Prudential Reorganizes Fund Offerings

December 13, 2002 ( - Prudential Financial has added a second family of mutual funds to its lineup, Jennison/Dryden, to join its two-year-old Strategic Partners fund group.

According to a company announcement, the Jennison/Dryden family will include funds subadvised by Prudential Investment Management’s public equity and fixed-income asset management businesses, including Jennison Associates, Prudential Fixed Income and the Quantitative Management (QM) team.

The announcement gave this background on the Jennison/Dryden subadvisors:

  • Jennison Associates is recognized as a growth manager, but has also worked in value, blend, sector and international investing. Jennison had more than $34 billion in equity assets under management for institutional and private clients as of September 30, 2002.
  • Prudential Fixed Income, which managed $145 billion in assets as of September 30, 2002, relies on a team-based approach to manage its portfolios.
  • The QM team, with $31 billion in assets as of September 30, 2002, has contributed to advances in quantitative investment methodologies.

Strategic Partners

Meanwhile, Prudential said that the Strategic Partners family of sub-advised funds, created in 2000, offers investors access to a number of different managers from around the industry.

Prudential funds with assets subadvised wholly or in part by non-proprietary managers will be moved into the Strategic Partners family to reflect the philosophy of those funds. In addition, the Prudential Value Fund will be managed by Jennison’s Value Equity team led by Tom Kolefas and will be renamed the Jennison Value Fund.

Prudential said investors will be able to move money between funds in the two families. The fund restructuring is expected to be completed around June 30, 2003.