PGIM Fixed Income, a firm With US$793 billion in assets under management (AUM), has named Tom Porcelli chief US economist, effective 6 July 2023.
Previously, Porcelli served as chief US economist for RBC Capital Markets, a position he held for more than 14 years. In that capacity, he managed a team of economists responsible for US economic forecasts, in addition to publishing research and actively engaging with clients across all revenue-generating platforms within RBC.
Porcelli began his career at the Federal Reserve Bank of New York working on the Open Market Desk where he was closely involved in the execution of monetary policy. He subsequently held senior economic roles with JP Morgan (Bank One) and Merrill Lynch.
Porcelli joins a bench helmed by chief global economist Daleep Singh, who joined the firm in 2022 from the White House where he served as President Biden’s top international economic adviser. “Tom joins us at a critical time for the US economy and financial markets.
On the heels of an unprecedented Federal Reserve rate-hiking cycle, alongside a historic degree of uncertainty and complexity in the geopolitical backdrop, Tom’s deep understanding of the US economy, markets and policymaking will prove hugely valuable to our investment teams and clients,” Singh said.
Porcelli will report to Singh and will be responsible for leading the formulation of the firm’s views on the US economy, contributing to the internal investment process, and engaging with clients and key stakeholders on timely macroeconomic developments.
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