David A. Hunt has been named chief executive officer of Prudential Investment Management, the company announced today. Prudential Investment Management, a business of Prudential Financial, Inc. (NYSE: PRU), had more than $583 billion in assets under management as of June 30, 2011, and ranks among the world’s largest asset managers.
Hunt joins from McKinsey & Company, where he was a senior partner and co-leader of its North American Asset Management practice. He will oversee all of the asset management businesses that comprise Prudential Investment Management, including its public fixed income, real estate, public equity, private fixed income, mutual fund and wealth management businesses. His appointment is effective Nov. 9.
“David’s breadth of institutional and wealth management experience in the U.S. and internationally makes him a perfect fit to lead our asset management businesses,” said Charles Lowrey, chief operating officer of Prudential’s U.S. Businesses. “His keen understanding of retirement trends, product innovation and the future of distribution and advice delivery will strengthen our current client relationships and help us build new ones. Additionally, his commitment to developing high quality talent will further Prudential’s goal of creating an environment where diverse professionals want to build their careers.”
Hunt assumes the new role from Lowrey, who was promoted in February 2011 to lead the U.S. businesses and has continued to oversee Prudential Investment Management in the interim.At McKinsey, Hunt’s asset management practice served clients with businesses around the globe. He has extensive experience working in Japan and throughout Asia, as well as Europe and the Middle East. Hunt advised clients on a range of issues, including strategy, portfolio management, international expansion, product development, distribution, talent development and organization. Earlier, he led McKinsey’s North American Commercial and Investment Banking Practice. He spent six years in Europe and while in London was elected to the partnership in 1994.