PGIM, Inc., formerly Prudential Investment Management, is the asset management arm of American life insurance company Prudential Financial. Headquartered in Newark, New Jersey, United States, PGIM manages more than $1 trillion in assets across its fixed income, equity, real estate, alternatives, and multi-asset channels, including $283 billion for retail investors, and $553 billion for institutional clients, as of December 2019. David Hunt has been the CEO since 2011.
History
PGIM traces its history to the founding of its parent company, Prudential Financial, in 1875. PGIM is currently one of the 10 largest asset managers in the world, with more than 1,100 investment professionals working for the company across 31 offices. The firm is headquartered in the Prudential Tower in Newark, New Jersey, which currently houses approximately 3,000 employees from a variety of PGIM's investment management divisions.
Structure
PGIM follows a multi-manager model divided into several autonomous businesses:
PGIM Fixed Income
PGIM Fixed Income is the fixed income investment arm of PGIM, with $809 billion in assets under management as of June 30, 2019. PGIM Fixed Income focuses on investing in the global fixed income markets through offices in the US, London, Tokyo and Singapore.
Jennison Associates
Founded in 1969, Jennison Associates is the fundamental equity investment arm of PGIM, with $178 billion in assets under management as of June 30, 2019. The firm also invests in active fixed income, with approximately 40% of its total AUM invested in non-equity securities.
QMA
QMA LLC is a subsidiary of PGIM that provides quantitative equity and global Multi-Asset solutions. Founded in 1975, it has $123 billion in assets under management as of 30 June 2019. In January 2019 PGIM acquired Wadhwani Asset Management and merged it with the QMA unit, creating QMA Wadhwani LLP.
PGIM Private Capital
PGIM Private Capital manages $86.5 billion in private placements and mezzanine debt as of July 2019.
PGIM Real Estate
Formerly Prudential Real Estate Investors, PGIM Real Estate is the global real estate investment arm of PGIM, with professionals in 18 cities around the world. The firm has consistently been the largest manager of worldwide institutional assets according to Pensions & Investments, an industry publication. As of December 31, 2019 net AUM for PGIM Real Estate was $157.2 billion.
PGIM Investments
This division offers investment advisory services for investments, assets and portfolio management. By the end of 2019 the firm had recorded mutual fund assets under management of $122.5 billion, with $12.2 billion in net mutual fund flows.
PGIM Global Partners
Established in 1998, PGIM Global Partners operates asset management companies outside the US, with assets valued at $96 billion as of March 2020.
Rebranding
In January 2016, Prudential Investment Management changed its name to PGIM in an effort to unify the brand as the firm expanded its global reach. Prior to the change, PGIM used the pseudonym Pramerica in many countries outside of the United States, where UK-based insurer Prudential plc retained the rights to the Prudential name.
