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Tuesday, July 15, 2008

JennisonDryden Eyes 401ks for its New Small-Cap Fund

by: Erin Kello

JennisonDryden has launched a new fund targeted towards defined contribution plans. The Jennison Small Cap Opportunity Fund will be managed by John Mullman and Jason M. Swiatek of Jennison Associates.

Michael Rosenberg, who heads up JennisonDryden's defined contribution business, said the fund provides DC plan participants access to "a portfolio management team that goes beyond Wall Street’s picks to invest in businesses, not just stocks.”

Jennison Associates has managed a similar strategy for institutional investors for nearly a decade.

NEWARK, N.J.--(BUSINESS WIRE)--JennisonDryden has launched the Jennison Small Cap Opportunity Fund (JNOZX), a mutual fund that invests in small-cap growth and value stocks. The fund has been made available through defined contribution platforms, such as 401(k) retirement plans. JennisonDryden is the proprietary mutual fund family of Prudential Financial Inc. (NYSE: PRU).

Jennison Associates LLC, the fund’s manager, has managed a similar separate account strategy for institutional investors for nearly a decade. John Mullman and Jason M. Swiatek, both small and mid-cap equity portfolio managers at Jennison Associates, co-manage the fund with a support team of five analysts.

“We are thrilled to offer this small-cap strategy to defined contribution plans and their participants,” said Michael Rosenberg, senior vice president and head of JennisonDryden’s defined contribution business. “This fund gives participants access to a portfolio management team that goes beyond Wall Street’s picks to invest in businesses, not just stocks.”

The managers build the portfolio from companies with a market capitalization of between $200 million and $2 billion. Starting with a database of about 500 companies, the team narrows its search by conducting in-depth, bottom-up research and financial analysis. The team supplements the process with more than 900 company meetings each year. The portfolio holds between 110 and 135 stocks.

“We’re looking to create a diversified portfolio from a variety of industries and sectors,” Mullman said. “We consider growth and value stocks, but don’t distinguish between the two when we choose where to invest. Instead we look for companies that we anticipate should experience superior earnings growth on an intermediate term basis. This is exactly what we’ve done for institutional clients since 1998.”

Jennison Associates, an asset management business of Prudential Financial, has been committed to fulfilling client investment needs since its founding in 1969. The firm's expertise includes a range of equity strategies across styles and market capabilities, as well as fixed income strategies. As of March 31, 2008, Jennison managed more than $80 billion for institutions and private clients through separately managed accounts and commingled vehicles including mutual funds through subadvisory relationships. For more information, visit http://www.jennison.com.

JennisonDryden brings institutional asset management capabilities to retail investors and retirement plans in a wide range of mutual funds and separate accounts. JennisonDryden offers four asset managers—Jennison Associates, Quantitative Management Associates, Prudential Fixed Income Management and PREI® (Prudential Real Estate Investors)—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 service mark of The Prudential Insurance Company of America. More information is available at http://www.jennisondryden.com. The JennisonDryden fund family is distributed by Prudential Investment Management Services LLC (PIMS), (Member SIPC), and a Prudential Financial company.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $631 billion of assets under management as of March 31, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential Financial is focused on helping approximately 50 million 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 Financial'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 http://www.news.prudential.com

*The Fund may invest in small-cap stocks, which may be subject to more erratic market movements than larger-cap stocks; foreign securities, which are subject to currency fluctuation and political uncertainty; and derivative securities, which may carry market, credit, and liquidity risks. These risks may result in greater share price volatility. There is no assurance the Fund's objective will be achieved.  

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