- The company will establish PGIM Funds plc, a UCITS platform serving the U.K. and Europe
- New brand reflects strategic focus on global expansion
Prudential Investment Management, the $947 billion investment management business of Prudential Financial, announced plans to change its name to “PGIM,” reflecting its position as one of the world’s largest asset managers and its deep expertise across a broad set of asset classes. The new name, effective Jan. 4, 2016, coincides with the expansion of Prudential Investment Management’s businesses around the world.
The company is also expanding its range of solutions and productsto address growing demand, especially among global clients, for strategies that help them balance long-term risk and return objectives across diversified portfolios. In this direction, it is establishing PGIM Funds plc, a UCITS platform serving the U.K. and Europe (Undertakings for Collective Investments in Transferable Securities). The platform enables its businesses to build beyond existing fixed income UCITS to include a range of funds across asset classes offered to both institutional and individual investors.
Its businesses operate in 16 countries on five continents and offer a range of products across asset classes, including public and private fixed income, real estate debt and equity, and fundamental and quantitative public equities. The business operates through a unique multi-manager model, with each asset class managed by a dedicated leadership team, responsible for investment and business performance, while adhering to the same global standards for controls, risk management and compliance.
Several businesses will adopt the new name:
- Prudential Fixed Income will use PGIM in markets outside of the United States where it currently uses the Pramerica name, beginning in January.
- Prudential Mortgage Capital Company will be renamed PGIM Real Estate Finance globally in mid-2016.
- Prudential Real Estate Investors will be renamed PGIM Real Estate globally in mid-2016.