NEWARK, N.J.--(BUSINESS WIRE)--Prudential Investments will change its name to PGIM Investments, effective Monday, April 3, the company announced today. Prudential Investments is the retail manufacturer and distribution arm of PGIM, the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE:PRU).
The names and ticker symbols for the company’s mutual funds will remain the same.
Prudential Investments, with $82 billion in assets under management as of Dec. 31, 2016, ranked among the top five fastest organically growing mutual fund families over the last eight years, according to SimFund.
The name change more closely aligns Prudential Investments with PGIM, which ranks as the 9th largest global asset manager, according to a Pensions & Investments May 2016 survey. And because the company already operates as PGIM Investments outside the U.S. with its UCITS platform, the change allows the firm to adopt a single name, globally.
Additionally, the renaming follows the recent rebranding efforts of Prudential Investment Management to PGIM in January 2016, Prudential Real Estate Investors to PGIM Real Estate in May 2016, and Prudential Fixed Income to PGIM Fixed Income in January 2017.
“The change to PGIM Investments showcases our ability and commitment to delivering actively managed investment solutions to our global clients through the deep expertise of our multi-manager model,” said Stuart Parker, president of Prudential Investments.
Prudential Investments offers over 70 mutual funds across a broad spectrum of asset classes and investment styles. Clients can also choose from a variety of investment vehicles such as closed-end funds, managed accounts, and target date funds such as the Prudential Day One Mutual Fund series. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities and real estate.
As of Feb. 28, 2017, 77 percent of Prudential’s mutual funds and 90 percent of Prudential’s fixed income funds outperformed their Morningstar category median over the 10-year period.1,2
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 as the 9th largest global asset manager 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.
