Prudential Investments is combining all of its public equity asset management divisions into
Jennison Associates, its institutional asset management division.
Jennison, which is headquartered in New York City, currently manages $67 billion for institutions and individuals. When Prudential's
Value Equity,
Global Growth Equity and
Quantitative Management areas in Newark, N.J. combine with Jennison, the unit will manage $126 billion total.
"Uniting our complementary public equity investment capabilities within Jennison's independent organization and culture will result in a broad distribution of assets and products across the value, growth, international, global and quantitative investment segments," said John Strangfeld, executive vice president and head of Prudential's asset management organization.
Strangfeld said the combination of units will result in "significant changes over time to Prudential's mutual fund product line-up," adding that several funds will be be repositioned while others will be merged. Prudential's mutual fund family will continue to carry the Prudential name while the company "engages in a comprehensive review of its long-term mutual fund branding strategy."
Spiros "Sig" Segalas is the president and chief investment officer, and
John Hobbs is the chairman and CEO of Jennison Associates.
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