PGIM expands portfolio advisory business in Japan with strategic hire PGIMexpandsportfolioadvisorybusinessinJapanwithstrategichire

TOKYO, Jan. 10, 2024 – PGIM, the $1.27 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), has appointed Hirotaka Kato as head of Portfolio Solutions for Japan, based in Tokyo.

In the newly created role, Kato will play a pivotal role in expanding PGIM Japan’s business in Japan. Working closely with PGIM Portfolio Advisory (PPA), he will be responsible for developing relationships with Japanese insurance companies and institutional clients with a view to offering them multi-asset investment solutions.

PGIM Portfolio Advisory was launched in 2022, allowing PGIM’s expertise in public and private credit to be combined into integrated solutions for insurance companies, pension funds and institutional investors globally. PPA currently serves as an investment adviser to Prismic Life Reinsurance, Ltd., a licensed Class E life and annuity company launched in September 2023 with equity investments from a group of global investors alongside the reinsurer’s co-sponsors Prudential Financial, Inc. and Warburg Pincus.

Taisaku Kunisawa, president and CEO of PGIM Japan, commented: “Japan’s changing regulatory environment and the end of a prolonged period of deflation present new challenges and opportunities for Japanese institutional investors. The addition of holistic portfolio solutions is a key strategy of accelerating PGIM’s business in this critical growth market. Kato will play an instrumental role in helping our insurance and institutional clients navigate this changing environment.”

Kato brings over 20 years’ financial services experience to the role. Most recently he was co-head of investment banking and a senior executive officer at Citi Japan and has extensive experience partnering with insurance companies in Japan.

PGIM has a long-term presence in Japan since 1988, starting with the investment management business for Prudential Financial’s life insurance companies. It has significantly grown its third-party business in the last decade and become one of the largest foreign managers of Japanese institutional assets today.

Phil Waldeck, CEO of PPA, added: “The expansion of PGIM Japan’s capabilities reiterates PGIM’s commitment to providing Japan’s leading insurers and institutional investors with integrated private and public credit strategies and portfolio construction, including liquidity and duration management and asset liability management.”