Press Release

PGIM Hires Michael Miller to Lead New DC Solutions Business

Issued by PGIM

Mar. 2, 2022

NEWARK, N.J., – PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), has appointed Michael Miller as the first head of its new Defined Contribution (DC) Solutions business.

David Hunt, CEO of PGIM, said: “As they mature and evolve, defined contribution plans are ever more critical to ensuring Americans have the income they need in retirement. As the retirement solution providers of PGIM, our new DC Solutions unit has the ability to leverage the capabilities of both PGIM and the wider Prudential organization. I look forward to seeing this business play a transformational role in our industry under Mike Miller’s leadership.”

Miller will report to Linda Gibson, CEO of PGIM Quantitative Solutions. “Mike has a 20-year track record within the retirement industry, is recognized in the DC space as an excellent leader and will complement our thoughtfully assembled team of industry experts,” Gibson said. “This is a significant step in strengthening our position as a leader in delivering diversified, customized retirement solutions, and underpins our commitment to the DC market and to addressing the evolving needs of both retirement plans and retirees.”

PGIM DC Solutions, a cross-PGIM initiative, is focused on delivering innovative retirement solutions founded on market-leading research and capabilities. It’s built upon the $214 billion of assets managed by PGIM on behalf of DC clients across multiple asset classes and vehicles.

“The DC industry is about to see a major secular shift towards the delivery of income as participants start approaching retirement in greater numbers,” Miller said. “While DC plans have undergone significant evolution, the enhancements have generally been geared towards accumulating wealth for participants prior to their retirement. Many plan sponsors express a desire to keep retirees in their plan, but few offer solutions specifically designed to support retirees’ unique needs and risks they face. I’m excited to join PGIM as we collectively aim to deliver innovative plan design, communications, products and solutions to support workers in their need to meet their lifetime income goals.”

Miller was most recently head of retirement Americas at J.P. Morgan Asset Management, having spent 14 years at the firm. Previously he was vice president, Defined Contribution Investment Only, at Principal Financial Group.

PGIM DC Solutions, a wholly owned subsidiary of PGIM Quantitative Solutions, continues to bring together strong retirement industry talent from inside and outside the firm. In 2021, the firm hired leading retirement research expert David Blanchett as head of retirement research. Blanchett was formerly head of retirement research at Morningstar Investment Management. Miller will also work closely with Josh Cohen, head of client solutions, who leads the team’s efforts to bring defined contribution insights and solutions to PGIM’s clients and the market. PGIM DC Solutions enhances the firm’s existing DC efforts and will work closely with PGIM’s affiliate businesses including PGIM Investments’ Retirement Investment Solutions (RIS) team.

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