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Rating:Pru Adds an Ex-Mutual Fund Bigwig to Its Funds' Board Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 04, 2013

Pru Adds an Ex-Mutual Fund Bigwig to Its Funds' Board

Reported by Neil Anderson, Managing Editor

Stuart Parker and the rest of the Prudential Investments [profile] team just welcomed a ex-fundster bigwig to their mutual funds' board.

Today the Newark, New Jersey-based insurance giant's asset management arm confirmed the addition of three directors to its open mutual funds' board. One of those new directors is Keith Hartstein, former president and CEO of Canadian insurance giant Manulife's John Hancock Funds.

Pru also added Joyce Foundation president Ellen Alberding and ex-Tiffany and Co. president James Quinn to the funds' board.

Parker, president of Prudential Investments, praised Alberding, Hartstein and Quinn for bringing "insight and expertise" to their new roles.

This is not Hartstein's first role back in the mutual fund business since retiring from Hancock a year ago. Earlier this year he joined the board of managers of Los Angeles-based asset manager Causeway Capital Management.

Company Press Release

For Immediate Release Contact: Theresa Miller
September 4, 2013 973-802-7455

Prudential Investments adds three new independent directors to its open-end mutual fund board

NEWARK, N.J.—Ellen S. Alberding, Keith F. Hartstein and James Quinn have been named independent directors for Prudential Investments’ open-end mutual fund board of directors. Prudential Investments is the mutual fund business of Prudential Financial, Inc. (NYSE: PRU), offering mutual funds across a range of asset classes and sectors.

“We look forward to the insight and expertise Ms. Alberding, and Messrs. Hartstein and Quinn will offer as we grow our business, strengthen our fund family and deliver quality solutions that help address the needs of our shareholders," said Stuart Parker, president of Prudential Investments.

Alberding is president and a member of the board of directors of the Joyce Foundation, a charity that develops and manages grant-making strategy on complex policy issues aimed at improving air and water quality; reducing the achievement gap for low income and minority students in urban schools; and increasing access to high quality jobs in the Midwest. Previously, she managed the foundation’s investment portfolio.

Hartstein was president and chief executive officer of John Hancock Funds, the mutual funds business unit of John Hancock Financial Services, from 2005 to 2012, after holding several executive management positions at the company. He is also a former chairman of the Investment Company Institute’s sales force marketing committee, having served in that role from 2003 to 2008.

Quinn was formerly president, director and vice chairman of Tiffany & Co., a leading jewelry retailer. He also serves on the board of directors of Mutual of America Capital Management Corporation, an asset management firm, and is a director of Deckers Outdoor Corporation, a footwear manufacturer. Previously, he held various executive management positions at Tiffany & Co. and was a member of the board of directors of the Bank of New York Hamilton Funds from 1996 to 2008.

“We are extremely pleased to welcome Ms. Alberding, and Messrs. Hartstein and Quinn to the board of directors. Each new member brings a unique perspective and experience that will be valuable to shareholders and in the governance of Prudential's funds,” said board Chairman Richard Redeker. Alberding, Hartstein and Quinn join the board as independent directors. The board is now comprised of 12 directors, 10 of whom are considered independent under applicable securities laws.

Prudential Investments offers mutual funds across a range of asset classes and sectors, including equity, fixed income, real estate, and specialty securities. Please visit http://www.prudentialfunds.com for more information. Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of June 30, 2013, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.

Mutual fund investing involves risk. Some mutual funds have more risk than others. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost, and it is possible to lose money. There is no guarantee a Fund’s objectives will be achieved. The risks associated with each fund are explained more fully in each fund’s respective prospectus.

Consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Read the prospectus and summary prospectus carefully before investing.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company. Prudential Investments, Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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