PGIM Investments, the international fund provider and distributor business of US financial services group Prudential Financial (not to be confused with UK group Prudential Plc) has announced it is establishing operations in Switzerland.
It has hired Pascal Weber (pictured) to work out of Zurich supporting growth in relationships with global, regional and local banks and financial intermediaries. Weber joins from AllianceBernstein, where he was responsible for financial intermediary sales in Switzerland. Prior to this, he was a relationship manager at Credit Suisse, focusing on Swiss institutional clients.
The Swiss expansion follows last year's establishment of a team covering Germany and Austria, which is based out of Frankfurt and headed by vice president Thiemo Volkholz. Weber will report to Volkholz, who oversees PGIM Investments' capabilities across the DACH markets.
PGIM Investments launched its Ucits offering in 2013. The Ireland domiciled vehicle is now registered in 17 countries across Europe, Latin America and Asia, and has grown over the past three years from $1bn to $3.5bn. It includes some 28 equity and fixed income strategies, both traditional and alternatives, of which 11 funds claim AUM of more than $100m.
As the group's business has grown in Europe, it has decided to relocate Kimberly LaPointe, executive vice president and head of PGIM Investments' international business to London to further push expansion in the region and beyond.
"We are proud of how our international focus for PGIM Investments has evolved over recent years and the expansion into Switzerland allows us to further strengthen our existing relationships and broaden our reach in this key market. Pascal is highly experienced and has developed strong relationships across a broad spectrum of Swiss clients. We are excited to have him undertaking our on-the-ground efforts in this market," LaPointe added.
PGIM Inc, of which PGIM Investments is a part, has some $1.2trn of AUM, and has reported 16 consecutive years of positive third party institutional net inflows.