PGIM executive quits after less than two years

PGIM's head of Australia wealth Benjamin Price will step down less than two years after being appointed.

The US$1.2 trillion asset management business of Prudential Financial has confirmed that Price will leave by the end of the year.

However, people familiar with the matter say he left abruptly two weeks ago and is currently on gardening leave.

Price arrived at PGIM after 17 years at Macquarie Asset Management as head of wholesale distribution.

He was hired as part of the firm's overall effort to tap into Australia's  wealth and wholesale market.

Interestingly, Price is the second executive to leave in as many months.

In August, Murray Brewer suddenly left after just three months as head of PGIM's Australia client group.

Although PGIM did not explicitly state that both executives would be replaced, a spokesperson  stressed that Australia remains a key part of the asset manager's global growth strategy.

"Whilst we do not comment on personnel departures, we can confirm that PGIM remains fully committed to our clients in Australia and to continuing to grow our local business," the spokesperson said.

"Having established deep client networks and brand presence around the globe over the last few decades, we are now looking to modernise our approach to most effectively serve our Australian clients' growing needs for cross-asset class solutions across the public and private markets."

PGIM established its presence in Australia in 2011 and has 22 employees with domestic investment manufacturing capabilities across real estate private equity and debt and debt financing.