Prudential Financial has appointed Jacques Chappuis, formerly the Co-Head of Investment Management at Morgan Stanley, as the new CEO of PGIM, its asset management division with $1.4 trillion in assets under management. Chappuis will succeed David Hunt, who will step down in May after 13 years. During Hunt's tenure, PGIM's assets under management doubled, and the company established itself as a leading player in US fixed income and real estate investments.

PGIM plans to further expand its international presence and alternative investments business under Chappuis to increase asset management profits from 12 to 24 percent of the group's earnings. Andy Sullivan, head of Prudential's international and investment management division and responsible for finding Hunt's successor, said PGIM is "at a turning point" to meet the growing demand from large clients for more comprehensive multi-asset solutions and to benefit from the industry's consolidation process.

Under Hunt, PGIM's alternative business grew by more than 50 percent to $336 billion, driven by targeted acquisitions that expanded the company's global reach and expertise in areas such as infrastructure. "We want to ensure that we are on the path to further growth," Sullivan explained.

Chappuis, who previously worked at Citigroup and Carlyle, is currently on gardening leave and will be supported by Hunt until July after his start to ensure a smooth transition.