Prudential’s asset management arm has expanded its portfolio advisory business in Japan with the hire of a former Citi investment banker.
PGIM appoints Hirotaka Kato to the newly created role of head of portfolio solutions for Japan, according to a statement. Based in Tokyo, he will work closely with PGIM Portfolio Advisory (PPA) while developing relationships with Japanese insurance companies and institutional clients to offer multi-asset investment solutions.
Kato has over 20 years of financial services experience, most recently as co-head of investment banking and senior executive officer at Citi Japan. He also has extensive experience partnering with insurance companies in Japan.
Credit Expertise
PPA was launched in 2022 to combine PGIM’s public and private credit expertise with integrated solutions for insurance companies, pension funds and institutional investors. It currently serves as an investment advisor to Prismic Life Reinsurance, a licensed life and annuity company launched in September 2023 with equity investments from Prudential and others.
«Japan’s changing regulatory environment and the end of a prolonged period of deflation present new challenges and opportunities for Japanese institutional investors,» said PGIM Japan president and CEO Taisaku Kunisawa. «The addition of holistic portfolio solutions is a key strategy of accelerating PGIM’s business in this critical growth market.»
Based in Newark, New Jersey, PGIM is a global asset manager with offices in 18 countries. As of 30 September 2023, it had more than $1.2 trillion in assets under management.
