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PGIM hires Michael Miller to lead new DC Solutions business
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
PGIM, a leading global investment management firm of Prudential Financial (NYSE: PRU), has appointed Michael Miller as the head of its new Defined Contribution (DC) Solutions business. This initiative aims to address the evolving retirement needs of Americans, focusing on lifetime income solutions. Miller, who has over 20 years in the retirement industry, will enhance PGIM’s commitment to delivering tailored retirement solutions. The new DC Solutions unit is backed by PGIM's $214 billion in assets managed for DC clients, positioning the firm as a leader in innovative retirement strategies.
Positive
Appointment of Michael Miller as head of DC Solutions brings leadership with over 20 years of industry experience.
PGIM DC Solutions aims to provide innovative retirement solutions, addressing the growing demand for lifetime income support.
The unit is supported by PGIM's existing $214 billion in assets under management for defined contribution clients.
Negative
None.
Investment in PGIM’s Defined Contribution initiative continues as the team focuses on lifetime income solutions
NEWARK, N.J.--(BUSINESS WIRE)--
PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), has appointed Michael Miller as the first head of its new Defined Contribution (DC) Solutions business.
Michael Miller, Head of PGIM DC Solutions (Photo: Business Wire)
David Hunt, CEO of PGIM, said: “As they mature and evolve, defined contribution plans are ever more critical to ensuring Americans have the income they need in retirement. As the retirement solution providers of PGIM, our new DC Solutions unit has the ability to leverage the capabilities of both PGIM and the wider Prudential organization. I look forward to seeing this business play a transformational role in our industry under Mike Miller’s leadership.”
Miller will report to Linda Gibson, CEO of PGIM Quantitative Solutions. “Mike has a 20-year track record within the retirement industry, is recognized in the DC space as an excellent leader and will complement our thoughtfully assembled team of industry experts,” Gibson said. “This is a significant step in strengthening our position as a leader in delivering diversified, customized retirement solutions, and underpins our commitment to the DC market and to addressing the evolving needs of both retirement plans and retirees.”
PGIM DC Solutions, a cross-PGIM initiative, is focused on delivering innovative retirement solutions founded on market-leading research and capabilities. It’s built upon the $214 billion of assets managed by PGIM on behalf of DC clients across multiple asset classes and vehicles.
“The DC industry is about to see a major secular shift towards the delivery of income as participants start approaching retirement in greater numbers,” Miller said. “While DC plans have undergone significant evolution, the enhancements have generally been geared towards accumulating wealth for participants prior to their retirement. Many plan sponsors express a desire to keep retirees in their plan, but few offer solutions specifically designed to support retirees’ unique needs and risks they face. I’m excited to join PGIM as we collectively aim to deliver innovative plan design, communications, products and solutions to support workers in their need to meet their lifetime income goals.”
Miller was most recently head of retirement Americas at J.P. Morgan Asset Management, having spent 14 years at the firm. Previously he was vice president, Defined Contribution Investment Only, at Principal Financial Group.
PGIM DC Solutions, a wholly owned subsidiary of PGIM Quantitative Solutions, continues to bring together strong retirement industry talent from inside and outside the firm. In 2021, the firm hired leading retirement research expert David Blanchett as head of retirement research. Blanchett was formerly head of retirement research at Morningstar Investment Management. Miller will also work closely with Josh Cohen, head of client solutions, who leads the team’s efforts to bring defined contribution insights and solutions to PGIM’s clients and the market. PGIM DC Solutions enhances the firm’s existing DC efforts and will work closely with PGIM’s affiliate businesses including PGIM Investments’ Retirement Investment Solutions (RIS) team.
ABOUT PGIM DC SOLUTIONS
As the retirement solutions providers of PGIM,1 we plan to deliver innovative defined contribution solutions founded on market-leading research and capabilities. Our highly experienced team partners with our clients on customized solutions to solve for lifetime income.
ABOUT PGIM QUANTITATIVE SOLUTIONS
As the quantitative and multi-asset solutions specialist of PGIM, PGIM Quantitative Solutions seeks to help solve complex investment problems with custom systematic solutions across the risk/return spectrum. Our modular portfolio construction simplifies our design of client-specific solutions. We can customize down to the stock level for portfolio considerations, with product offerings that range from core solutions and systematic macro to multi-asset portfolios and overlays. All of our options can be harnessed to provide stable return streams uncorrelated with existing strategies.
PGIM Quantitative Solutions manages portfolios for a worldwide institutional client base, including corporate and public pension plans, endowments and foundations, multiemployer pension plans, and subadvisory accounts for other financial services companies. As of Dec. 31, 2021, PGIM Quantitative Solutions had approximately $116.4 billion in assets under management. PGIM Quantitative Solutions also manages the allocation of assets that underlie the glidepath to the Prudential Day One Funds, launched in 2016, which currently has $5.8 billion in assets under management as of Dec. 31, 2021.
ABOUT PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world2 with more than $1.5 trillion in assets under management as of Dec. 31, 2021. With offices in 17 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.
1 PGIM DC Solutions does not establish or operate pension plans. PGIM DC Solutions is a Delaware limited liability company, a direct wholly owned subsidiary of PGIM Quantitative Solutions LLC, and an indirect, wholly owned subsidiary of PGIM, Inc., the principal asset management business of Prudential Financial, Inc. (PFI) of the United States of America. PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. PGIM DC Solutions is not currently registered with the Securities and Exchange Commission as an investment adviser. As of the date of this material, PGIM DC Solutions does not manage any assets.
2 Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 477 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on May 31, 2021. This ranking represents global assets under management by PFI as of Dec. 31, 2020.
What is PGIM's new Defined Contribution Solutions initiative?
PGIM's new Defined Contribution Solutions initiative focuses on delivering innovative retirement income solutions to meet the evolving needs of retirees.
Who has been appointed as the head of PGIM DC Solutions?
Michael Miller has been appointed as the head of PGIM DC Solutions, bringing extensive experience in the retirement industry.
How much assets does PGIM manage for Defined Contribution clients?
PGIM manages approximately $214 billion in assets on behalf of Defined Contribution clients.
What is the primary goal of PGIM DC Solutions?
The primary goal of PGIM DC Solutions is to provide customized retirement solutions that support participants in achieving their lifetime income objectives.
