(Updates with ages of executives in the second paragraph.)
Jan. 10 (Bloomberg) -- Prudential Financial Inc., the second-largest U.S. life insurer, promoted Mehdi Mahmud to chief executive officer of Jennison Associates LLC, the investment unit with about $126.7 billion in assets under management.Mahmud, 39, who was chief operating officer of the unit, is taking the CEO post from Dennis Kass, 61, who is remaining chairman, according to a statement today from the Jennison business of Newark, New Jersey-based Prudential. Ken Moore, 41, previously the chief administrative officer, was named COO.Prudential is promoting executives after hiring David Hunt, who joined the insurer in November as head of investments. Hunt, a former senior partner at McKinsey & Co., is in charge of an operation that oversees more than $580 billion as CEO of Prudential Investment Management.“Mehdi’s experience as chief operating officer at Jennison and Dennis’ ongoing active role will ensure continuity and stability,” Hunt said in the statement.The promotions have “no impact” on Jennison’s investment teams, the company said. Jennison, which began managing money in 1969, sells mutual funds and other investment services to a customer base that include institutions and private clients.--Editors: Dan Reichl, William Ahearn
To contact the reporter on this story: Andrew Frye in New York at afrye@bloomberg.net
To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net
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