Prudential Investments [profile] tapped Stuart Parker as its new president effective January 1. Parker takes over from Judy Rice, who has stepped into the role of chairman. She will serve as chairman until she retires at the end of this year.
Parker has worn two hats at Pru. He has served
as head of retail distribution for Jennison Associates and head of mutual fund distribution for Prudential Investments.
It was not immediately clear whether he will continue in those posts in addition to his new role as president of Prudential Investments.
Parker joined Jennison Associates in 2005.
Rice had served as Prudential Investments' president for eight years. Under her watch, gross annual sales grew to $14.6 billion at the end of September 2011 from $1.5 billion in 2004.
As for net flows, Prudential climbed to 17th place as of November 2011 from No. 575 at the end of 2008, according to a press release issued by Prudential on Tuesday afternoon.
Company Press Release
Stuart Parker named president of Prudential Investments
NEWARK, N.J., Jan 17, 2012 -- Stuart Parker has been named president of Prudential Investments. Parker succeeds Judy Rice, who has assumed the role of chairman of Prudential Investments until her retirement at the end of 2012. Prudential Investments is the mutual fund and wealth management business of Prudential Financial, Inc.
Parker joined Jennison Associates LLC in 2005. He has served dual roles as head of retail distribution for Jennison Associates, an asset management business of Prudential Financial, and head of mutual fund distribution for Prudential Investments. He has worked closely with Rice to build a robust third-party distribution platform. The changes were effective January 1.
"Prudential Investments has become a formidable player in the mutual fund industry under Judy's leadership, and I'm confident that through Stuart's experience and leadership, we will continue to build on that success," said David Hunt, chief executive officer of Prudential Investment Management.
The business has seen tremendous growth under Rice's eight years as president. In terms of net flows, Prudential Investments ranked 575 at the end of 2008, and moved up to 17th as of November 2011. Annual gross annual sales have grown from just $1.5 billion in 2004 to more than $14.6 billion through the end of September 2011.
Parker earned a bachelor's degree in history from Rollins College in Florida and an MBA from Thunderbird, The American Graduate School of International Management, in Arizona. He is a board member of the Money Management Institute.
Prudential Investments comprises three units. Prudential Mutual Funds, which had $37.8 billion in assets under management as of September 30, 2011, focuses on traditional mutual funds, separately managed accounts, and Investment Only Defined Contribution business. Distribution is through wirehouses, independent broker-dealers, banks, and insurance agencies to domestic retail customers. Wealth Management Solutions, with $17.5 billion in assets under administration as of September 30, 2011, is a business-to-business service organization. Its offerings include a powerful client service technology platform, a robust investment management research capability, and an array of programs for the training and development of financial professionals. Finally, its Strategic Investment Research Group, which oversees about $300 billion as of September 30, 2011, provides research for the managed accounts business and subadvised mutual fund family, as well as Prudential's variable annuity, variable life, and retirement services offerings.
Prudential Financial, Inc., a financial services leader with approximately $871 billion of assets under management as of September 30, 2011, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/
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Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. SIRG is a unit of Prudential Investments LLC (PI), and a research unit of Prudential Financial. Wealth Management Solutions is a division of PI, a Prudential Financial company. Prudential Investments, Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide.