Prudential Financial, Inc. has appointed Matthew (Matt) Armas as Senior Vice President and Chief Investment Officer, effective March 12, 2026.
Armas joins Prudential from Goldman Sachs Asset Management, where he was Global Co-Head of Insurance. In that role, he advised Goldman Sachs’ global insurance clients on portfolio construction across public and private markets.
Armas will succeed Timothy Schmidt, who will retire in 2026 after 16 years with the company. Schmidt will stay on in an advisory capacity through August 31 to ensure a smooth leadership transition.
“Matt’s insurance and investment expertise puts him in a strong position to help shape our evolving investment strategy."
Schmidt joined Prudential Financial in 2010, serving as Chief Investment Officer beginning in 2019 and led the organisation through major market cycles. “Under his leadership, Prudential strengthened its asset liability management discipline, expanded its private-market platform, and deepened its risk and governance frameworks,” said Prudential’s press release on the appointment.
Prudential Financial, Inc. has approximately $1.6 trillion in assets under management as of Sept. 30, 2025.
“On behalf of the entire Prudential team, I want to thank Tim for the legacy of strength he leaves in place for Matt and our General Account. That legacy positions us well as we sharpen our focus on delivering profitable, long-term growth over time,” said Andrew Sullivan, Prudential Financial’s CEO. “Matt’s insurance and investment expertise puts him in a strong position to help shape our evolving investment strategy and ensure we fulfil the promises we make to our customers.”
Before Goldman Sachs Asset Management, Armas was an Investment Research Analyst at GE Asset Management and a Lieutenant in the US Navy.
“Prudential has a long-standing commitment to disciplined investing and clarity of purpose in solving the financial challenges of our changing world,” said Armas. “I look forward to building on the foundation Tim and the team have created to support Prudential’s continued evolution and growth.”
