The latest moves, appointments and personnel changes in the North American wealth management sector.

PGIM Fixed Income, the fixed income manager with $837 billion in AuM, has brought one of its former top figures, Deleep Singh (main picture) back into the firm. Singh has served in senior roles in the former Biden administration, the New York Federal Reserve, and US Treasury.

Singh will be taking on the role of vice chair, chief global economist and head of global macroeconomic research, effective April 21.

Singh had been US deputy national security advisor for international economics and deputy director of the National Economic Council in February 2024, a role he also undertook between February 2021 and June 2022. In this capacity, he served as former President Joe Biden’s top international economics advisor, driving policy formulation at the intersection of economics and national security.

Prior to this, Singh served as PGIM Fixed Income’s global chief economist and head of global macroeconomic research from June 2022 through February 2024, before he was once again called upon to serve at the White House. Before initially joining the Biden administration, Singh was executive vice president and head of the markets group at the New York Fed. From 2011 to 2017, he worked for the US Department of the Treasury, including as acting assistant secretary for Financial Markets and deputy assistant secretary for Europe and Eurasia. Preceding his tenure at the Treasury Department, Singh spent eight years at Goldman Sachs focused on US interest rates and emerging markets

In his new role, Singh will report to Gregory Peters, co-chief investment officer for PGIM Fixed Income. As vice chair, he will also assume broad executive responsibilities including building out the firm’s global brand and serving on PGIM Fixed Income’s senior leadership team.

“Daleep is one of the most sought-after experts on the global economy, and we are thrilled to welcome him back to PGIM Fixed Income. Daleep’s extensive experience and insight at the highest levels of government will be fundamental in helping our firm navigate the increasingly complex macroeconomic and geopolitical forces driving global financial markets,” Peters said. 

Raymond James 
An advisor who had worked before with UBS Financial has joined the employee advisor arm of Raymond James in Vero Beach, Florida. 

Russell Cappelen operates as Cappelen Wealth Management of Raymond James. At UBS, he ran about $394 million in client assets. He is joined by practice business manager Diane Nelson.

In total, Cappelen has worked in the financial services sector for more than four decades, starting at Merrill Lynch in 1984 and then spending 25 years at UBS.