NEWARK, N.J.--(BUSINESS WIRE)--Prudential Investment Management, the $947 billion investment management business of Prudential Financial, Inc. (NYSE: PRU), today announced plans to change its name to “PGIM,” reflecting its position as one of the world’s largest asset managers and its deep expertise across a broad set of asset classes. The new name, effective Jan. 4, 2016, coincides with the expansion of Prudential Investment Management’s businesses around the world.
Prudential Investment Management’s businesses operate in 16 countries on five continents and offer a range of products across asset classes, including public and private fixed income, real estate debt and equity, and fundamental and quantitative public equities. The business operates through a unique multi-manager model, with each asset class managed by a dedicated leadership team, responsible for investment and business performance, while adhering to the same global standards for controls, risk management and compliance.
Overall, the company is expanding its range of solutions and products to address growing demand, especially among global clients, for strategies that help them balance long-term risk and return objectives across diversified portfolios. As one example of the commitment to expand, Prudential Investment Management is establishing PGIM Funds plc, a UCITS platform serving the U.K. and Europe (Undertakings for Collective Investments in Transferable Securities). The platform enables Prudential Investment Management’s businesses to build beyond existing fixed income UCITS to include a range of funds across asset classes offered to both institutional and individual investors.
“Our clients expect investment managers to simultaneously find the best investment opportunities around the world, while upholding the most rigorous standards of risk management," said David Hunt, CEO of Prudential Investment Management. “The PGIM name represents our scale, and our conviction to deliver time-tested, long-term solutions and outcomes for institutional and retail investors.”
Several Prudential Investment Management businesses will adopt the new name:
- Prudential Fixed Income will use PGIM in markets outside of the United States where it currently uses the Pramerica name, beginning in January.
- Prudential Mortgage Capital Company will be renamed PGIM Real Estate Finance globally in mid-2016.
- Prudential Real Estate Investors will be renamed PGIM Real Estate globally in mid-2016.
The new identity also extends to Prudential Investment Management’s new headquarters—a state-of-the-art, 20-story building in Newark, N.J., just two blocks from Prudential’s global corporate headquarters and around the corner from where Prudential was founded 140 years ago.
About Prudential Investment Management
Prudential Investment Management’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents and had $947 billion in assets under management as of September 30, 2015. For more information, please visit http://www.investmentmanagement.prudential.com.
About Prudential Financial
Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than $1 trillion of assets under management as of September 30, 2015, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.