Sushil Wadhwani is stepping down as chief investment officer of PGIM Wadhwani, leaving the firm he founded by June 2024.
Michael Dicks, currently deputy head of research, will become CIO on Jan. 2, 2024, and Mr. Wadhwani will serve as a senior adviser until June 30, 2024.
Mr. Wadhwani founded quantitative money manager Wadhwani Asset Management in 2002. In 2019, PGIM acquired it in a deal to bolster affiliate Quantitative Management Associates' European business. At the time, Wadhwani had $1.4 billion in AUM across quantitative macro hedge funds and risk premium strategies.
A PGIM spokeswoman said in an emailed statement that Mr. Wadhwani's departure "is a natural progression of the PGIM Wadhwani succession plan."
"Under this change of leadership, PGIM Wadhwani's investment process will remain unchanged. It has always been both team-based and systematic in approach," the statement said.
"Michael will have a strong bench of investment professionals across research, implementation and execution. As CIO, we anticipate him to then consider whether to appoint a successor to his current role,"the spokeswoman said.
PGIM, the global investment management business of Prudential Financial, has $1.3 trillion under management.
