TOKYO--(BUSINESS WIRE)--Please replace the release dated April 6, 2017 with the following corrected version due to multiple revisions.
The corrected release reads:
PRUDENTIAL INVESTMENT MANAGEMENT JAPAN TO BECOME PGIM JAPAN
Prudential Investment Management Japan Co., Ltd. (PIMJ), will rebrand its asset management operations to PGIM Japan, to align with its global parent, PGIM, effective October 1. PGIM, the $1 trillion1 investment business of Prudential Financial, Inc. (NYSE: PRU) manages assets in 32 countries with nearly 30 percent of its assets managed for clients outside of the U.S.
Since establishing its roots in Japan in 1988, PIMJ has evolved from a manager of primarily proprietary insurance company assets to a business with JPY 19.7 trillion in assets under management,1 with fivefold growth in third-party assets over the past five years.
“As we continue to grow in the Japanese market, aligning our brand with our parent organization offers clarity and consistency, as we deliver PGIM’s active global investment management capabilities across a broad range of asset classes to our clients,” said Yasuhisa Nitta, PIMJ’s president and CEO.
Added David Hunt, president and CEO of PGIM: “Japan is one of our critical growth markets and we intend to continue to invest here to serve our broadening client base. As long-term investors, PGIM is well-positioned to advise clients on risk-controlled, actively managed strategies across traditional and alternative asset classes.”
PIMJ has approximately 90 asset management professionals in Japan with a large fixed income presence through PGIM Fixed Income, PGIM’s $637 billion1 active global fixed income manager. PIMJ is additionally positioned to meet the Japanese market’s investment needs through PGIM’s equity, private fixed income, real estate and commercial mortgage businesses.
The firm manages assets for many of Japan’s largest institutional investors including three of the country’s five largest public pension funds2.
About PGIM and Prudential Financial, Inc.
With 14 consecutive years of positive third-party institutional net flows, PGIM, the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of Dec. 31, 2016. PGIM’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. For more information, please visit pgim.com.
Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about Prudential, please visit news.prudential.com.
1 As of December 31, 2016.
2 Public filings, 2016.