Pru Unveils New Fund Group

July 8, 2003 ( - Prudential Financial, Inc. has birthed a new mutual fund family.

Prudential announced the launch of the JennisonDryden funds to be managed by Prudential Investment Management’s public equity and fixed-income asset management businesses, including Jennison Associates, Quantitative Management (QM), and Prudential Fixed Income.

Among ther attributes, JennisonDryden mutual funds offer, according to the company:

  • an investment process built on a research foundation, with each asset manager exhibiting a distinct focus
  • dividend and capital gain distributions can be automatically reinvested at net asset value with sales charges
  • additional shares of a fund can be purchased by automatically debiting a bank or brokerage account
  • as investment objectives change, fund shares can be exchanged for same-class shares in other mutual funds in the family
  • proceeds from redeemed shares can be reinvested back into the same fund and account without paying initial sales charges.

According to the announcement, the fund family will start with 34 offerings in money market, fixed income and equities.

Jennison managed more than $47 billion for institutional, retail and private clients through separately managed accounts and commingled vehicles, including mutual funds, as of March 31, 2003.

Prudential Fixed Income, Prudential’s primary public fixed income asset business, managed $147 billion in assets as of March 31, 2003. The QM team had $31 billion in assets as of March 31, 2003.