has assigned subadvisors to more of its funds. The new management strategy is the continuation of an effort which started earlier this year to shore up Prudential's equity funds.
The company's Equity Fund, Value Fund, Prudential Series Fund/Equity Portfolio and Prudential Series Fund/Equity Income Portfolio have now joined the ranks of the sub-advised. Both will be half managed by Jennison Associates, a Prudential company.
GE Asset Management and Salomon Brothers Asset Management will share responsibility for the remainder of the Equity Fund and Prudential Series Fund/Equity Portfolio. Deutsche Asset Management and Key Asset Management will do the same for the Value Fund and Prudential Series Fund/Equity Income Portfolio.
The decision is driven by numbers.
"I think we're looking to get better performance from our funds," said a Prudential spokeswoman. "It doesn't matter what else we're offering, if they're not performing."
Although Jennison has taken on Prudential portfolio managers, it offers different management strategies from Prudential's in-house crew.
"Jennison's influence has already had a positive impact on both the Prudential Equity Fund and the Prudential Value Fund," said David Odenath
, president of Prudential Investments. "We expect these funds will also benefit from having a multi-manager approach, coupled with the complementary, yet distinctive, management styles of these new subadvisers."
Changes will continue forward as Prudential continues to implement its plan for Jennison to assume management of all Prudential's equity funds.
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