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Wednesday, November 14, 2018|
WAM! PGIM Buys a $1.76B AUM Shop
David Hunt is expanding PGIM's [profile] quant shop via an acquisition across the pond.
QMA had $128.1 billion in AUM as of September (of the more than $1 trillion at PGIM). WAM has $1.76 billion in AUM and 33 employees, according to its most recent form ADV (filed on April 12). About 97 percent of that AUM is in five pooled investment vehicles (that aren't mutual funds or BDCs). WAM specializes in absolute return strategies, driven by a global multi-asset approach and a macro overlay, and serves institutional clients.
Wadhwani, for his part, describes PGIM and QMA as a "home to further develop [WAM's] business in the quantitative investment space."
"QMA and PGIM's broad reach and quantitative focused distribution capabilities are very attractive, as is their first-rate operational platform," Wadhwani states. "My investment team and I were delighted to find a partner that will allow us to offer our clients richer options by combining what we do with QMA's best-in-class products while also retaining our investment autonomy."
Hunt, CEO of PGIM (the asset management arm of Newark, New Jersey-based insurer Prudential), puts the deal in the context of a "commitment to expanding PGIM's global footprint and investment capabilities." And Hunt is still, well, hunting.
"We will continue to explore both organic and non-organic opportunities to add unique and complementary capabilities to our core businesses worldwide," Hunt states.
Printed from: MFWire.com/story.asp?s=58903
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