PGIM
| Company type | Subsidiary |
|---|---|
| Industry | Asset management |
| Predecessor | Prudential Investment Management |
| Founded | 1875 |
| Headquarters | Newark, New Jersey , United States |
Area served | Worldwide |
Key people | David Hunt (CEO) |
| Products | Fixed income, equities, real estate, alternative investments, multi-asset strategies |
Number of employees | 3,000 |
| Parent | Prudential Financial |
PGIM, Inc. (commonly referred to as PGIM), previously known as Prudential Investment Management, functions as the asset management branch of Prudential Financial, a prominent American life insurance corporation.
Based in Newark, New Jersey, PGIM oversees assets exceeding $1 trillion spanning fixed income, equities, real estate, alternative investments, and multi-asset strategies. As of December 2019, it managed $283 billion on behalf of retail investors and $553 billion for institutional clients. David Hunt has held the position of CEO since 2011.
History
The inception of PGIM traces back to the establishment of its parent organization, Prudential Financial, in 1875.
Currently, PGIM stands among the top 10 asset managers globally, employing over 1,100 investment experts across 31 locations. Its main office in the Prudential Tower in Newark accommodates roughly 3,000 staff members from various investment sectors.
Structure
PGIM utilizes a multi-manager framework consisting of several independent business units:
PGIM Fixed Income
PGIM Fixed Income represents PGIM’s division focused on fixed income investments, managing $968 billion in assets as reported on December 31, 2020. This unit invests worldwide across fixed income markets with offices situated in the United States, London, Amsterdam, Zurich, Munich, Hong Kong, Tokyo, and Singapore.
Jennison Associates
Established in 1969, Jennison Associates serves as PGIM’s fundamental equity investment division and manages $194 billion in assets as of April 2024. Around 30% of its assets under management are dedicated to active fixed income securities. Jennison operates from offices located in New York and Boston.
PGIM Quantitative Solutions
Previously known as QMA, PGIM Quantitative Solutions is a subsidiary providing quantitative equity and global multi-asset investment solutions. Founded in 1975, it manages $120 billion in assets as of December 31, 2020. The firm employs factor-based investing techniques with an emphasis on behavioral biases, momentum strategies, unstructured data analysis, and ESG integration. In 2016, it pioneered Target Date glidepaths that led to the creation of Day One Target Date Funds tailored for retirement investors.
In January 2019, PGIM acquired Wadhwani Asset Management and integrated it into QMA to form QMA Wadhwani LLP.
Headquartered in Newark, NJ, PGIM Quantitative Solutions also maintains offices in San Francisco and London.
PGIM Private Capital
As of December 31, 2020, PGIM Private Capital administers $101 billion in private placements and mezzanine debt investments.
PGIM Real Estate
PGIM Real Estate serves as the global real estate investment division within PGIM and employs professionals across 32 cities worldwide. It has been consistently recognized as the largest manager of institutional real estate assets globally by Pensions & Investments. In 2020, it unified its debt and equity operations to enhance efficiency. The division's net assets under management reached $180 billion as of December 31, 2020.
PGIM Investments
PGIM Investments acts as the retail distribution division of PGIM by offering investment advisory and portfolio management services. It expanded into exchange-traded funds (ETFs) in 2018 with the introduction of the PGIM Ultra Short Bond ETF. By the end of 2020, PGIM Investments managed mutual fund assets totaling $160 billion and recorded net inflows of $21.7 billion into mutual funds.
PGIM Global Partners
Established in 1998, PGIM Global Partners manages asset management businesses outside the United States, with assets under management amounting to $96 billion as of March 2020.
Rebranding
In January 2016, Prudential Investment Management adopted the name PGIM (Prudential Global Investment Management) to create a cohesive global identity amid its international growth. Prior to this change, the company operated under the Pramerica brand internationally due to trademark restrictions stemming from UK-based Prudential plc.
Sustainability
PGIM became a founding member of Bloomberg Green in January 2020, a worldwide news platform dedicated to coverage and solutions related to climate change.
PGIM Fixed Income, QMA, and PGIM Real Estate have all endorsed the UN Principles for Responsible Investment, underscoring the firm’s dedication to sustainable investment practices.
The Prudential Tower, serving as PGIM’s headquarters, has earned LEED Gold certification and features environmentally conscious elements such as a rainwater capture irrigation system, rooftop gardens, living green walls, and electric vehicle charging stations.
In 2021, PGIM Real Estate committed to reaching net zero carbon emissions across its globally managed real estate portfolio by the year 2050.