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 |
|
Thursday, June 5, 2014 Pru's on the Hunt for More PMs, and Deals, Too What do you do when $1 trillion is not enough? Why, steal a portfolio manager from a $4 trillion asset manager, of course! Or at least you can start there. Prudential Investment Management, the $1.1 trillion asset management arm of the insurance company, is hungry for more growth and has been poaching PMs from BlackRock, Morgan Stanley and Goldman Sachs so far, Bloomberg reports. And David Hunt, the division's CEO, doesn't plan to stop there. “We continue to want to expand through the acquisition of talent,” he said at a presentation yesterday, and added that the firm could stand to gain from its global investor base and client interest in more strategies. Hunt said he prefers to target growth via increasing the PM ranks, but could also be open to team lift-outs or "bolt-on" acquisitions. Pru's fixed-income unit recently hired John Vibert from BlackRock to run its structured finance team. It also named GSAM's Robert Cignarella to lead its global leveraged finance team in November. And the real estate group brought on Adriana Drulla Rossi and Alfonso Munk from Morgan Stanley last year. Who will be next? And watch out, other fund firm CEOs! Your star PMs probably aren't safe with the likes of Hunt on the prowl. Printed from: MFWire.com/story.asp?s=48685 Copyright 2014, InvestmentWires, Inc. All Rights Reserved |