What do you do when $1 trillion is not enough? Why, steal a portfolio manager from a $4 trillion asset manager, of course! Or at least you can start there.
Prudential Investment Management
, the $1.1 trillion asset management arm of the insurance company, is hungry for more growth and has been poaching PMs from BlackRock
, Morgan Stanley
and Goldman Sachs
so far, Bloomberg reports
. And David Hunt
, the division's CEO, doesn't plan to stop there.
“We continue to want to expand through the acquisition of talent,” he said at a presentation yesterday, and added that the firm could stand to gain from its global investor base and client interest in more strategies.
Hunt said he prefers to target growth via increasing the PM ranks, but could also be open to team lift-outs or "bolt-on" acquisitions.
Pru's fixed-income unit recently hired John Vibert
from BlackRock to run its structured finance team. It also named GSAM's Robert Cignarella
to lead its global leveraged finance team in November. And the real estate group brought on Adriana Drulla Rossi
and Alfonso Munk
from Morgan Stanley last year.
Who will be next?
And watch out, other fund firm CEOs! Your star PMs probably aren't safe with the likes of Hunt on the prowl.
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