that effort and target market leadership in this new arena.”

The firm recently hired leading retirement expert David Blanchett as head of retirement research for defined contribution solutions. Blanchett was formerly head of retirement research at Morningstar Investment Management. Dyson will stay on as special adviser and acting head of PGIM DC Solutions until the end of March 2022.

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