PGIM

PGIM, Inc. (PGIM), formerly Prudential Investment Management, is the asset management arm of American life insurance company Prudential Financial.

PGIM
Formerly
  • Prudential Investment Management
  • Pramerica Investment Management
IndustryFinancial services
HeadquartersNewark, New Jersey
AUMMore than $1 trillion
ParentPrudential Financial

Headquartered in Newark, New Jersey, United States, PGIM manages more than $1 trillion in assets across its fixed income, equity, real estate, alternatives, and multi-asset channels, including $283 billion for retail investors, and $553 billion for institutional clients, as of December 2019.[1] David Hunt has been the CEO since 2011.[2][3]

History

PGIM traces its history to the founding of its parent company, Prudential Financial, in 1875.[4]

PGIM is currently one of the 10 largest asset managers in the world, with more than 1,100 investment professionals working for the company across 31 offices.[5] The firm is headquartered in the Prudential Tower in Newark, New Jersey, which currently houses approximately 3,000 employees from a variety of PGIM's investment management divisions.[6]

Structure

PGIM follows a multi-manager model divided into several autonomous businesses:

PGIM Fixed Income

PGIM Fixed Income is the fixed income investment arm of PGIM, with $809 billion in assets under management as of June 30, 2019.[7][8] PGIM Fixed Income focuses on investing in the global fixed income markets through offices in the US, London, Tokyo and Singapore.

Jennison Associates

Founded in 1969, Jennison Associates is the fundamental equity investment arm of PGIM, with $178 billion in assets under management as of June 30, 2019.[9] The firm also invests in active fixed income, with approximately 40% of its total AUM invested in non-equity securities.[10]

QMA

QMA LLC is a subsidiary of PGIM that provides quantitative equity and global Multi-Asset solutions. Founded in 1975, it has $123 billion in assets under management as of 30 June 2019.[9] In January 2019 PGIM acquired Wadhwani Asset Management and merged it with the QMA unit, creating QMA Wadhwani LLP.[11][12]

PGIM Private Capital

PGIM Private Capital manages $86.5 billion in private placements and mezzanine debt as of July 2019.[13]

PGIM Real Estate

Formerly Prudential Real Estate Investors (Pramerica Real Estate Investors outside of the Americas, Japan and Korea), PGIM Real Estate is the global real estate investment arm of PGIM, with professionals in 18 cities around the world. The firm has consistently been the largest manager of worldwide institutional assets according to Pensions & Investments, an industry publication.[14][15] As of December 31, 2019 net AUM for PGIM Real Estate was $157.2 billion.[16]

PGIM Investments

This division offers investment advisory services for investments, assets and portfolio management.[17] By the end of 2019 the firm had recorded mutual fund assets under management of $122.5 billion, with $12.2 billion in net mutual fund flows.[18]

PGIM Global Partners

Established in 1998, PGIM Global Partners operates asset management companies outside the US, with assets valued at $96 billion as of March 2020.[19]

Rebranding

In January 2016, Prudential Investment Management changed its name to PGIM in an effort to unify the brand as the firm expanded its global reach. Prior to the change, PGIM used the pseudonym Pramerica in many countries outside of the United States, where UK-based insurer Prudential plc retained the rights to the Prudential name.[20]

Sustainability

In January 2020 PGIM was among the founding partners of Bloomberg Green, a newsletter focused on climate change news, analysis and solutions.[21]

PGIM Fixed Income, QMA[22] and PGIM Real Estate are signatories of the UN Principles for Responsible Investment.[23][24]

The firm's headquarters, the Prudential Tower, is LEED Gold certified and features a rainwater retention irrigation system, a rooftop garden and walking track, two living green walls, and a parking garage outfitted with electric car charging stations.[6][25]

References
  1. "2019 Annual Report" (PDF). Prudential Financial Inc. 31 December 2019. p. 34. Retrieved 27 May 2020.
  2. Flood, Chris (13 July 2014). "Prudential boss says investors should dig in for long term". www.ft.com. Retrieved 2020-05-17.
  3. Ricketts, David (22 July 2019). "$1.2tn asset manager CEO: Fund industry is more than just stock pickers". www.fnlondon.com. Retrieved 2020-05-17.
  4. "4 PGIM Funds Funds for Healthy Returns (Revised)". finance.yahoo.com. Retrieved 28 February 2020.
  5. Shayon, Sheila (December 2, 2016). "Rebrand in pursuit of alpha: 5 questions with PGIM's Niharika Shah". www.brandchannel.com. Interbrand. Retrieved December 13, 2016.
  6. Ortiz, Peter (October 2, 2015). "Prudential Investment Management gets new digs". Ignites. Retrieved December 13, 2016.
  7. "PGIM enhances European operations | PGIM". PGIM Newsroom. 23 September 2019. Retrieved 2020-05-17.
  8. MarketScreener. "Prudential Financial : PGIM enhances European operations | MarketScreener". www.marketscreener.com. Retrieved 2020-05-17.
  9. "INVESTMENT SOLUTIONS FOR FUND INVESTORS ACROSS THE GLOBE" (PDF). 30 June 2019. p. 3. Retrieved 17 May 2020.
  10. "Jennison Associates". PGIM.com. PGIM. September 30, 2016. Retrieved December 15, 2016.
  11. "PGIM to acquire Wadhwani, combine it with QMA". Pensions & Investments. 2018-11-13. Retrieved 2020-05-17.
  12. "PGIM launches absolute return quant fund for new affiliates". Wealth Manager. Retrieved 2020-05-17.
  13. "Prudential CG rebrands as PGIM Private Capital | Money Management". www.moneymanagement.com.au. 2019-07-10. Retrieved 2020-05-06.
  14. Jacobius, Arleen (October 3, 2016). "Real estate manager asset growth hits speed bump". Pensions & Investments. Retrieved December 13, 2016.
  15. "Company overview". PGIMrealestate.com. September 30, 2016. Retrieved December 13, 2016.
  16. "PGIM Real Estate – Company Overview". www.pgimrealestate.com. Retrieved 2020-05-06.
  17. "PGIM Investments LLC". www.bloomberg.com. Retrieved 2020-05-06.
  18. "PGIM Investments sets record AUM with $12.2B of net fund flows in 2019". MarketWatch. Retrieved 2020-05-06.
  19. "PGIM Global Partners | PGIM". newsroom.pgim.com. Retrieved 2020-05-06.
  20. Foley, Stephen (November 10, 2015). "Prudential Investment Management changes name to drum up business". Financial Times. Retrieved December 13, 2016.
  21. "Bloomberg Media Launches Bloomberg Green, A Global Multiplatform News Brand Focused on Climate Change". www.bloomberg.com. 21 January 2020. Retrieved 2020-05-27.
  22. "Quantitative Management Associates LLC (QMA)". PRI. Retrieved 2020-05-27.
  23. "Prudential Fixed Income". UNPRI.org. UN Principles for Responsible Investment. Retrieved December 13, 2016.
  24. "PGIM Real Estate". UNPRI.org. UN Principles for Responsible Investment. Retrieved December 13, 2016.
  25. "Prudential Newark receives LEED Gold certification". KPF.com. Kohn Pederson Fox Associates PC. August 30, 2016. Retrieved December 13, 2016.
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