NEWARK, N.J.--(BUSINESS WIRE)--Prudential Short Duration High Yield Fund, Inc. (NYSE: ISD) and Prudential Global Short Duration High Yield Fund, Inc. (NYSE: GHY) today announced an update to their portfolio management team.
Effective June 1, 2013, Brian Clapp, a principal and senior high yield credit analyst on Prudential Fixed Income’s Credit Research team, will join the High Yield Team as a portfolio manager. As portfolio manager, Brian will cover several sectors, including technology and cable which he also covered in his senior credit analyst role. Brian’s extensive 20-year career as an analyst will be a valuable addition to the High Yield portfolio management team.
The Funds' investment strategies will remain the same, and will continue to benefit from Prudential Fixed Income's extensive portfolio management and research capabilities. Paul Appleby, managing director and head of Prudential Fixed Income's Leveraged Finance Team, which includes the US and European High Yield Bond and Bank Loan sector teams, will continue to oversee our Global Leveraged Finance efforts. The Global Leveraged Finance Team is composed of 12 portfolio managers, 7 of which are high yield, and 26 credit analysts.
The Funds are diversified, closed-end investment management companies managed by Prudential Investments LLC. The Funds are sub-advised by Prudential Fixed Income, a business unit of Prudential Investment Management, Inc. and an affiliate of the investment manager.
Prudential Investments, the mutual fund and wealth management business of Prudential Financial, Inc. (NYSE: PRU), oversees Prudential Mutual Funds, which focuses on traditional mutual funds, separately managed accounts, and Investment Only Defined Contribution businesses.
Prudential Financial, Inc., a financial services leader with more than $1 trillion of assets under management as of December 31, 2012, 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.
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The Funds invest in high yield (“junk”) bonds, which are subject to greater credit and market risks; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise.
Prudential Fixed Income is a unit of Prudential Investment Management, Inc., a registered investment adviser and Prudential Financial company. Prudential Investments, Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
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