Liquidity, Market Impact, and Execution

In this new episode of The Derivative, host Jeff Malec talks with PGIM Quantitative Solutions’ Devang Gambhirwala and Lorne Johnson about managing over $100 billion in quant and multi-asset strategies inside a $1.5 trillion asset manager. They break down the boom in options-based ETFs, from covered calls and defensive equity to buffered and defined-outcome strategies powered by flex options, plus what today’s volatility and rate environment mean for investors. The trio also tackles the impact of AI, fiscal imbalances, and even gold’s renewed role in portfolios. SEND IT!

Chapters:

00:00-00:46= Intro

00:47-07:25= From Newark to Quant: Devang & Lorne’s Paths to PGIM and the Rise of a $100B Quant Group

07:26-17:06 = Inside PGIM QSG: Trillion‑Dollar Roots, Quant Investing 101, and the Rise of AI-Driven Models

17:07-28:30= Options Boom: Democratized ETFs, Flex Options, and the New Era of Defensive Equity

28:31-42:38= Defined Outcomes, Tail Hedges, and Building Portfolios for an Uncertain Macro World

42:39-56:24= AI, Gold, and the Future of Risk: PGIM’s Take on What Comes Next for Markets and Jobs

Follow along with Devang Gambhirwala and Lorne Johnson on LinkedIn and be sure to check our PGIM's website at www.pgim.com for more information!

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