PGIM has hired Merrill Lynch’s Dominick Carlino as its new global head of alternative investments.
Carlino spent 10 years at Merrill Lynch prior to accepting the PGIM position, working as head of alternative investments distribution. Earlier in his career, he took on roles with AlphaOne Capital Partners, Morgan Stanley, and Susquehanna International Group.
Stuart Parker, president and CEO of PGIM, said: “Dominick’s deep understanding and experience in the alternatives space will add tremendous value to our business as we continue to extend PGIM’s full array of high-quality private capabilities to our financial intermediary partners and their high-net-worth clients.”
Carlino will report to Parker, who has worked at PGIM since 2012. The role, which is new to the firm, will focus on expanding the development and distribution of alternative investments.
PGIM currently holds $310.9bn (£256.4bn) in assets within private alternatives including real estate, agriculture, private credit, and private equity capabilities.
“Given the current market environment, advisors are increasingly seeking strategies that offer uncorrelated alpha, true diversification and return enhancement within their clients’ portfolios,” Carlino said.
“I am thrilled to join PGIM to help meet this growing demand for access to institutional alternative investments and to support our wealth management partners in growing their business.”