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

Prudential Financial Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers t ...

. Headquartered in

Newark, New Jersey Newark ( , ) is the most populous city in the U.S. state of New Jersey and the seat of Essex County and the second largest city within the New York metropolitan area.fixed income Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay interest at a fixed rate once a year and repay the prin ...

equity Equity may refer to: Finance, accounting and ownership * Equity (finance), ownership of assets that have liabilities attached to them ** Stock, equity based on original contributions of cash or other value to a business ** Home equity, the dif ...

real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...

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, and multi-asset channels, including $283 billion for retail investors, and $553 billion for institutional clients, as of December 2019. David Hunt has been the CEO since 2011.

History

PGIM traces its history to the founding of its parent company,

, in 1875. 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. The firm is headquartered in the

Prudential Tower The Prudential Tower, also known as the Prudential Building or, colloquially, The Pru,subscription required'The Pru' everyone calls it: a resigned shrug of a name, as flat and uninflected as the wan moue its pronunciation requires." is an Inter ...

in Newark, New Jersey, which currently houses approximately 3,000 employees from a variety of PGIM's investment management divisions.

Structure

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

PGIM Fixed Income

PGIM Fixed Income is the

fixed income Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay interest at a fixed rate once a year and repay the prin ...

investment arm of PGIM, with $968 billion in assets under management as of December 31, 2020. PGIM Fixed Income focuses on investing in the global fixed income markets through offices in the US, London, Amsterdam, Zurich, Munich, Hong Kong, Tokyo and Singapore.

Jennison Associates

Founded in 1969, Jennison Associates is the fundamental

investment arm of PGIM, with $224 billion in assets under management as of December 31, 2020. The firm also invests in active fixed income, with approximately 30% of its total AUM invested in non-equity securities. Jennison has offices in New York and Boston.

PGIM Quantitative Solutions

PGIM Quantitative Solutions
formerly QMA, is a subsidiary of PGIM that provides quantitative equity and global Multi-Asset solutions. Founded in 1975, it has $120 billion in assets under management as of December 31, 2020. PGIM Quantitative Solutions uses

factor investing Factor investing is an investment approach that involves targeting quantifiable firm characteristics or “factors” that can explain differences in stock returns. Security characteristics that may be included in a factor-based approach include si ...

in its quantitative process. The firm has drawn attention to their approaches to behavioral bias and

momentum investing Momentum investing is a system of buying stocks or other securities that have had high returns over the past three to twelve months, and selling those that have had poor returns over the same period. While momentum investing is well-established as ...

, unstructured data analysis, and more recently

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. In 2016, QMA developed Target Date glidepaths and Prudential launched Day One Target Date Funds for retirement investors. In January 2019 PGIM acquired Wadhwani Asset Management and merged it with the QMA unit, creating QMA Wadhwani LLP. PGIM Quantitative Solutions is headquartered in Newark, NJ, with locations in San Francisco, CA and London.

PGIM Private Capital

PGIM Private Capital manages $101 billion in private placements and mezzanine debt as of December 31, 2020.

PGIM Real Estate

PGIM Real Estate is the global real estate investment arm of PGIM, with professionals in 32 cities around the world. The firm has consistently been the largest manager of worldwide institutional assets according to ''Pensions & Investments'', an industry publication. In 2020, PGIM Real Estate merged their debt and equity businesses. As of December 31, 2020 net AUM for PGIM Real Estate was $180 billion.

PGIM Investments

PGIM Investments is the retail distribution division of PGIM and offers investment advisory services for investments, assets and portfolio management. In 2018, PGIM Investments entered the exchange-traded fund space with the launch of the PGIM Ultra Short Bond. As of December 31, 2020, the firm had recorded mutual fund assets under management of $160 billion, with $21.7 billion in net mutual fund flows.

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.

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 Prudential plc is a British Multinational corporation, multinational insurance company headquartered in London, England. It was founded in London in May 1848 to provide loans to professional and working people. Prudential has dual primary list ...

retained the rights to the Prudential name.

Sustainability

In January 2020 PGIM was among the founding partners of Bloomberg Green, a newsletter focused on climate change news, analysis and solutions. PGIM Fixed Income, QMA and PGIM Real Estate are signatories of the UN Principles for Responsible Investment. The firm's headquarters, the Prudential Tower, is

LEED Leadership in Energy and Environmental Design (LEED) is a green building certification program used worldwide. Developed by the non-profit U.S. Green Building Council (USGBC), it includes a set of rating systems for the design, construction ...

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. In 2021, PGIM Real Estate committed to reduce the operational

carbon emissions Greenhouse gas emissions from human activities strengthen the greenhouse effect, contributing to climate change. Most is carbon dioxide from burning fossil fuels: coal, oil, and natural gas. The largest emitters include coal in China and larg ...

of its global portfolio of managed properties to net zero by 2050.

References

External links

Official website
{{Major asset management companies

PGIM PGIM, Inc. (PGIM), formerly Prudential Investment Management, is the asset management arm of American life insurance company Prudential Financial. Headquartered in Newark, New Jersey, United States, PGIM manages more than $1 trillion in assets ...

Financial services companies based in New Jersey