Newark-based PGIM, the $1.5 trillion global investment management business of Prudential Financial Inc., said Sept. 16 it appointed Linda Gibson as chief executive officer of its $119 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 Oct. 15. QMA’s current CEO, Andrew Dyson, is stepping down for personal reasons unrelated to the business and had earmarked Gibson for the role over the past year.
“Linda brings nearly 30 years of global leadership experience across multiple business functions and a strong understanding of the asset management industry,” said PGIM CEO David Hunt. “This is an exciting time for the firm.”
“I’m honored to be leading this firm into the next phase of its development,” Gibson said. “Over the last few years, we have built on our quant heritage to provide increasingly diversified and customized 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 $225 billion of client assets at the time of her departure.
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 is effective Sept. 28 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 customized 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.
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 $214 billion of assets already managed by PGIM on behalf of DC clients across multiple asset classes and vehicles.