(Bloomberg News) Prudential Financial Inc., the second-largest U.S. life insurer, named David Hunt of McKinsey & Co. to run the investment operation with more than $580 billion under management.
Hunt will be chief executive officer of Prudential Investment Management effective Nov. 9, replacing Charles Lowrey, who was promoted in February to lead U.S. operations for the Newark, New Jersey-based insurer, the company said today in a statement distributed by Business Wire.
Rivals including Aflac Inc. and MetLife Inc., the largest U.S. life insurer, named new fund managers this year as low interest rates pressured fixed-income investments. Hunt will oversee bonds, real estate and equity holdings and mutual-fund and wealth-management businesses, the company said.
Hunt has a "breadth of institutional and wealth-management experience in the U.S. and internationally," Lowrey said in the statement.
At McKinsey, Hunt worked in Japan, Europe and the Middle East, advising clients on portfolio management and product distribution, according to Prudential. He previously led the firm's North American commercial and investment-banking practice. He has a bachelor's degree from Princeton University and a master's degree in business administration from the University of Pennsylvania's Wharton School of Business.