NEWARK, N.J.--(BUSINESS WIRE)--PGIM Investments announced today that it will be renaming its domestic fund platform to PGIM Funds. Effective on June 11, 2018, retail domestic fund names will no longer include “Prudential” and will be branded “PGIM.” Renaming the funds more closely aligns them to the firm, which was renamed PGIM Investments in April 2017. PGIM Investments is the global retail manufacturer and distributor of PGIM Inc., the $1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE:PRU) – a top 10 asset manager globally.This name change will not affect the management, symbols or CUSIPS* of the funds on the platform. Additionally, the renaming will not affect the Prudential Day One Mutual Funds, the firm’s target date fund series.
Renaming the retail domestic funds allows PGIM Investments to provide its entire global product suite under one, unified name, as the firm’s international UCITS platform already carries the PGIM name. PGIM Investments has launched nearly 40 new funds in the U.S. within the last five years, for a total of 75 funds, and ranks among the five fastest organically growing mutual fund firms in the U.S., according to Simfund2. Outside of the U.S., the company began building a UCITS platform in 2013 and has expanded its initial line-up to 26 funds as of December 31, 2017.
“With this change, we are taking the next steps to implement the rebranding that began almost a year ago to provide a better brand experience for advisors and clients,” said Stuart Parker, PGIM Investments CEO and president. “The renaming reinforces our relationship with PGIM’s deep investment expertise and multi-manager model, and our commitment to delivering actively managed investment solutions.”
*Exception- On June 11, 2018, our closed-end funds will receive updated CUSIPS (Prudential Short Duration High Yield Fund, Inc. and Prudential Global Short Duration High Yield Fund, Inc.). The management of these funds, along with their fund symbols, will remain the same.
About PGIM Investments
PGIM Investments offers more than 100 funds globally across a broad spectrum of asset classes and investment styles. Clients can also choose from a variety of investment vehicles such as closed-end funds, managed accounts, and target date funds such as the Prudential Day One Mutual Fund series. All products draw on PGIM’s globally diversified investment platform that encompasses the expertise of managers across fixed income, equities and real estate.
About PGIM and Prudential Financial
With 14 consecutive years of positive third-party institutional net flows, PGIM the global asset management business of Prudential Financial ranks among the top 10 largest asset managers in the world3 with more than $1 trillion in assets under management as of Sept. 30 2017. PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents.
