MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, December 17, 2002 Pru to Reorganize Funds Prudential Financial is drawing a bright line between its internally advised mutual funds and those that tap the skills of subadvisors. The brokerage is making the distinction by dividing its mutual fund family into two distinct brands: Jennison/Dryden and Strategic Partners. By segregating the subadvised funds into their own brand, Prudential will be able to tap into the marketing message that it is offering the "best-of-the-best" to shareholders through its brokerage force. All subadvised funds will be moved to the Strategic Partners brand. That family will start life with roughly $1.3 billion in assets as of the most recently available data. Prudential first started offering subadvised funds in 2000 and many of the funds use more than one subadvisor. Meanwhile, $20.9 billion of funds advised by Jennison Associates, Prudential Fixed Income and the Quantitative Management will fall under the Jennison/Dryden brand. The firm expects to have the restructuring completed by the end of June 2003. Shareholders in either of the two fund brands will be able to transfer shares to the other, the firm added. Also as a part of the restructuring, Prudential also announced that it would rename the Prudential Value Fund as the Jennison Value Fund. "Restructuring our fund families allows us to recognize the reputation and records of Jennison, Prudential Fixed Income and the Quantitative Management team," said John Strangfeld, Prudential Financial vice chairman and head of the Investment Division, in a statement. "We believe this realignment and the introduction of the Jennison/Dryden name mirrors those strengths as we look to the future of our investment business," he added. Printed from: MFWire.com/story.asp?s=4185 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |