MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, June 22, 2011 Pru Continues its Hiring Spree Mutual fund sales pros in search of opportunities may want to have a chat with Prudential Investments [see profile] executives. The Newark, New Jersey-based mutual fund firm continues to be on the lookout for potential hires as it bulks up its sales force. Prudential Investments, which is building out its sales team covering independent broker-dealers, currently has 21 external wholesalers for the channel and is targeting to increase that number to 30 over the next year, said Prudential Investments president Judy Rice, in an interview on the sidelines of Prudential's Mid-Year Briefing in New York City on Wednesday. For the wirehouse channel, Prudential has a team of 30 externals. "We believe that by having 30 external wholesalers for the wirehouse channel and 30 for the independent b-d channel, that will be competitive with firms of our size and scale," said Stuart Parker, head of retail distribution. Pru is also ramping up efforts in the RIA space. Parker revealed plans to form a team decidated to RIAs. At present, Prudential's wholesalers for the independent b-d channel are covering hybrid RIAs as part of their duties. Prudential's plan is to have a separate team of four people who will call on the very high-end RIAs, those with assets of $500 million and above. "Our plan going forward is to hire eventually four people to cover the top 200 RIAs," Parker said. Printed from: MFWire.com/story.asp?s=37144 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |