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One of a $164B-AUM Firm's Founders Dies
The team at a 54-year-old, $164-billion-AUM (as of September 30, 2022), New York City-based shop is mourning a fallen co-founder, "a pioneer in growth equity investing."
A Jennison spokesperson tells P&I that that are no plans to replace Segalas with a new president or CIO. And the Jennison team confirms that Kathleen McCarragher and Blair Boyer will continue to co-lead the firm's large cap growth team and that Becker will continue to lead Jennison overall.
"From a practical standpoint, each investment team effectively serves as the CIO of their respective investment disciplines," the spokesperson adds.
Spiro "Sig" Segalas earned his undergraduate degree from Princeton University. He worked in shipping and construction and served as a U.S. Navy officer before entering the investment world as a research analyst at Bankers Trust.
In 1969, Segalas was one of seven co-founders to launch Jennison, and he subsequently managed client portfolios for more than 50 years. According to the Jennison team, Segalas hired some of the industry's first women investors in the 1970s.
Segalas stayed on through a host of changes at Jennison, from Jennison's 1985 sale to Prudential, to the 2000 integration of Pru's public equity asset management business into Jennison, to the 2010 rebranding of the JennisonDryden Mutual Funds under the Prudential Investments name, to the 2016 launch of the PGIM umbrella across all of Pru's asset management business (of which Jennison remains a part). He won the money manager of the year and U.S. investment management awards from Institutional Investor, and he was nominated for Morningstar's domestic stock fund manager of the year award.
"I have deep respect and admiration for Sig and the legacy he has left at Jennison and across the industry," Becker states. "He will be greatly missed by all of us at Jennison. Our team feels a deep responsiblity to live up to the values and commitment to excellence he embodied."
Segalas was predeceased by Diane Segalas (his wife of 65 years) in 2021 and by John Hobbs (a fellow Jennison co-founder) in 2010.
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