PGIM Merges Fixed-Income and Private-Credit Teams to Create $1 Trillion Unit

PGIM, Inc. is merging its public fixed-income and private-credit teams to create a $1 trillion credit unit. The move aims to bolster cross-selling efforts and reduce redundancies between teams. The combined entity will be led by John Vibert and Matt Douglass, with job cuts expected over the year. The restructuring is part of new CEO Jacques Chappuis's plan to grow PGIM's private-credit practice and compete with large alternative asset managers.

PGIM Inc. is consolidating its public fixed-income and private-credit teams to form a new $1 trillion credit unit, led by John Vibert and Matt Douglass. The move is part of a broader restructuring effort under new CEO Jacques Chappuis, aimed at enhancing cross-selling efforts and streamlining operations [1].

The combined entity will oversee approximately $862 billion in public fixed-income assets and $110 billion in private credit, making it one of the largest credit units in the industry. The merger is expected to reduce redundancies between the two teams, which had been operating independently, and foster greater collaboration [1].

Vibert, who previously managed fixed income, will head the new unit, while Matt Douglass will lead the private-credit arm and report to Vibert. The restructuring also includes the consolidation of support functions across the firm and the merging of institutional sales teams under Brad Blalock and Mark Chamieh. Additionally, PGIM is combining its multi-asset and quantitative solutions capabilities, with Phil Waldeck overseeing the multi-asset business and Linda Gibson expected to leave by year-end [1].

The restructuring is part of Chappuis's strategy to bolster PGIM's private-credit practice and compete more effectively with large alternative asset managers. The CEO is also seeking to eliminate redundancies and streamline operations to put PGIM on a stronger footing. Job cuts are anticipated over the course of the year [1].

The new unit is expected to enhance PGIM's competitive position by leveraging synergies between the public fixed-income and private-credit teams. This move aligns with broader industry trends where investors are increasingly seeking fewer money managers to work with, making cross-selling efforts more critical [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-06-24/pgim-builds-a-1-trillion-credit-unit-in-new-ceo-s-overhaul