Prudential Investment Management, the $947bn investment management arm of Prudential Financial, has unveiled plans to change its name to PGIM on 4 January 2016 in a move to expand its businesses across the world.
Prudential Investment Management’s businesses provide a range of products across asset classes, including public and private fixed income, real estate debt and equity, and fundamental and quantitative public equities across 16 countries on five continents.
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Also, the company will bolster its range of solutions and products to meet the growing demand among global clients for strategies that help them balance long-term risk and return objectives across diversified portfolios.
As part of the expansion, Prudential Investment Management is planning to launch a UCITS platform serving the UK and Europe called PGIM Funds.
The platform allows Prudential Investment Management’s businesses to include a range of funds across asset classes delivered to institutional and individual investors.
The rebranding will see Prudential Fixed Income using PGIM in markets outside of the US where it now uses the Pramerica name, starting from January 2016, while Prudential Mortgage Capital Company and Prudential Real Estate Investors will be globally renamed to PGIM Real Estate Finance and Prudential Real Estate Investors respectively in mid-2016.
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By GlobalDataThe new name will also be adopted by Prudential Investment Management’s new headquarters, 20-story building in Newark, N.J.
Prudential Investment Management CEO David Hunt said: "The PGIM name represents our scale, and our conviction to deliver time-tested, long-term solutions and outcomes for institutional and retail investors."
