Tuesday, January 22, 2008
JennisonDryden Adopts XBRL
News summary by MFWire's editors
has adopted the use of XBRL for its SEC filings. The use is not yet as widespread as Commissioner Cox would like as it has only been adopted by a few players in the fund industry so far.
Company Press Release
JennisonDryden Mutual Funds announced today that it has adopted the use of eXtensible Business Reporting Language (XBRL) to provide information about its funds in filings submitted to the Securities and Exchange Commission. JennisonDryden is Prudential Financial Inc.’s (NYSE: PRU) proprietary mutual fund family.
JennisonDryden is among the first to participate is the SEC’s voluntary program, which is designed to evaluate the usefulness of the XBRL software language to investors, financial advisors, analysts or other investment professionals. The language uses codes that allow users to pull data from SEC filings.
“We’re thrilled to help pioneer a reporting system that provides investors with more transparency and gives businesses the ability to make their financial reporting processes more efficient and productive,” said Scott Benjamin, senior vice president, head of marketing and product for JennisonDryden.
The XBRL language tags data within mutual fund prospectuses, making it easier to extract and compare fund information, including investment objectives, risks, costs and historical performance. For example, investors will be able to compare products by pulling specific data points from several prospectuses and will receive that information in the same form available primarily to analysts, brokers and institutional investors.
JennisonDryden brings institutional asset management capabilities to retail investors in a wide range of mutual funds and separate accounts. JennisonDryden offers four asset managers—Jennison Associates, Quantitative Management Associates, Prudential Fixed Income and Prudential Real Estate Investors (PREI®)—that are well known and respected by major corporations, pension plans, and other institutional investors throughout the world. Individuals investing in JennisonDryden products benefit from the same processes, research, risk management, and performance demanded by some of today’s largest and most sophisticated investors. JennisonDryden is a registered trademark of The Prudential Insurance Company of America.
More information about the fund family is available at www.jennisondryden.com. The JennisonDryden fund family is distributed by Prudential Investment Management Services, LLC, (Member SIPC), and a Prudential Financial company.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $637 billion of assets under management as of September 30, 2007, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit www.prudential.com.
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